According to the 2017 Annual Rent Report from Adobo, the renter population decreased last year for the first time since 2004. But that hasn’t stopped rents from rising. Rent went up in 28 states in 2017, with an average increase of 2.4% for 1 bedroom and 3% for 2 bedrooms.

Minneapolis ranked 5th in the nation for biggest monthly increases in 2017.

According to Adobo, median rents have increased in both Minneapolis and St. Paul for January 2018, with St. Paul showing the biggest increase nationwide from December 2017 to January 2018.

MINNEAPOLIS median rent January 2018

  • 1-bedroom – $1,599
  • 2-bedroom – $2,169

ST. PAUL median rent January 2018

  • 1-bedroom – $1,148
  • 2-bedroom – $1,501

Tired of monthly rents continually rising? That is likely part of the reason why the renter population decreased last year.

Median sale price for homes in the Twin Cities area was $245,900 in 2017. Wondering how much that would cost in monthly payments and cash needed to close?

An example is a 3BR/2BA/2GAR house currently listed for $245,000 in NE Minneapolis. With a 5% down payment at 4% interest monthly payments including mortgage, taxes and insurance could be about $1,479.  Asking the seller to contribute to your closing costs could bring your cash needed to close to under $13,000.

Of course there are many factors involved and this is only an example, but if this sounds like a possibility for you CONTACT US to help you dig deeper to see if the time is right for you to stop paying rent and own your own home!

RELATED POSTS

About Sharlene Hensrud

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

Good reasons not to buy a home right now

With mortgage interest rates as low as we can remember and the S & P Twin Cities home price index back to 2001 levels you have likely been hearing a lot about what a great time this is to buy a home. That may be true, but not everyone is ready to become a homeowner… and homeownership.

Read More

Cooperatives (Co-ops, Senior Coops)

Although many housing cooperatives (co-ops) look much the same as condominiums, they are a different form of ownership even though both are usually managed by an elected board of directors. With a condo you own your unit just as you would a house, and all the unit owners jointly own the common areas.  In a housing.

Read More

Qualifying for your mortgage

After reading recent news articles, many prospective homebuyers are surprised how easy it is to qualify for home financing today.  It’s the job of a loan officer to help you review your scenario, determine which types of financing fit the best, and then help you focus on the financing program with the lowest interest rate,.

Read More

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz