MSP Among Most Affordable Places to Buy Your First Home
Are you looking for your first home? Finally ready to move out of mom and dad's basement? Tired of apartment living?
We have good news if you are looking in the Minneapolis-St. Paul metro! (And if not, you better move here fast)
In a recent study done by Bloomberg, MSP ranks as the 4th most affordable metro for first-time buyers. The study was performed by comparing the minimum salary required to purchase a home in the region in 2015 with the median household income (for those aged 25-44) for the area. Bloomberg found that the average MSP household makes more than $46,000 greater than necessary to buy a home (meaning there is still plenty of money to pay other bills and enjoy life).
While there are still several other factors that come into first-time homebuyers' choices, the low cost-of-living that is seen throughout most of the Midwest definitely plays into their hand.