Are Suburbs like Edina, Wayzata, or Orono Affordable for Moderate Incomes (Minneapolis: real estate, insurance)

[Stanton1433]

My wife and I are established in our jobs. We are both 30 and 32 respectively and looking to move into our first house. We were wondering if we could find a nice small house in those areas. We visited the area by chance not knowing anything about it just enjoying the scenery and eating at a local restaurant. We fell in love with the downtown area of Edina. My wife makes $35,000 and I make close to $50,000. We don't have any children and do not plan to have any. Can we afford a house in those areas.

[MSMCGirl]

I really think it depends on the rest of your financial situation. Do you have a considerable down payment? That could change everything. I am single, no children, and make a good income (over your combined income) BUT I would not feel comfortable taking on a high mortgage - which is what you'd be doing in those areas. When I was looking for a home a few years back I looked everywhere - including the areas you mention - but for what I was comfortable paying, the offerings were slim (and most needed major upgrades/remodeling/repairs). Now if you have a large down payment, you're more likely to find something that will still make your payments affordable monthly.

If I were you I'd look hard at your finances and then start looking (like actually going with a realtor to look at actual homes in your price range)....anything is possible! And remember that most banks will qualify you for more than you should probably pay. Make sure you know what your monthly payment will be - with taxes and insurance....really shouldn't be more than 25 - 30% of you're income if you want to live comfortably.

[OpenMind11]

As the above poster mentioned, a lot of factors at play. But yes, assuming you're financially sound and smart with your money/life situation its possible for your income to afford and thrive in any of those cities, but as she mentioned, the metro array has a vast array of housing options and those may be on the pricier side in comparison to other options.

[Burt Blyleven]

Probably not unless you want to live in a condo. The max mortgage you would qualify for would be around $240K. There are not many (any?) homes in those areas for under $300K.

[Stanton1433]

Originally Posted by Burt Blyleven

Probably not unless you want to live in a condo. The max mortgage you would qualify for would be around $240K. There are not many (any?) homes in those areas for under $300K.

Okay, our price range is from 180,000 to 220,000. Did some research and there are NO homes in those areas for that price range...at least ones that are not dumps. Thanks for the info.

[uptown_urbanist]

Originally Posted by Stanton1433

My wife and I are established in our jobs. We are both 30 and 32 respectively and looking to move into our first house. We were wondering if we could find a nice small house in those areas. We visited the area by chance not knowing anything about it just enjoying the scenery and eating at a local restaurant. We fell in love with the downtown area of Edina. My wife makes $35,000 and I make close to $50,000. We don't have any children and do not plan to have any. Can we afford a house in those areas.

By "downtown area of Edina" do you mean the 50th and France area? If so, you could look into nearby Minneapolis neighborhoods like Armatage: fairly close, and are relatively affordable with lots of post-war story-and-a-half homes. I'm not sure what the prices are in St. Louis Park, but there are also SLP neighborhoods very close to 50th and France with some smaller houses and a lower price tag.

And you never know what you'll find when willing to go small (houses without garages, too, are much cheaper); for some areas at the low price points you'll be competing against the builders buying cheaper small homes to tear down, but a good real estate agent familiar with the areas can help you figure out that landscape.

I am on a major Hopkins kick lately, but if you're not familiar with that city you should check it out; it's far more affordable than Edina or Wayzata, and has a cute downtown area with lots of restaurants and other amenities, and is in the same general part of the metro area (assuming you want to stick to this side of town for work or other reasons). Downtown Hopkins isn't as posh as 50th and France, but it still has a lot going on.

[Minntoaz]

You could afford a town home in a nice suburb like Maple Grove, maybe Victoria, Woodbury... heck you may even be able to swing a single family home in Woodbury.

[kvold]

I have lived in or worked at a number of places in the western suburbs. Everything from Minnetonka, to Shakopee to Buffalo, Delano, Rockford etc. I moved to Wayzata a year ago and have found that it has the rudest people of anywhere I have ever been! I can't wait to get out of that place.

[Burt Blyleven]

Hopkins is ok, but it reminds me of Moorhead, Minnesota. It doesn't really seem like a suburb of a Minneapolis. More like a weird small town that just happens to be closer to Minneapolis than the other weird small towns in the state. Maybe that is what the OP is looking for.

[ellysbelly]

For that price point, especially if you don't have kids (and therefore schools aren't a concern), I'd look at areas within Minneapolis, especially those that are getting gentrified. The housing stock will tend to be a bit more charming than most of what you can find in the 'burbs, and there are still spots where you can find houses for well under your budget.

I'm no expert, but maybe check out Victory or the NorthEast? Or parts of SW Minneapolis?