Minneapolis is a large city located in southern Minnesota. As of 2015 it had a population of just over 410,000 people, which made it the largest city in the state. The Minneapolis and Saint Paul metro area has well over 3.5 million people, which makes it the 16h largest metro area in the United States, and second largest in the Midwest. Minneapolis is one of the leading entertainment, professional, and cultural leaders in the Midwest as well. Residents of Minneapolis will enjoy the wide range of recreational activities, representation by several major employers, and relatively affordable housing prices.
Mortgage Loans in Minneapolis
For those that are looking to move to Minneapolis, getting a new home will likely require taking out a Mortgage. Minneapolis is served by a lot of major banks that have national or regional offices in the city. Some of the largest mortgage lenders in Minneapolis include US Bank and TCF Bank. The city also has a lot of representation from local and regional banks. Mortgage loans in Minneapolis tend to come with interest rates comparable to other large cities in the Midwest. Many borrowers in Minneapolis take advantage of both FHA and conventional loan programs, which are designed to help people buy their first homes.
Median Income and Home Values in Minneapolis
Unlike many other large cities located across the country, Minneapolis has affordable home prices for most of the population. The city of Minneapolis has a median household income of $55,000, which is around the national average but below the state average of $63,000. This compares favorably to the median home value in the city of $227,000.
While the average home price in Minneapolis is affordable for the average resident, there are some areas that can be more expensive. Minneapolis has a growing downtown area that has seen a lot of development and revitalization. This area has many real estate projects that have prices starting above $500,000. The wealthiest areas, and most expensive homes, in the Minneapolis are found in some of the suburbs around the city.
Education in Minneapolis
The city of Minneapolis is served by the Minneapolis Public School system. This district is the largest school district in the state, and is one of the best-funded large public school systems in the country. The school system has an average funding of $10,500 per student, which allows a relatively low student to teacher ratio of 18:1. Overall, there are 80 different public schools and 30 different alternative schools run by the public school system.
Minneapolis also has a lot of different education options outside of the public school system. There are close to 50 different private schools across the city, some of which provide vouchers to families. The city also has a lot of higher education options. The University of Minnesota is based in Minneapolis and has an enrollment of over 25,000 students. There an additional 20 four-year colleges, junior colleges, and trade schools for students to choose from.
Crime in Minneapolis
Crime in Minneapolis is comparable to crime levels reported in other major cities. The overall crime levels are very similar to those found in Milwaukee and Indianapolis, which are two other large cities in the Midwest. The city has seen a minor increase in violent crimes over the past few years, but the largest concerns tend to be due to drug-related crimes, burglary, and vandalism.