Rent to Own Homes in Minnesota

Minnesota has earned the nickname “Land of 10,000 Lakes” because there are more than 10,000 small lakes positioned throughout the state. It also borders Lake Superior and contains most of the Superior National Forest. The Minnesota River also stretches through the state for more than 330 miles. These waterways encourage outdoor recreation, so residents and visitors can explore the lighthouses and harbors of Duluth, the fishing and camping opportunities of Grand Marais, and the riverboats of Taylors Falls.

Since most people reside in Minneapolis or the surrounding communities, it is naturally the economic hub of the state. It also offers a thriving arts community and easy access to the Chain of Lakes. The Minnesota Legislature is composed of the House of Representatives and the Senate, and they conduct business from the State Capital Building in Saint Paul. For educational pursuits, residents have access to the University of Minnesota Twin Cities with campuses in both Minneapolis and Saint Paul. For those more interested in attending a state school, the Minnesota State University is located in the city of Mankato.

Buying a Home in Minnesota

First-time homebuyers don’t have to go through the financing and purchasing process alone. There are many assistance programs and educational seminars offered by various counties and cities throughout the state, and you can find many of these programs by contacting a local realtor or looking online. While most assistance programs have qualifications that you must meet, they do help many potential homebuyers secure adequate down payments and learn about the home-buying process in general.

The Minnesota housing market is quite active, so you will find more than 30,000 homes listed for sale at any given time. If you already know which city you want to live in or you’re required to stay close to a particular city for work, it’s best to work with a realtor familiar with all listings available at the time that you want to buy. Some of the more exclusive neighborhoods may not have for sale signs out, but a realtor will know which properties are on the market.

Popular Neighborhoods in Minnesota

Many people look to Minneapolis and Saint Paul when searching for new homes in Minnesota, but don’t assume that you have to live in the big city to enjoy this state. While these Twin Cities do offer thousands of jobs through large corporate headquarters, restaurants and nighttime entertainment venues, there are also some smaller towns that can deliver the more easygoing lifestyle that some residents prefer.

If you want to live in the heart of the city, consider longstanding neighborhoods like Cathedral Hill. This area features Victorian homes and renovated brownstones, and many homes are within walking distance of boutique shops and restaurants. This is a trendy area that attracts many singles, professionals and creative entrepreneurs. If you prefer a suburban environment, go to the Downtown Wayzata area.

If you want to live in a small town with easy access to recreational sites for skiing and hiking, you will love Biwabik. This town is home to approximately 100 people and gives prime access to the Embarrass Mountains and the Giants Ridge Golf and Ski Resort. For picturesque views and access to the Boundary Waters Canoe Area Wilderness, consider making Ely your home.

Buying vs. Rent to Own Homes

Rent-to-own properties allow you to take a slower path to home ownership. You move into the property that you want to buy immediately, but the current owner becomes your landlord for a designated period of time. In some agreements, a portion of your monthly rent will go into an escrow account so that you can use those funds towards your down payment in the future. Once you’re ready to secure financing and purchase the home, you will become the homeowner.

This is different from the traditional home-buying process because you don’t have to secure financing before you move into the home. You may still have to go through a credit and background check before you’re accepted into a rent-to-own program, but you can often delay securing full financing until a later date.

Cost of Living in Minnesota

If you’re moving from a state with a low cost of living, you may decide that everything in Minnesota is just a little more expensive than you expected. If you’re moving from a state with a high cost of living, you will enjoy a significant price break in most areas of this state. The overall cost of living here is approximately 5 percent higher than the national average, and most goods and services sell for average prices when compared to the rest of the country. The housing market is just slightly higher than the national average, and you can find affordable homes available in most cities.

Summary

With endless natural beauty and a multitude of lakes, it’s difficult not to live an active lifestyle when you take up residence in Minnesota. There are more than 10,000 lakes scattered throughout the state, and residents enjoy access to Lake Superior. Most of the state’s population resides in the Twin Cities, but there are many small communities where you can enjoy small town life with easy access to popular sites for skiing and hiking. When you’re ready for outdoor recreation, there’s always something to do whether it’s ski season or the perfect weather for hiking, camping and canoeing.