Thinking about moving to Minneapolis?
Minneapolis might be the best mid-sized city in the country — if it weren’t for the winters. Minneapolis boasts a fantastic chain of lakes and parks, an educated population with a great school system, a roaring and diverse economy, and an abundance of excellent bars, restaurants, cafes, breweries, museums, and theaters. And if that weren’t enough, there’s the more historic St. Paul right there.
While the winters are indeed rough, they’ve likely helped keep the city from being quite as swarmed with millennials as other hip destinations have been. Still, Minneapolis’s reputation is out: between 2010 and 2016, more than 31,073 people have moved to Minneapolis, an increase of 8.1%.
Minneapolis is home to 413,651 Minneapolitans. With an area of 54.0 square miles, Minneapolis has a population density of 7,660 persons per square mile, which makes it more dense than many other cities of comparable size.
The Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area boasts a population of 3,551,036 people, of which Minneapolis proper’s population makes up 12%.
One of the drawbacks of all of Minneapolis’s growth and livability are its relatively high housing prices. The median home value in Minneapolis is $239,700, 20% above the US median value, according to Zillow. The median price per square foot in Minneapolis is $213. Over the past 5 years, home values in Minneapolis have increased by 8%.
Renters in Minneapolis will also have a hard time finding affordable housing. The median rent in Minneapolis is $1,588 per month, which is 11% higher than the US median. Over the past year, rental rates in Minneapolis have increased by 5.0%.
The Minneapolis economy is on fire. The Minneapolis metro area’s GDP grew by 25% between 2010 and 2015, from $200 billion in 2010 to $249 billion in 2015, a total increase of $49 billion. The metro area has a per capita GDP of $70,058. According to the US Census Bureau, the median household income in Minneapolis, MN is $68,778, 30% higher than the national median. Minneapolis’s unemployment rate is 3.5%.