Many people living in Minnesota have been affected by the poor economy, loss of jobs, or downturn in the real estate markets. A combination of these 3 things has made a huge difference in the number of homeowners in Minnesota.
According to a recent Star Tribune article “The percentage of homeowners in Minnesota has fallen to its lowest level in almost 20 years, as demand grows for rental housing at a time when the supply is already tight. About 71 percent of all Minnesota households owned their home last year — the lowest annual rate since 1993 when the rate stood at 68.9 percent, according to census numbers. Homeownership fell again during the first quarter of 2012 to about 70 percent. Across the country, homeownership is around 65 percent. During the height of the housing bubble, the homeownership rate in Minnesota was one of the highest in the nation, hitting 79 percent in early 2005”.
This news is great for Minnesota investors looking to purchase rental properties as the pool of renters are growing. People will always need a home to live in whether they own it or rent it, however for those who can afford to own homes, will see great returns in their investment as the pool of renters is at record highs and will continue to be there for years to come. With more rental properties comes a greater need for Minnesota property management companies to help home owners manage their rentals.