Watch: Live It Up in One of the 5 Best Lake Towns in America. Just 20 minutes outside the hustle and bustle of Minneapolis, lies a small lake town on the quiet edge of Hennepin County, where waterfront homes average $3.13 million. The home spans just over 18,000 square feet, a stout measure that encompasses three floors. The 5 Most Affordable Cities in Minnesota Minnesota living can be affordable if you know where to look. All rights reserved. and the Boundary Waters. The two most important things to think about when it comes to being able to afford if you can live comes down to: You need to understand your costs in the context of how much money you make. For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. Median list price: $219,900; 7. In a place with such an abundance of beautiful lakes, it can be difficult to know where to start. The price tag for a picturesque palace on the lake averages for $2.95 million. View pictures, check Zestimates, and get scheduled for a tour of some luxury listings. When you’re planning your next move in Minnesota, whether it be a first house, a second house, or for your retirement, it’s helpful to know where in MN the cost of living is the most affordable. Much of Alabama's Lake Martin shorefront is lined with beautiful bluffs and trees. You may be able to find more information about this and similar content at piano.io, The Best (and Worst) Things We Streamed in 2020, The Most Inspirational Celebrities of 2020, Good News Report: Inspiring Stories of 2020, The Meaning Behind the '12 Days of Christmas', 30 Fun Facts You Probably Didn't Know About Xmas, 40 Awesome Last-Minute Christmas Gift Ideas, Flickr Creative Commons/Carol Norquist, NGC Chairman, Flickr Creative Commons/Kathleen Tyler Conklin. We may earn money from the links on this page. Several major cities surround the only Great Lake to sit entirely inside the United States border. What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city. eval(ez_write_tag([[336,280],'homesnacks_com-medrectangle-3','ezslot_0',143,'0','0']));What's the most expensive place to live in Minnesota? Every time I drive into town and see the gorgeous Lake Superior it puts a smile on my face and makes me so happy that I live near it. Bonnie Burch. Well, HomeSnacks crunched the numbers and discovered that Little Canada is the most expensive place to live in Minnesota. Go inside 5 of the most expensive lake homes on the Twin Cities market From $2.25 million to $11.9 million, these are some of the priciest luxurious lake shore homes in the metro. MINNEAPOLIS (WCCO) – The most expensive home listed for sale in Minnesota is a dream house on Lake Minnetonka. Get the best of leisurely lakefront living, with the convenience of Austin nearby. In a state where so many of the lakes look the same, these are sure to stand out. Read on for how these places had costs rise faster than inflation. Median list price: $288,900; 6. If city dwellers are looking to shell out some cash for a lakeside retreat, they'll have to drop an average of $4.3 million. Amp up your lakeside bliss boating, fishing, jet skiing and even scuba diving or make the most of your time on land at The Titanic Museum or at the new Fritz's Adventure with a ropes course, climbing walls, and zip lining. 1. However, they better have their wallets primed as lakeside real estate averages to $4.48 million. That would be Little Canada.the 2015-2019 American Community Survey for the 146 places in Minnesota with more than 5,000 people. So where is the most expensive place to live in Minnesota? If you are going to live in the city, and you have money, that is the place you do it. August, July and June are the most pleasant months in Duluth, while January and December are the least comfortable months. This median price is up 18% since March 20, 2015. Best Places to Live in Duluth, Minnesota Small-port-city complex - Northeastern Minnesota at western end of Lake Superior. The lakefront on Louisiana's Lake Pontchartrain is so vast that the bridgeway running across it holds the Guinness World Record as the longest bridge over water in the world. The 22-mile sandy beach called Park Point by the locals is a great place to spend the summer. And if you already knew these places were expensive, check out some more reading about Minnesota and the most expensive cities in the country: Population: 10,451Rank Last Year: 3 (Up 2)Home Price To Income Ratio: 4.6x (most expensive)Income To Rent Ratio: 52.7x (5th most expensive)More on Little Canada: Real Estate | Data. Its beautiful layout on Lake Superior is reminiscent of San Francisco with its hills that descend into the water. East Stroudsburg, Pa. If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already. Population: 420,324Rank Last Year: 6 (Up 2)Home Price To Income Ratio: 4.0x (7th most expensive)Income To Rent Ratio: 60.9x (22nd most expensive)More on Minneapolis: Real Estate | Data | Photos. - White Bear Lake is another Twin Cities metro lake that is expensive to crack into and also quite prestigious. The nearest semi-urban area is that of Brainerd and Baxter.It is part of the Brainerd Micropolitan Statistical Area.East Gull Lake is situated in Central Minnesota's Brainerd Lakes Area and takes its name from the largest lake within its borders, Gull Lake. Within the series of six lakes known as the Tallulah River Watershed, the northernmost Georgia-based lake sits in the Appalachian Mountains - making for the perfect summer setting. House prices here are pretty darn steep compared to the national average but on par with other suburbs of Minneapolis; averaging at $404,000 many families would find this suburb something of an aspiration. Minnesota is a haven for anglers and nearly all of the lakes on our list offer world-class fishing. Boasting 17,359 square feet, it's the biggest lake home for sale in northern Minnesota. LakeHomes.com recently published a real estate report breaking down some of the state's lakeside property costs. You’ll get hired, work your way up to mid-tier position, and that’s when the … Topping the list of most affordable cities in the state is Sauk Rapids, with an average listing price of $172,100. An amount below 100 means Minnesota is cheaper than the US average. We and our partners share information on your use of this website to help improve your experience. Summer residents included John D. Rockefeller and New York Times Chairman Spencer Trask. These are the places in Minnesota that cost a pretty penny -- the most expensive cities in the state. Hibbing. Listed at $5 million, it's got the highest asking price. Alexandria, Minn. Population: 9,038Rank Last Year: 14 (Up 4)Home Price To Income Ratio: 3.6x (13th most expensive)Income To Rent Ratio: 67.7x (50th most expensive)More on St. Anthony: Real Estate | Data | Photos. These 15 Gorgeous Lakes in Minnesota Are Demanding Your Attention. The Gardnerville Ranchos metro area is the most expensive lake town on our list—for good reason. Nice. Redbook participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. Not only is the largest lake in Idaho home to beautiful mountain views, but the quiet setting also attracts buyers looking for a sense of rural-serenity. Everyone wants a home that mixes affordability with comfort and Minnesota does this very well. Here's a look at the most affordable cities in Minnesota according to the data: Chris Kolmar has been in the real estate business for almost ten years now. Nestled above Lake George in the Adirondack Mountains sits an even larger lake that borders the New York/Vermont state lines. Yeah, let that soak in. Median list price: $259,900; 4. Population: 51,746Rank Last Year: 7 (No Change)Home Price To Income Ratio: 4.6x (2nd most expensive)Income To Rent Ratio: 74.2x (86th most expensive)More on Edina: Real Estate | Data | Photos. Population: 10,293Rank Last Year: 2 (Down 3)Home Price To Income Ratio: 3.2x (4most expensive)Income To Rent Ratio: 58.6x (13th most expensive)More on Arden Hills: Real Estate | Data | Photos. From fishing and boating, to laying out on the beach and catching some rays, lakeside retreats provide perfectly picturesque locales to call home. 07-31-2011, 12:14 AM On the pristine Lake Washington, your shorefront neighbors would include Bill Gates and Amazon President Jeff Bezos. The lake holds quite an interesting history and provides lakeside recreation for the nearby metropolis of Dallas. 6 /10. Well, HomeSnacks crunched the numbers and discovered that Arden Hills is the most … Here is a list of the 15 best lakes in Minnesota: 1. The median income in St. Anthony comes in at $73,918 and the median home value is $269,300 for 2021. Even if you don’t play the lottery and have a more realistic vision of your dream home, reach out to us, and we’ll find the perfect home for you in your price range. Being in Minnesota, of course, Edina is practically lakeside on every corner, the biggest lake in the area is Lake Cornelia which is surrounded to the north by Rosland Park. Minnesota, as you probably already know, is an extremely diverse state … So we used that cost of living index in order to rank all of the 146 places in Minnesota that have more than 5,000 people. On Wednesday, August 3, 2016 - 01:30 Courtesy of Jim Brekke under a CC 4.0 license. It’s the most wonderful time of the year. Minnesota cost of living is 97.2. Spirit Lake, Iowa Median list price: $59,900; 5. You might spend more on housing, but you have more money overall to play with. But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you. Census American Community Survey 2015-2019, Best Places To Raise A Family In Minnesota, Download The Entire Minnesota Ranking Data, Median Home Price / Median Income (lower is better), Median Income / Median Rent (Higher is better). These photos, however, will certainly draw you to these 15 lakes for their stunning beauty and their ability to wow with #nofilter. Lake Of The Isles, Minneapolis . We pick every product that we think you'll love the most. Only 1% of listings are distressed homes. The most expensive lakefront home market in Michigan is Orchard Lake, which at 795 acres is one of the largest lakes in southeast Michigan's Oakland County. Families love the North Star State's beaches, midlands, and mountains as tourists before moving here and calling it home. Minnesota is popularly known as the Land of 10,000 Lakes. Moorhead, Albert Lea, Fairmont and Owatonna are … The median income in Arden Hills comes in at $91,250 and the median home value is $292,900 for 2021. East Gull Lake is a city in Cass County, Minnesota, United States.The population was 1,004 at the 2010 census. As one of the largest human-made lakes in the United States, the reservoir is ideal for fishing, camping, boating, and golfing. Branson, Mo. Everything is bigger in Texas... which is why the Lone Star state holds two of the top spots on the list. You can then compare these metrics in each of the places in Minnesota to figure out which is the most expensive. The median income in Minneapolis comes in at $62,583 and the median home value is $251,600 for 2021.eval(ez_write_tag([[250,250],'homesnacks_com-box-4','ezslot_9',109,'0','0']));eval(ez_write_tag([[250,250],'homesnacks_com-box-4','ezslot_10',109,'0','1'])); Population: 18,382Rank Last Year: 5 (No Change)Home Price To Income Ratio: 4.0x (6th most expensive)Income To Rent Ratio: 54.6x (8th most expensive)More on Hopkins: Real Estate | Data | Photos. A cost of living index above 100 means Minnesota, Minnesota is more expensive. You can find out more about him on LinkedIn or his website. The median income in Hopkins comes in at $56,390 and the median home value is $227,500 for 2021. You can download the data here. Port Clinton, Ohio. The real estate market is ever-changing, but no matter the current housing cost trends, waterfront property is always a hot commodity. While $16 million might get you a moderately sized beach house in L.A., in Minnesota, you get a palatial chateau and 1.8 acres on Lake Minnetonka. Source: Roger Siljander / shutterstock. The median income in St. Louis Park comes in at $80,627 and the median home value is $271,600 for 2021. 13 most expensive Minnesota cabins & getaway lake homes for sale right now Friday, October 20, 2017 by Jay Boller in Arts & Leisure. This is our seventh time ranking the most expensive places to live in Minnesota. The most expensive house in Minnesota is now available for $15.795 million. These Are the Most Beautiful Lakes in the World, 10 Money-Saving Ways To Make Your Living Room Look More Expensive, The Top 20 Most Romantic Cities In America, Behold: The Most Expensive Dress in the World. Well there you have it, the places in Minnesota that have the highest cost of living, with Little Canada ranking as the most expensive city in the North Star State. Overall SnackAbility . Takeaways: The West Metro is the place to be in Twin Cities residential real estate Now properties on the lake sit at an average price tag of $5.32 million. There’s a thriving indie music scene and some of the best bars in the state call Duluth home. Photo: Flickr/Carol Norquist, NGC Chairman. At $5.7 million, Lake Champlain holds the record for highest average lakefront property values in both states. Population: 5,177Rank Last Year: 1 (Down 2)Home Price To Income Ratio: 3.5x (19th most expensive)Income To Rent Ratio: 68.4x (55th most expensive)More on North Oaks: Real Estate | Data | Photos. Lake of the Isles, Minneapolis. Downtown Detroit Lakes features a mile-long beach near streets of everyday shops, not just gift stores. The median income in Edina comes in at $104,244 and the median home value is $476,300 for 2021. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks. Minneapolis lakes: As we said at the beginning of the article, living on a Minneapolis lake is hugely popular and hard to come by. After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Minnesota for 2021. Tucked among north-central Minnesota's trees and lakes, you'll find generations-old resorts (such as Fair Hills Resort, pictured) built around screen-door cabins and a refusal to gentrify. Top ten most expensive cities in Minnesota. Minnesota is home to a number of Fortune 500 companies and the odds are high you’ll work for one of them. The median income in Minnetonka comes in at $95,630 and the median home value is $347,900 for 2021. Median list price: $205,900; 2. When compared to national average price, the top city Edina is 100% above the national average price of homes for sale. With so much shorefront, it should come as no surprise that much of it has been built up to house properties that average an impressive $4.7 million. So hopefully Hibbing (the cheapest place to live in Minnesota) can show these guys how to live on a budget in the coming years. In the Land of 10,000 + Lakes, there are obviously many choices for a lake destination. He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move. Population: 48,677Rank Last Year: 9 (No Change)Home Price To Income Ratio: 3.4x (25th most expensive)Income To Rent Ratio: 65.4x (37th most expensive)More on St. Louis Park: Real Estate | Data | Photos. Editor’s Note: We updated this article for 2021. Most Expensive Places To Live In Minnesota; Cheapest Cities To Live In America; Cheapest States To Live In America; The 10 Cheapest Places To Live In Minnesota For 2020. They are: We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc). Exit Lakes … After Orono, the list of most expensive cities in Minnesota includes Medina, Edina, Shorewood and North Oaks. With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. Population: 53,025Rank Last Year: 4 (Up 2)Home Price To Income Ratio: 3.6x (14th most expensive)Income To Rent Ratio: 67.0x (46th most expensive)More on Minnetonka: Real Estate | Data | Photos. Peruse our picks to find some of the top places to relax and experience the waterways that have given Minnesota its famous nickname. We used science and data to determine which cities in Minnesota that will put a big dent in your wallet. Lake of the Isles is encircled by a path that is fantastic for walking and cycling. Bet it would be even better if you were lakeside on Minnetonka. As of March 20, 2016, there were 67 properties listed for sale in Longville with a median list price of $225,00. The lake, which attracts everyone from Hollywood studio execs to San Francisco tech players, sits on the California/Nevada state line and is the ideal spot for adventurers year round. Duluth is one of the best places to live in Minnesota. Population: 20,925Rank Last Year: 8 (No Change)Home Price To Income Ratio: 3.7x (11th most expensive)Income To Rent Ratio: 58.7x (14th most expensive)More on New Hope: Real Estate | Data | Photos. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. The traditional residence holds five bedrooms, seven full baths, and a … The place with the highest cost of living in Minnesota according to the data is Little Canada. Researchers ranked the following as the most affordable lake towns in 2019: 1. There are 10 active listings between the two lakes, from $310K to $2.1M in Chanhassen and Waconia. This city lake is the quietest of all of Minneapolis’ lakes, as well as being the most beautiful. The #1 spot has a lake house valued at $75 million! © 2015-2020 Chasing Chains, LLC. Pick your pool: Table Rock Lake, Bull Shoals Lake, and Lake Taneycomo are all stellar options in this energetic town of around 10,000 people. The median income in Little Canada comes in at $52,842 and the median home value is $242,500 for 2021. Even if you were to forget the fact that there are over 11,000 lakes to explore in Minnesota, that there are 90,000 miles of shoreline, lots of trees, fresh air, and access to some of the country’s best hiking trails, it would be difficult to ignore all of the other benefits that help families to create a way of life here that feels like a throwback to a different era. The Top 20 Most Expensive Homes for Sale in Minnesota is updated automatically, always displaying the most up-to-date list of luxury properties on the market. Clearlake, Calif. This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. The residents of Knoxville have to escape somewhere, and Fort Loudoun Lake has become the destination for recreation - good for bass fishing and boating, the houses on the reservoir average a steady $4.7 million. Carver County: Lake Waconia and Lake Minnewashta. Choose from Target, Best Buy, 3M, UnitedHealth Group, Hormel Foods, and more. After we crunched all the numbers, we were left with this set of the most expensive places to raise a family in the North Star State: Orono; Shorewood; Edina; Minnetrista; Victoria; Chanhassen; Mendota Heights; Lake Elmo; Eden Prairie; Corcoran; Read on to see how we determined the places that try to keep up with the Joneses a little too much. Head up north to the Adirondack region in upstate New York, and you'll find the plush-green landscape serving Lake George and "Millionaires Row" - a strip of lakefront that was once home to the "cottages" of the wealthy in the first half of the 20th century. Nestled above Lake George in the Adirondack Mountains sits an even larger lake that borders the New York/Vermont state lines. These 10 Towns In Minnesota Take The Least Amount Of Your Money. Chicago, Milwaukee, Green Bay, and many more line the shores of the third largest Great Lake. if(window.innerWidth < 700){ezoicSiteSpeed(jQuery(document), String(/documentReady/).substring(1).slice(0,-1), String(/jQuery-document-dot-ready/).substring(1).slice(0,-1), function($){$("#skip_expand").html("(Expand+)");$("#toc ul").css("display", "none");$("#skip_expand").on("click", function(){$("#toc ul").toggle()});$("#toc h3").on("click", function(){$("#toc ul").toggle()});});}. If you're looking to move into the area, this house just hit the affluent Hunts Point Peninsula market for a mere $45 million. The human-made lake was originally constructed to help reduce flooding, but now houses properties that average a cool $10.86 million. The Boone Lake region in Northern Tennessee may house one of the smaller lakes that the state has to offer, but the lakefront real estate packs a southern punch - with the average cost of shorefront property sitting at a cool $1.37 million. By . Sometimes the best hideaways are hidden in the least suspecting areas. Don't forget Lake of the Isles, it is surrounded by some of the most expensive residental real estate in Minneapolis proper. Source: Public domain. Jamestown, N.Y. The most popular lakes (excluding Superior) are probably the ones in Minneapolis and the surrounding area (Lake Harriet, Lake Minnetonka, Lake Calhoun) and Mille Lacs (especially during ice fishing season), as well as some of the other lakes in Central Minnesota (Leech Lake, Big Sandy Lake, etc.) Head just a bit south of Lake Travis, down the Colorado River, and you'll land at Austin, Texas - where the stunning lakefront properties heat up to an average of $12.92 million. The Land of 10,000 Lakes has more going for it than just politeness, cheese curds and ice fishing. The homes sitting on the shores of the Sierra-region lake boast price tags that head upwards of $75 million! The difference in average price between #1 Edina and #10 Maple Grove is $499,285. It’s time for our annual look at how the other half live via the top real estate transactions of the year for Minnesota. The median income in North Oaks comes in at $178,816 and the median home value is $633,300 for 2021. So grab your jet ski, and explore 16 of the most expensive lakes to live on in America. The Roanoke reservoir was only created in the 1960s, but it already has priced its way up the list, hitting an average waterfront property value of $3.4 million. Check out the nicest homes currently on the market in Minnesota. So it's no wonder that the total shoreline real estate adds up to well over $1 billion, with an average price hitting $6.35 million. Step inside 3770 Northome Road in Deephaven and it’s easy to see why the price tag for the 18,000 square foot mansion is $14,295,000. Its maximum depth is just 54 feet and it is one of the clearest lakes in Minnesota on which to buy a vacation home. Sitting just on the edge of Dallas, Texas is the White Rock reservoir, created by damming the White Rock Creek in the early 1900s. Homes in the region average at $3.02 million, with some price tags hitting as high as $20 million. Median list price: $187,000; 3. We aim to deliver bite-sized pieces of infotainment about where you live. The median income in New Hope comes in at $60,675 and the median home value is $225,100 for 2021. It is right on beautiful Lake Superior one of the great lakes. 2016 - 01:30 Courtesy of Jim Brekke under a CC 4.0 license in average price, the...., midlands, and Mountains as tourists before moving here and calling it home than most expensive lakes to live on in minnesota! To relax and experience the waterways that have given Minnesota its famous nickname June the! 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