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Old 02-21-2007, 11:07 AM
 
19 posts, read 133,103 times
Reputation: 13

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Hi all. I just got back from the cities this week. I was up for a job interview. It was my first time visiting Minneapolis and even though the temp was around +5-10 deg. I loved it. Not what I expected from a "City". I currently live in South Louisiana.

I had a little time to drive out and scout a little of the burbs, but was wondering what the actual cost of living was up there. I know right off the bat property taxes are the biggest shocker. I pay about $600/yr for a 2000 sq ft house I paid around 150,000 for.

Just from internet research I think I would target Elk River, Lake Minnetonka or Lakeville as areas to look to buy a house. I would want to stay in the 250,000 range for a house.

I've been beating my head against the wall trying to calc cost of living differences. I come up with everything from 5% to 25% increases. What is considered middle class in come in these areas? is $75K/yr going to be enough to sustain a family? It's all very intimidating, and advice from those who live there would be greatly appreciated.
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Old 02-21-2007, 04:10 PM
 
20,793 posts, read 61,089,429 times
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I don't know about Elk RIver, etc. for taxes but in Lakeville a $250,000 house would run about $3000/year in taxes give or take. With that though you are 'buying' the best schools in the nation, quality programing for everyone, etc. You can get by on $75K depending on what you are paying for a mortgage, etc. Everyone lives differently so it is hard to say if you are going to make enough to get by but I think if you don't need 2 or 3 expensive vacations/year, don't need to have the most expensive clothing, $50,000 cars, etc. you can do nicely on that.

Now, as for your choices for towns, they are on complete opposite ends of the cities so you could possibly end up with a horrible commute depending on where you work. You are not going to find a house in your price range in Minnetonka that is livable so don't waste your time there.
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Old 02-21-2007, 04:32 PM
 
19 posts, read 133,103 times
Reputation: 13
Thanks for the info.

The would-be job location is right in downtown Minneapolis. I understand from the people I have talked to that public transit will be a must to commute to and from work.

As far a what it takes to get by, I have a wife, two kids (5yo & 4 yo) and a dog. I feel no need to impress anyone by throwing money around on useless over-prices cars. I don't want a million dollar mansion, (2000, sq ft living is about all I want to have to clean & keep up with untill the kids are grown & gone) lol.

All I really want is a place where my kids can grow up and be safe & learn in a good enviorment.
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Old 02-21-2007, 09:22 PM
 
195 posts, read 1,077,135 times
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Look in uptown, good neighborhood, reasonably priced homes. I live there and love it. Literally 5 minutes from downtown.
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Old 02-22-2007, 05:34 PM
 
1 posts, read 24,325 times
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Checking out Blaine might be worth your time as well. About 20 mins north of downtown mpls, I am in my mid twenties and have many friends who have recently purchased a home there. You can buy a home in (and a little under) your price range that has a lot of sq. footage, big backyard, and is located in a "family" neighborhood.
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Old 02-22-2007, 09:02 PM
 
19 posts, read 133,103 times
Reputation: 13
Again Thanks, I received my "official offer" today. I'm very excited about the possibilities. I am truly sold on the area of Minneapolis, and the company. The more I thing about it I will more than likely rent for the first 6-12 months. This will give me time to figure out exactly where I want to make an investment in a new home. Plus it will give me time to del with my two houses in Louisiana. I have one that I just bought only a few months ago, that I will have to rent b/c I don't have the equity built enough to sell. the other I will probably rent also until I find some where I like enough in Minneapolis to want to buy. Then we can sell the larger one in Louisiana and get the down payment for the new home.

It's sad, but it seems weirdly funny that I read some posts here being concerned that a certain area had two murders last year, it's only Feb 22 and we've already had about 25 murders here. In a city of only 400,000. And that's not including the New Orleans murders. It's bad down there, Like, Iraq bad. There's a reason the Governor & Mayor had to call on the National Guard to come patrol the streets.

Thanks again,
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Old 02-22-2007, 09:06 PM
 
Location: Twin Cities
3,570 posts, read 8,696,897 times
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The northern 'burbs are definitely less expensive. The Metro Transit is fantastic here. I loved it when I was working in downtown Minneapolis, much better than hassling with all the other commuters. You could get a 2,000 sq ft house in your price range in Champlin, possibly Andover, Blaine is a good option, some areas of Coon Rapids are fairly nice too. Elk River is a bit more of a trek...if you do mass transit you're looking at about a 2 hour ride. If you drive you can cut that down immensely...it all depends on what you're comfortable with. You may find something for $250,000 in Maple Grove.

The commute can make or break you so choose wisely where you buy. When we moved here from Washington state we rented a townhome for a few months to get our bearings and see what we liked and didn't like. It may be a good option as townhomes are very popular here, and sometime even preferred over single family homes.

all the best on your move up north!!
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Old 02-23-2007, 03:20 AM
 
Location: Las Vegas
14,229 posts, read 29,913,388 times
Reputation: 27684
Quote:
Originally Posted by Old Paint View Post
Again Thanks, I received my "official offer" today. I'm very excited about the possibilities. I am truly sold on the area of Minneapolis, and the company. The more I thing about it I will more than likely rent for the first 6-12 months. This will give me time to figure out exactly where I want to make an investment in a new home. Plus it will give me time to del with my two houses in Louisiana. I have one that I just bought only a few months ago, that I will have to rent b/c I don't have the equity built enough to sell. the other I will probably rent also until I find some where I like enough in Minneapolis to want to buy. Then we can sell the larger one in Louisiana and get the down payment for the new home.

It's sad, but it seems weirdly funny that I read some posts here being concerned that a certain area had two murders last year, it's only Feb 22 and we've already had about 25 murders here. In a city of only 400,000. And that's not including the New Orleans murders. It's bad down there, Like, Iraq bad. There's a reason the Governor & Mayor had to call on the National Guard to come patrol the streets.

Thanks again,
I think renting for a while is an excellent idea! It's not all that easy to sell a home right now and you will be really stuck if you find you don't want to stay here. Also, it's pretty impossible to really know where you will want to live. You'll figure it out over time. Good luck!
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Old 02-23-2007, 09:17 AM
 
Location: Lakeville, MN - 4th nicest place in the nation to raise a family
285 posts, read 1,174,370 times
Reputation: 104
Cost of living. Those words always confused me.

My wife and I live in Lakeville with our 3 kids. My profession is entirely commission based and we do quite well (mid 6 figs). I have absolutely no interest in living like others who make the same amount. No matter what kind of year I have, I pay myself about $1000 per week. Everything else goes back out the door to investments and funds.

I think we have a wonderful lifestyle - very comfortable. We buy used vehicles and clip coupons. We paid about 189,000 for the place where we live. I enjoy being fairly conservative and the lifestyle it affords.

Most people today live WAY outside of their means. And for them, the cost of living is a much more important term. We are a nation of spenders. And that's sad.

Robert
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Old 02-23-2007, 01:18 PM
 
Location: Las Vegas
14,229 posts, read 29,913,388 times
Reputation: 27684
Quote:
Originally Posted by Robert P Stewart View Post
Cost of living. Those words always confused me.

My wife and I live in Lakeville with our 3 kids. My profession is entirely commission based and we do quite well (mid 6 figs). I have absolutely no interest in living like others who make the same amount. No matter what kind of year I have, I pay myself about $1000 per week. Everything else goes back out the door to investments and funds.

I think we have a wonderful lifestyle - very comfortable. We buy used vehicles and clip coupons. We paid about 189,000 for the place where we live. I enjoy being fairly conservative and the lifestyle it affords.

Most people today live WAY outside of their means. And for them, the cost of living is a much more important term. We are a nation of spenders. And that's sad

Robert
Amen! You couldn't be more right. Living below your means becomes a habit over time. The best habit anyone could ever develop!
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