How much house does $1.8 million get you in Minneapolis, compared to Philadelphia and Denver?
The New York Times asked that question Wednesday, comparing three on-the-market houses by looking at how much space you get, indoor and outdoor features, and taxes.
The Minneapolis property is this one, in the Lowry Hill neighborhood (by the Sculpture Garden and Walker Art Center). It's listed for sale by Berg Larsen Group of Coldwell Banker Burnet for $1.795 million, and has eight bedrooms and eight bathrooms spread over 9,365 finished square feet and four levels. It's got two garages with a garden and tunnel room, and views of the downtown Minneapolis skyline – there's a 3-D tour at the listing site too.
The real estate agency's brochure says the home was designed in 1931 by William Kenyon. Since then it's had just three owners, and still has many of its original features. (You can even go through the disclosure form if you want more details – hot water in the second floor janitor's sink doesn't work, but hey, it isn't marked as being a meth house!)
As for the homes it's going up against, the Denver home is a 1912 turreted house that is also $1.795 million – but it's only got about 60 percent of the square footage of the Minneapolis home, making the price per square foot $302 compared to $192.
The Philly home is even pricier in that context, at $354 per square foot for the 1911 stone house that has five bedrooms and four full bathrooms. But taxes are just $13,923 a year – compared to $31,038 annually for the Minneapolis property. (Denver's property taxes were just $10,043.)
But check out the New York Times story for way more info about each house.
Living in the Twin Cities
The Lowry Hill property is on the market, naturally – but even if you're looking under that price range, houses in the Twin Cities can be decently pricey relative to recent years.
The Minneapolis-Saint Paul Area Realtors’ Association found the median sales price in the area last year was $232,000 – the highest it has ever been. Tack on the estimated cost of living – $70,080 a year for a married, working couple with one child – and the price goes up even further if you want to make your home in the Twin Cities.
Still, the average household income in the metro area was about $71,000 in 2015, according to Census figures,