Real Estate in Minneapolis
Things to do
Real Estate in Minneapolis, Minnesota
Minneapolis has on multiple occasions been named among the best cities to live in the United States. This doesn't come as a surprise given the great potential of Minneapolis. Located in the great state of Minnesota, this city has a lot to offer. The city is abundant in water, with around 13 lakes located nearby.
The Mississippi River, waterfalls, and creeks also form part of the city's topography. With one of the highest populations in Minnesota, real estate in Minneapolis is a great investment idea. The city's thriving economy attracts more people to the city, with the demand for homes increasing. Minneapolis is situated close to Saint Paul, Minnesota's state capital. This creates a large metropolitan area that is home to over three million residents.
History of Minneapolis
History of Minneapolis
Minneapolis has a rich history dating back to the 1800s. It is one of the earliest areas to be inhibited in the larger Minnesota area. Its early growth can be attributed to its close location to Saint Anthony Falls, a renowned power source and the highest waterfall in the Mississippi. Minneapolis enjoyed the proximity to several forests that contributed to the growth of the lumber industry. Around this time, seventeen sawmills used power generated from the waterfall. Several businesses were also established in the city, contributing to its early growth. By 1871, Minneapolis had 24 businesses including woolen mills, flour mills, a railroad machine shop, ironworks, paper, mills for cotton, planing wood, and sashes. During the Great Depression, Minneapolis experienced significant setbacks. The city's economy was affected, with numerous industrial strikes happening in the city. There were also processions advocating for workers' rights in Minnesota. Minneapolis Mayor Hubert Humphrey, a union supporter, and lifelong civil rights activist, helped the city implement fair employment practices. He also helped set up the human relations council that helped fight for the rights of minorities. This move saw Minneapolis gain stability, with its economy improving significantly. Some of the struggling sectors started thriving in 1950, increasing the value of real estate for sale in Minneapolis, Minnesota. The human rights council advocated for the establishment of the American Indian Movement, an organization that fought for the rights of smaller ethnic groups. Between 1950 and 1960, Minneapolis underwent urban renewal, a process that saw about two hundred buildings brought down. This was about 40% of the city's downtown, leading to a major reconstruction process that shaped its current downtown. With many local and international companies based in Minneapolis, the city has grown to become one of the most essential cities in the country.
Things to do in Minneapolis
Things to do in Minneapolis
There is a lot to see and do in Minneapolis. One of the most popular areas in the city is the Minneapolis Institute of Art. Visiting this facility is one of the best things you can do in the city, with various rare pieces put on display. The museum has an encyclopedic collection of over 80,000 pieces. Some of these objects are over 5,000 years old and uniquely depict world history. The best part about it is that you can enjoy all this without spending a dime.
The facility is also home to some of the finest art collections in the country and beyond. There is a stand within the museum where you can purchase a few art pieces for gifts or decorations. MIA is also home to remarkable exhibitions from Oceania, Africa, and the Americas. You can also have a good time at the Walker Art Center found near the city. Considered one of the county's top five modern art museums, this facility is a major attraction in Minneapolis.
The museum is strategically located at the heart of Minneapolis, giving you easy access. It was first established as a public art gallery in 1927, making it one of the earliest in the region. The Walker Art Center covers over 17 acres after recent renovations extended its size. This art facility covers a wide range of disciplines including visual arts, architecture and design, film/video, new media initiatives, and performing arts. A visit to this facility will also expose you to a wide range of educational community programs.
Minneapolis covers a total area of 58.5 square miles, where 6% is water. The massive land in the city makes it a great place for real estate development, with many areas having room for new constructions. There are about five unnamed wetlands, three large ponds, and 12 lakes within Minneapolis. At an elevation of 685 feet, the meeting point of the Mississippi River and Minnehaha Creek is the city's lowest point. The Prospect Park Water Tower found north of the city is believed to be the highest point in Minneapolis. There are also several hilly areas around the city.
Minneapolis has been growing in population since the 1980s. This is one of the factors that make a location great for real estate development. In the 2020 census, the city had a population of 430,933 compared to the 381,773 recorded in 2010. This is the equivalent of about a 12.6% increase. With more moving into the city annually, Minneapolis is a great city for real estate development due to increased demand.
Compared to other metropolitan areas in the region, the Minneapolis-Saint Paul metro area is decentralizing. People are constantly moving in and out of the city, and as a result, there is increased demand for homes, especially in popular neighborhoods. A large part of the city's population is young people, making it noble to invest in homes that meet their needs. Minneapolis has one of the lowest unemployment rates in Minnesota. This means that most of the locals are employed and earn decent wages. Besides, most of the city's residents are highly educated, with a significant percentage of the population holding bachelor's degrees.
Real estate in Minneapolis, Minnesota, has a wide range of homes. Townhouses and condos are some of the most common designs in the city. Most of the middle-class residents also live in residential apartments. Therefore, as a real estate investor, it is vital to identify the home designs on demand and Minneapolis and invest in them. According to the 2020 census, Minneapolis had an average family size of 2.3. A majority of the households were married couples living together. There is also a significant number of households with individuals living alone. Therefore, depending on the neighborhood, you should invest in the right type of housing to tap into the city's real estate market.
Minneapolis has a median household income of $42,577. With most of the city's population earning decent wages, it is easier for real estate to thrive due to the demand for housing. Minneapolis has one of the strongest economies in Minnesota. Its economy is mainly based on health care, rail and trucking services, finance, commerce, industry, and real estate. High technology is also one of the thriving industries in the city, with the sector employing hundreds of locals. In addition, Minneapolis is home to various established companies in the country. About five companies have their headquarters in the city, with most of them in the private sector.
Arts in Minneapolis
Arts in Minneapolis
Minneapolis is one of the best cities for entertainment. It is only second to New York City in terms of live theater per capita. It’s also the country's third to largest theater market, making it a great place to be for art lovers. The Minnesota Fringe Festival, the largest non-juried arts festival in the United States, is held in Minneapolis. The city is also home to the Minneapolis Institute of Arts, a historic site built-in 1915.
The facility is located in south-central Minneapolis and is the most popular art museum in the city. A visit to this site will take you down memory lane, with some of the most significant art inventions put on display. Those that love live music performances will enjoy the many music arenas found across the city. The wide range of entertainment options makes it a good move to invest in real estate for sale in Minneapolis, Minnesota.
Schools in Minneapolis
Schools in Minneapolis
Schools in Minneapolis are managed by the Minneapolis Public Schools District. The district enrolls over 38,000 students in secondary and primary schools. The city has about 45 elementary schools, 7 middle schools, and 8 high schools. There are also 8 alternative schools, 8 special schools, 5 charter schools, and 19 contract alternative schools. Besides, there are several institutions of higher learning in the city. The University of Minnesota has several branches in Minneapolis and enrolls thousands of students.
Minneapolis is undoubtedly one of the best places to invest in real estate. With an ever-increasing population and a thriving economy, real estate in Minneapolis, Minnesota, is one of the best investments you can make. The city also offers great living conditions, with access to essential amenities and great outdoor activities.
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