Best areas for new college grad??? (Minneapolis, St. Paul: apartments, foreclosures, renting)

[hockeyguy30]

I am about to graduate from college with a criminal justice degree. I have had relatives, in the twin city metro area, tell me that home prices are falling drastically. I am curious to know if this information is true, and where a new graduate might like to look for a starter place? Thanks!

[Minnehahapolitan]

That depends very much on where the house is. A townhouse in Woodbury is very different from a two-story in Edina which is different yet than a bungalow in south Minneapolis which is different from a foreclosed house in north Minneapolis.
Most young people tend to congregate in the core cities. Uptown is good and has plenty of options in terms of housing. Loring Park is quieter and closer to downtown. Whittier has alot of artists and is rougher around the edges. The Warehouse District is popular since it abuts downtown, but is more expensive. Places around the Univ. of Minn. always have college kids -- the East Bank is quieter and younger. Cedar-Riverside is more diverse, shadier and has more to do.

[Camden Northsider]

I got the impression the poster was looking to buy a home based on "home prices are falling dramatically" and "starter place", in which case I think all of the areas mentioned above are either not feasible or out of reach for a starter for the most part (although you might find some exceptions). But, you are correct, home prices have fallen dramatically throughout the metro area- some people won't be as ready to admit this on a public forum, but it's pretty hard to deny when looking on the mls. consequently, there are a lot of neighborhoods that now have homes that qualify for the "starter" range that were once out of reach and in many areas of Minneapolis (and suburbs). What is it that you are looking for, whether in your job or home/ housing search?

[Cruz Azul Guy]

I was in the same position a few years ago albeit the market wasn't nearly as attractive then. What I realized is that for the most part single family homes in the suburbs were out of my range so my choice was between a barebones condo or townhouse in the suburbs or a starter home in the modest/lower income neighborhoods in Minneapolis and St. Paul. I switched between several areas over the course of the next two years and walked through a variety of homes in North Minneapolis, Northeast Minneapolis, South Minneapolis, Westside St. Paul, Sun Ray neighborhood of St. Paul, West Seventh, then back to South Minneapolis where I eventually found the home I currently live in with a new roof, furnace and windows in move-in ready shape for under 150k. That was a year and a half ago and prices have dropped some more since then. I don't know exactly what your price range, likely grad school or work location or your other living preferences but if you have the resources to throw down on a place I think now is a great time to buy for first-time homebuyers. If you're planning on renting anyway and living in the metro area for a while (5+ years) then it wouldn't be a bad idea to consider buying.

[uptown_urbanist]

Check out the various city's programs for first-time homebuyers, too. I can't speak for St. Paul or the suburbs, but Minneapolis has some great programs available right now, with additional incentives to buy in certain neighborhoods hard hit by foreclosures. Some individual neighborhoods also offer grants/incentives that can be used for various purposes, including repairs or some upgrades.

[DannyBanany]

When I was looking for apartments in Minneapolis with my roommates, we all considered just buying a place because homes in the Twin Cities have gotten so affordable. We ended up just renting, but it's not a bad idea to buy!