Buying vs. Renting in Minneapolis (Uptown) (St. Paul, Columbia Heights: apartments, renter, condos)

[ConfusedAboutMoving]

I'm looking at apartment rental prices in Uptown Minneapolis and it looks like buying is even cheaper. I'm relocating to the city this month from the East Coast and I've never been there in winter. I think it might make sense to just get settled and feel it out as a renter before committing to buying. How is the housing market in Minny? Does it appreciate fairly well? Maybe wait a year, or two? Any thoughts or advice on this? I'm totally new to the house buying thing.

Thanks!

[StilltheSame]

For relocations I would recommend renting. It gives you an opportunity to learn the area; learn about a MN winter; and determine wants; needs; likes and dislikes. And, for uptown - I have not looked in that market - but there is a great deal of growth in that area and it would not be my first choice (that would be North Loop). I also think it is likely overpriced and if you like the uptown area, you might find more advantageous housing close by.

[ConfusedAboutMoving]

Thanks. What is a decent price range for apartment rentals in the area?

[StilltheSame]

Originally Posted by ConfusedAboutMoving

Thanks. What is a decent price range for apartment rentals in the area?

Apologies - I dont know. I havent looked at that market, but based on what I know, if I were looking - alot would depend on the location, amenities and my budget. I would be looking in the $1800 p month range.

[ConfusedAboutMoving]

OK. I presume that's $1800/month for a 1br, not a studio.

[StilltheSame]

Yes. One Bedroom. Check out Cragislist - that should give you a good idea of the cost of what you are seeking.

[Chain of Lakes]

While apartments are expensive in uptown area, housing is even more expensive, especially closer to the lakes. Expect to pay $500k on lower end in many neighborhoods. Some areas will be even more expensive.

I'd highly recommend renting first, then deciding.

[uptown_urbanist]

Originally Posted by ConfusedAboutMoving

I'm looking at apartment rental prices in Uptown Minneapolis and it looks like buying is even cheaper. I'm relocating to the city this month from the East Coast and I've never been there in winter. I think it might make sense to just get settled and feel it out as a renter before committing to buying. How is the housing market in Minny? Does it appreciate fairly well? Maybe wait a year, or two? Any thoughts or advice on this? I'm totally new to the house buying thing.

Thanks!

I'm a recent Uptown renter, now Uptown owner. I would absolutely recommend renting first. What if you don't like Uptown? What if you don't like Minneapolis? Why risk buying if you're not sure you're going to be here long enough to make it financially worthwhile?

I'm also assuming that when you say buying is cheaper, you are looking at condos. We never considered a condo, but from the very casual investigation I did into the buy vs rent calculations for Uptown area condos it could take quite a long time to tip the scales, financially, in terms of owning.

Not sure what the rental range is for 1-BRs, but our very large (3 BR + sunroom, updated Uptown apartment rented for around $1800, including utilities (but excluding parking). If you don't need that kind of space and don't need all the amenities of the new luxury buildings, you should be able to go much lower. The nice 2-BRs seem to be in the $1300-$1400 range; not sure about the studios or 1-BRs -- and quite a bit cheaper in some the neighborhood's 1960s/1970s apartment buildings, and a lot more in the brand-new buildings that are popping up along the Greenway. There's a huge range. I will warn you, however, that when you start to look be ready to move fast, as nice places at good prices do move quickly.

[nokomiscyclist]

Trust me on this - you want to rent. Figure out if you want to stay in the Twin Cities and then figure out where you want to live. You might find out you like hanging out in Uptown but not living there and prefer to own a house in Fulton or Kingfield. You might totally lose your mind and decide to live in Lowertown over in St. Paul. The "luxury" apartments in Uptown will cost around $1,500-2,000 but you really need to think hard before renting one of those. Not to be too cruel but I've found the people to live in those buildings to be the MPLS equivalent of Clarendon and Columbia Heights dwellers - lame white zombies. YMMV but looks at some of the older buildings in that area if that's where you decide to live here and stay away from the new "luxury" units unless you really want to hang out with the MPLS equivalent of Clarendon dwellers.

[Pisces69]

Probably start with renting you might like one neighborhood over another or even something a few blocks one way you might like but a few blocks another way don't like