Moving to Minnesota from California.. suggestions please (Minneapolis: apartment complex, house)

[cntrynester]

We stayed in Mankato around a week and liked the area. As much we wanted to live in the Mankato surrounding areas (St. Peter trough Wells ), we couldn't find find a place to rent or buy a house. The housing situation did seem pretty tight there. We ended up renting a place in Sioux Falls.. still close to Wife's large family.. well at least a part of it around.

It is seller's market and it is for people with cash... crazy you know... We are holding on our plans to buy a house until the situation settles down for buyers.

[CARas2020]

Originally Posted by wamer27

If you want better scenery and less people, Montana and Wyoming are better. This is coming from someone who lived in Colorado twice.

I have family in western Montana and it is very beautiful there. Lots to do and see. My cousin is a realtor there and i think she is keeping pretty busy.

I like WY but the only part I would ever want to live in is far too expensive that's Jackson Hole. Cody isn't too bad either actually.

[CARas2020]

Originally Posted by Teak

Yes, Mankato and Rochester are both nice areas with good internet service. Mankato has a major university and Rochester has Mayo Clinic, so those are stable economies. There are some nice small towns near each of those cities that would be very liveable and with good internet access.

I have a friend that lives in Rochester and works for Mayo. He likes the city very much, and we did a canoe trip with him down the Root River in SE Minnesota. That is one plus for Rochester. The Root River valley is not far away and is a beautiful part of the state. For example, the state turned a former railroad line into a bicycle path through the hardwood forests and that is a major summertime draw for tourists. There are many bed and breakfasts, and small towns that come alive in the summer.

Mankato sits where the Minnesota River turns and goes north towards the Twin Cities. Very beautiful area to the north with tree covered bluffs. There are also some nice small towns that would be commuting distance to Mankato: Le Sueur, St. Peter (awesome co-op store), and even Henderson. Because of the narrow valley between the two bluffs, the river occasionally floods and a major highway (169) gets shut down.

We know a couple that lived in North Mankato and after a visit I was able to see why they chose that "suburb".

Anyway, I highly recommend either of those cities. I know that others are pushing you to consider Duluth, but I personally wouldn't go that far north unless you really love cold winters.

I would be okay with cold winters but I know my other wouldn't. But why should he cares not like he would have to drive to work everyday :-)

[tlarnla]

Originally Posted by Cruz Azul Guy

Real estate has gotten more expensive lately but what makes you so certain that the housing market will pop anytime soon? I’m not convinced of that.

The thing about real estate is that it is always a gamble, because houses are treated more like financial assets than homes. We never know for sure if prices will rise or fall. We can only predict it, like the weather.

However, some experts have been predicting a crash for a couple years now, because many housing markets (such as the Twin Cities) are in a bubble, and the bubble keeps growing. Prices are too high. They're rising too fast. Too many of the purchases are being made by investors, often sight-unseen. Etc...

On the other hand, some experts say it won't pop, and if it does, prices will come down gradually, not crashing like last time.

The question is which experts are right? Which do you trust?

I trust the former more than that latter. For one thing, most of the latter (those who say prices will continue to rise) are people in the real estate industry, who have a vested interest in promoting the idea that it is safe to buy overpriced houses. They profit from the sale of houses, and profit even more when the prices are higher.

[tlarnla]

To continue, here are some articles you might find of interest:

https://www.fool.com/investing/2021/...sons-big-drop/

https://readwrite.com/2021/05/07/the...han-you-think/

https://www.cnbc.com/2021/04/16/bill...ubble-too.html


Of course there are far more articles saying "don't worry, it's not really a bubble" or "don't worry, prices will come down slowly next time, not fast," than articles saying, "the housing market is overpriced, and is due for a crash". It was that way before the last crash too. A few experts were warning of a crash, but most were saying prices will continue to rise. Then it did crash, and people acted like they were surprised. It all boils down to which experts to trust.

I recommend watching the documentary The Flaw about the last housing crisis. Some of the information in that movie is still relevant today.

https://www.imdb.com/title/tt1787810/

[Wilson2021]

Originally Posted by Tia616

Thank you for the information! We like St. Cloud because it's quaint, the cost of living is cheap, and has charm to it from the pictures I've seen. But I've also heard of Rochester, but it's a little pricey for me.

Its heavily impacted by refugees. Its a high tax city. The university is a liberal arts school evolved from a teachers college. Nothing useful is taught there. The welfare rolls are high. Check out crime rates. Stay away if you are a west coast liberal.

[jmgg]

Originally Posted by cntrynester

We stayed in Mankato around a week and liked the area. As much we wanted to live in the Mankato surrounding areas (St. Peter trough Wells ), we couldn't find find a place to rent or buy a house. The housing situation did seem pretty tight there. We ended up renting a place in Sioux Falls.. still close to Wife's large family.. well at least a part of it around.

It is seller's market and it is for people with cash... crazy you know... We are holding on our plans to buy a house until the situation settles down for buyers.

Wise move if it still works for your business. Sioux Falls is a hotbed for medical. I'm sure your wife had no problem finding employment. You'll have more money in your pocket crossing the border from the "land of 10,000 taxes". If you need anything that Sioux Falls can't offer, like having your car hijacked or being assaulted by gangs and thugs, the Twin Cities is only 3 1/2 hours away.

SF real estate market unfortunately isn't an improvement over the Twin Cities. Prices are through the roof now. You'll have to get outside the city in most any direction at least 50 miles and prices drop dramatically.

[Cruz Azul Guy]

Originally Posted by jmgg

SF real estate market unfortunately isn't an improvement over the Twin Cities. Prices are through the roof now. You'll have to get outside the city in most any direction at least 50 miles and prices drop dramatically.

By “SF” are you referring to San Francisco? I agree that housing has gotten exceedingly expensive in the Twin Cities in recent years, but any attempt to compare it to San Francisco is silly.

Let’s look at the median house prices between San Francisco and Minneapolis as of today:

San Francisco: $1,522,827
Minneapolis: $325,796

As I said, there is NO comparison to be made here.

[jmgg]

Originally Posted by Cruz Azul Guy

By “SF” are you referring to San Francisco? I agree that housing has gotten exceedingly expensive in the Twin Cities in recent years, but any attempt to compare it to San Francisco is silly.

Let’s look at the median house prices between San Francisco and Minneapolis as of today:

San Francisco: $1,522,827
Minneapolis: $325,796

As I said, there is NO comparison to be made here.

I'm talking about the larger SF city in total square miles, which is Sioux Falls. Since that was where the OP moved to I'm pretty sure you could figure that. Median home prices here are surprisingly a lot less than Minneapolis, but it is still dramatically higher than a year ago.

There's little downside for the OP living here other than the lack of major sports teams and the picturesque lakes around the Twin Cities.

[Cruz Azul Guy]

Originally Posted by jmgg

I'm talking about the larger SF city in total square miles, which is Sioux Falls. Since that was where the OP moved to I'm pretty sure you could figure that. Median home prices here are surprisingly a lot less than Minneapolis, but it is still dramatically higher than a year ago.

There's little downside for the OP living here other than the lack of major sports teams and the picturesque lakes around the Twin Cities.

Thanks for clarifying, I’ve only understood SF to mean San Francisco. I stand corrected.

Median house price comparison of Minneapolis vs. Sioux Falls:
Minneapolis = $325,796
Sioux Falls = $269,892

Between those two in my opinion you get what you pay for. I’ll gladly pay 18% more to live in Minneapolis.