Real Estate and Mortgage Guide for Minneapolis, MN

Along with St. Paul, Minneapolis is collectively called the Twin Cities. The metro area of the Twin Cities ranks at number 14 in terms of overall population. Ranked as the most populous city in Minnesota, Minneapolis is also the county seat of Hennepin County.

Population and Number of Homes

According to a census from the year 2013 the population for Minneapolis was 400,070 people. The breakdown of the population by age group is as follows:

Age Group Percent of Population
Under 18 21.9%
18 to 24 9.7%
25 to 44 34.1%
45 to 64 34.1%
Over 64 11.1%

Based on this breakdown 33.7 is the median age.

Local Economy

Chicago is the only metro area in the Midwest that is bigger than Minneapolis-St Paul. The largest components of the economy come from finance, health care, trucking and rail services, and commerce. Inside of Minneapolis city proper are headquarters for 5 companies listed on the Fortune 500:

  • Xcel Energy
  • Thrivent Financial
  • Target
  • US Bancorp
  • Ameriprise Financial

Back in 2005 the magazine Popular Science proclaimed Minneapolis as the Top Tech City in the United States. This designation was based on the following factors;

  • Wi-Fi accessibility
  • Number of advanced degrees held by the average employee
  • University research
  • Medical trial availability
  • Transportation options
  • Energy conservation

Average Weather

Minneapolis enjoys 4 full seasons during the course of an average year. During the spring, summer, and early fall a total of 34 inches of rain will fall across the city. In the winter months, snowfall is common. A total of 54 inches of snow will descend on the city during the latter part of fall and throughout the winter

The warmest time of the year occurs in July when temps can reach up to 87 degrees. In January the temperatures can get as low as 6 degrees.

Universities, Colleges and Junior Colleges

Minneapolis is home to a number of colleges, universities and junior colleges that can meet almost any educational need. Here are some of the larger schools located directly within Minneapolis

  • University of Minnesota – Twin Cities
  • Minneapolis Community and Technical College
  • Walden University
  • Augsburg College
  • Capella University

The combined full time enrollment of the above listed schools is over 134,000 students.

Public School System

Over 36,000 students are served by Minneapolis public schools. There are currently seven high schools, seven middle schools and 45 elementary schools. There are also a total of 8 individual schools devoted to children with special needs as well as 8 alternative schools.

Private Schools

There are a number of private schools in Minneapolis. Some are faith based while others are culturally based

  • North Star Academy
  • Breck School
  • Bais Yaakov High School
  • Maranatha Christian Academy
  • Nawayee Center School
  • Dela Salle High School
  • Minnehaha Academy Upper School

There are also over 10 private elementary schools that are based on similar faith tenets and/or culture groups.

Important Stats for Level of Education

For the people above the age of 25, here are the major education statistics

  • 9% graduated from high school
  • 8% have earned a bachelor’s degree
  • 7% have earned a professional or graduate degree

Transportation Options

The city of Minneapolis has taken great effort to encourage citizens to use public transportation.

The city has a fleet of buses that runs through the area and also operates two light rail systems. Free vouchers offered by a Guaranteed Ride Home program ensures citizens that they will have a way to get home in the event of working late or some other unforeseen schedule conflict.

As of 2010, Minneapolis is number 27 among cities for high percentage of citizens that prefer to ride their bikes to work. There are over 56 miles of trails for bikers to use throughout the year for off-street use and is maintained by the Public Works Department. Another 34 miles of bike lanes are weaved throughout the city. Buses are all equipped with bike racks

For pedestrians there are ample spaces on the sidewalk as well as 7 miles of enclosed bridges designated just for walkers. These bridges are interconnected and known as the Minneapolis Skyway System.

Popular Restaurants and Other Hot Spots

Considering that Minneapolis is home to a diverse and numerous ethnic groups it is no surprise that there is a wide range of restaurants catering to various cuisines.

  • The Wedge Community Co-Op – serves grocery as well as fresh fruits and veggies and a deli
  • Saguaro – traditional Mexican cuisine
  • Matt’s Bar – Burger joint as well as dive bar
  • Bar La Grassa – Italian cuisine
  • Brasa Rotisserie – serves Caribbean items
  • French Meadow Bakery & Café – is a café and bakery
  • The Local – Irish Pub
  • The Anchor Fish & Chips – seafood served British style
  • Barbette – French American place that serves breakfast and brunch
  • Victors 1959 Café – Cuban restaurant

Hospitals

Minneapolis is home to a number of outstanding hospitals that serve all major health needs

  • Children’s Hospitals and Clinics of MN
  • Abbott Northwest Hospital
  • Metropolitan Mt Sinai Medical Center
  • Phillips Eye Institute
  • St Mary’s Hospital
  • University of Minnesota Medical Center

Outdoor Activities

A report issued in 2002 claimed the park system currently in place in Minneapolis is the best financed as well as best designed and best maintained. The seven lakes around Minneapolis, along with Minnehaha Creek are connected through walking paths, bike trails and running paths. Citizens can swim, boat, fish, enjoy a picnic or ice skate throughout the parks. The recent survey showed that there are about 770 square feet of park area for every citizen in Minneapolis.

Why Choose us as Your Minneapolis Mortgage Lender?

We are a banker specializing in mortgage loans. With licensed offices in 48 states we have the staff and the experience to meet any home loan need.

We won twice in the NerdWallet's Best-Of Awards for 2019 and won the Gold Stevie Award for "Company of the Year" for 2018. We also received the Better Business Bureau Torch award for ethics in 2018 and we dominate SocialSurvey's customer satisfaction rankings. Mortgage Professional America's named us the Top Mortgage Workplace for 2019 and we were #11 in Best Workplaces in Financial Services & Insurance 2019.

Besides these accolades, we are proud that Fortune and Great Place to Work® named us Best Workplace for Millennials for two consecutive years and the Best Workplace for Women for the second consecutive year.

How to Buy a Home in Minneapolis with Little or No Money Down

Of course you want to buy a home in Minneapolis with no down payment. Who doesn’t?

Here’s how you do it:

Many people never buy the home of their dreams simply because they don't think they have enough money for the down payment. They have been told through the years that they need 10% or 20% of the purchase price in order to buy a home. Well, this is true for the conventional/conforming loan programs but not for Minneapolis Government loans.

So why have so many Lenders told them this?

It’s because selling homes to people with 10% or 20% down is easier than selling homes to people who have little or no money for a down payment. Most mortgage loan officers would rather go after the "easy sale" than try to help people who would rather save the down payment money for a rainy day or for current and future repairs/upgrades.

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