Minnesota’s state capital offers a hot real estate market
Discover St. Paul's Real Estate
The smaller half—along with Minneapolis—of the Twin Cities metropolitan area, St. Paul is the capital of Minnesota and a thriving city in its own right. Located on the eastern shore of the Mississippi River, St. Paul has a diverse and growing population, with many historic and pleasant neighborhoods. With a robust economy and high quality of life, St. Paul is currently undergoing a property boom and offers a hot real estate market for investors.
Culture, History, and Business
The area now called St. Paul has been home to a number of Native American tribes for thousands of years, as the historic Indian Burial Mounds located along the banks of the Mississippi attest. A fort was established in 1803 after the Louisiana Purchase, which became an important base for fur traders and missionaries. The establishment of a chapel in 1841 led to the settlement adopting the name St. Paul. The town became the capital of Minnesota in 1858 and grew into a gateway to the American West, with many railroads converging on the growing metropolis.
Today, St. Paul makes up roughly the eastern half of the Twin Cities, the 16th largest metropolitan area in the United States with 3.6 million residents. It has a diverse economy, with healthcare, government, technology, insurance and finance all important sectors. Its residents enjoy incomes that are above the national average and an extremely low unemployment rate.
Real Estate Appeal
St. Paul currently has a very hot real estate market, with the demand for homes outstripping the supply. That has resulted in an increase in property prices in recent years, so investors can look forward to likely enjoying decent returns on long-term investments. There is also a very healthy mix of housing types, ranging from historic mansions to modest family homes, along with condominiums and apartment buildings. The city is growing, thanks both to its great economy and its excellent quality of life, which regularly ranks as one of the highest in the country.
St. Paul also boasts excellent potential as a rental market. It is an important government and commercial center, which attracts plenty of overnight visitors on business trips and the Minneapolis-St. Paul International Airport is located just outside of its city limits. It also has a very large student population—in fact, the second highest rate of college students per capita in the US—which means there is consistent demand for rentals in the city.
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