Will the next generation of Minnesota cabin owners be able to afford the costs? - Bring Me The News

Will the next generation of Minnesota cabin owners be able to afford the costs?

A lot of younger Minnesotans might soon find themselves with a lake property – and the costs that come with it.

This is for those of you who have ever spent time on the deck of the family cabin looking over a sparkling lake and thought, "Some day this will be mine."

Minnesota's cabin owners are now mostly in retirement, but there are concerns that younger generations won't be able to afford the costs of lakeside living in future years.

The latest lake home and cabin ownership survey by the Minnesota Lakes and Rivers Advocaters found that as of 2016, the average length of lakeside property ownership is 34.6 years – including one that had been in a family for 104 years.

It's therefore unsurprising that the average cabin or lakeside home owner's age rose to 68 in 2016 – compared to 62 in 2005, and 58 in 1999.

This figure is described by the advocacy group as a "disturbing trend," according the Duluth News Tribune, as it means Minnesota is about to undergo the "largest intergenerational transfer of shoreline property in our history," as younger generations inherit the land.

With younger people facing student loan debts, plus rising health costs and housing prices, the group's director said inheriting the family cabin could give them the added pressure of maintaining another property and keeping the shoreline healthy, the newspaper notes.

Owners find it expensive

The costs of having a cabin can be severe in some cases. Six percent of owners surveyed by the group said they'll sell in the next three years as they can't afford it any longer, with one saying he spends $30,000 a year on upkeep, taxes and maintenance, according to the report.

Two percent said the upkeep costs too much, and 3 percent said they can't spend that much time in their cabin because of the costs.

Around 72 percent of lakeside property owners bought it for recreational use or retirement, while 20 percent of owners inherited their property or bought it from a family member.

That latter number is likely to rise considering the increasing age of the current crop of owners, meaning some Minnesotans will be getting some premium property over the next few decades – but also hefty upkeep costs, leaving them the choice to stick it out or sell.

Average costs of lakeside property vary greatly depending on the area, but realtors from Lakeplace.com put the average first quarter sale in 2015 at $206,578, according to the Star Tribune.

Next Up

clayton brandt

Residents asked to turn porch lights red in honor of fallen firefighter

Lake City firefighter Clayton Brandt died after a single-vehicle crash early Tuesday.

hy-vee sterile carts

Hy-Vee starts using automated system to disinfect shopping carts

By mid-November, more than 200 Hy-Vee stores will have this system in place.

Danielle Hunter, Everson Griffen

Vikings will face Everson Griffen twice after trade to Lions

The former Vikings star was traded to Detroit for a fifth-round pick.

Jordana Green

WCCO Radio's Jordana Green diagnosed with leukemia

"I got this," Green wrote on her Facebook page.


Minnesota-based Crisp & Green adds 20 locations in four states

The four-year-old local business says it's going national

victoria burrow pizza

Fair-inspired entertainment venue opening at Mall of America

Fair on 4 will feature axe throwing, go carts and more.


Canceled: The Halloween bar crawl that no bars knew about

The dubiously organized event was planned for this weekend in Minneapolis.

covid saliva test

St. Cloud gets Minnesota's 6th COVID-19 saliva testing site

Four more sites are expected to open in the Twin Cities in the coming weeks.

burnsville center

Part of Burnsville Center is being auctioned off

More than 500,000 square feet of the mall is being auctioned off.

State Capitol

Elections 2020: Control of Minnesota's divided Legislature is up for grabs

Redistricting and responding to COVID-19 are among the issues the new legislature will have to deal with.


Rochester woman found dead in the snow after leaving senior residence

The woman left the senior living center around 2:30 a.m. Monday.


The average cost of health insurance will drop next year, on one condition

166,000 Minnesotans learn how their individual health plan costs could change next year.

That child you're about to have is going to cost you more than $200K

Housing, feeding, educating and clothing a baby costs a whole heap of cash.

The price of happiness: Average MN wedding costs more than $25K

If you're planning on popping the question anytime soon, better get saving.

Grand Marais

Cook County warns cabin owners: Stay at your first home

The North Shore county is worried about its healthcare capacity.

Cabin owner's body pulled from lake near Brainerd

The 60-year-old man from St. Paul never resurfaced.

Yours for $10M: Historic Lake Superior resort put up for sale

Who wants to buy a whole lot of North Shore land and property?