Rent to own Homes in Minneapolis, MN
Minneapolis, Minnesota, also known as the City of Lakes, is Minnesota's largest metropolis. Its nickname is well earned; Minneapolis features a stunning abundance of lakes, wetlands, and other waterways--from the Mississippi River to the waterfalls and creeks throughout the Chain of Lakes. Minneapolis is not just known for its outdoor offerings. It is also a mecca for business and culture, thanks to the many Fortune 500 companies that call the Twin City home, as well as its thriving arts and culture scene.
Minneapolis, MN is a great place for affordable rent-to-own homes! With a median household income of over $66,068 and a median rent of $1,078, the Minneapolis, MN rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Minneapolis, MN. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Minneapolis, MN Property Resources
Rent to own Homes in Cities Near Minneapolis, MN
- Anoka
- Apple Valley
- Bloomington
- Burnsville
- Cedar
- Circle Pines
- Columbus
- Coon Rapids
- Crystal
- Dayton
- Deephaven
- East Bethel
- Edina
- Elko New Market
- Falcon Heights
- Fridley
- Gem Lake
- Golden Valley
- Hamel
- Ham Lake
- Hilltop
- Hopkins
- Hugo
- Lake Elmo
- Lauderdale
- Lexington
- Lilydale
- Lino Lakes
- Little Canada
- Long Lake
- Maple Grove
- Maplewood
- Mendota
- Minneapolis
- Minnetonka
- New Hope
- Oakdale
- Orono
- Osseo
- Plymouth
- Prior Lake
- Ramsey
- Rogers
- Shakopee
- St. Anthony
- St Paul
- Vadnais Heights
- Wayzata
- White Bear Lake
- Woodland
Neighborhoods in Minneapolis, MN
Audubon Park rent to own homes Bottineau rent to own homes Camden Industrial rent to own homes Cleveland rent to own homes Columbia Park rent to own homes Folwell rent to own homes Hawthorne rent to own homes Holland rent to own homes Humboldt Industrial rent to own homes Jordan rent to own homesBuying a Home in Minneapolis, MN
Minneapolis, MN is seeing rapid growth and Minneapolis, MN's' housing market remains not optimal with an average home price that is 23% above the 2024 national average. Minneapolis, MN is part of Hennepin county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Hennepin is 1.14% which is above the national average, which is 0.99%.
Median Home Price in Minneapolis, MN
Median Rent in Minneapolis, MN
Top Reasons to Live in Minneapolis MN
Housing The median value of homes in Minneapolis is $228,700, with an average listing price of $375,875 and a median sales price of $204,952. There are currently 1,383 homes for sale, with 2,061 recently sold and 3,433 properties in some stage of foreclosure. The average rent in Minneapolis is $1,068, with the highest rates in the neighborhoods of Midway, Kentwood, and Saint Anthony. Just over 56 percent of homes in Minneapolis are owner-occupied, while nearly 44 percent are rentals. The vacancy rate is below the national average at just 3 percent, indicating that demand is high in this prosperous city. One option for aspiring homeowners in a tight economy may be a rent to own home.
Tourist Attractions Minneapolis is a thriving Midwestern city. History buffs will enjoy visiting a number of historic homes, including the Alexander Ramsey House and the James J. Hill House, as well as Historic Fort Snelling, which dates back to the 1820s and the days of the fur trade. The Minnesota Historical Society, meanwhile, is comprised of a whopping 27 award-winning museums and trails. Boat, kayak, and even Segway tours are all unique ways to tour the Minneapolis waterfront. Thrill seekers won't want to miss Minneapolis theme parks, including Nickelodeon Universe, Valleyfair Family Amusement Park, and the Wild Woods Water Park. Meanwhile, animal lovers will love the Como Park Zoo and Conservatory, the Minnesota Zoo, and the Sea Life Minnesota Museum. Nature lovers won't want to miss a stop at the Minnesota Landscape Arboretum, the state's largest public gardens. And don't forget to take in a show at the Tony Award-winning Guthrie Theater.
Neighborhoods The country's 16th biggest city, Minneapolis has a dynamic population of 3.5 million people. The many communities of Minneapolis offer different flavors of neighborhood living. Popular Minneapolis neighborhoods include the following: