When you look at cities like New York, San Francisco, Los Angeles, and even Washington D.C., it’s hard not to be blown away by current home prices—and not in a good way. In these and so many other major cities around the county, young and first-time home buyers are having a very difficult time finding an affordable apartment, let along trying to come up with a down payment and being able to purchase a new home or condo.
But unlike these other major cities, homes for sale in St. Paul are still completely reasonable from a cost standpoint, and regardless of your budget or which price point may fit your needs, it won’t take long for home buyers considering a move to St. Paul or the Twin Cities area to realize that you really do get a lot more bang for your buck here, especially when it comes to housing.
For some perspective, home prices all throughout the Twin Cities have continuously increased over the last few years, with prices even hitting a five-year high relatively recently. And according to some statistics, St. Paul home values specifically have increased 6% over the past year alone, with the median home value now estimated to be $171,000.
But even if home values in the Twin Cities continue to climb, which they most likely will, compare that to median home values in San Francisco ($1,115,700), New York City ($614,500), and Washington D.C. ($500,200), and homes in St. Paul may actually seem like a bargain.
So whether you already live in St. Paul and are looking for a new home or perhaps considering a move here from out of town, remember that even during times when local home prices seem to constantly increase, at least we haven't reached the same numbers many other big cities are seeing on either coast.