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!