Welcome to Minnesota
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Welcome to Minnesota
Known as the “Land of 10,000 Lakes,” Minnesota is the second northernmost state in the U.S. after Alaska. Bordering Minnesota are Lake Superior, Wisconsin, Iowa, North and South Dakota, and two Canadian provinces (Ontario and Manitoba). Mostly, the state's geography consists of rolling plains and forests, making it ideal for logging and farming. Like many other middle latitude regions, Minnesota experiences extreme seasons with hot summers and bitter winters.
The cities of St. Paul and Minneapolis are known as the “Twin Cities” and make up over half of Minnesota’s overall population. Music and the arts have played a significant part in the state’s culture for many years. A long list of notable actors, filmmakers, producers, musicians, etc. hail from Minnesota. Also, with tourism contributing over $15 billion to Minnesota’s economy, many residents regard environmentalism as a top priority.
Minnesota Self-Storage Facts
Minnesota is seeing an increase in the number of new self-storage facilities being built across the state as part of a national trend. Developers have ramped up the construction of self-storage facilities in recent years after a period of inactivity that led to record high rental rates and limited availability. With more self-storage space being built, monthly rental rates are starting to come down. Self-storage developers continue to look for new sites across the country, including vacant retail strip stores that can be easily converted into storage palaces. Minnesota has seen a number of these projects and will continue to be an active market for self-storage for the foreseeable future.
Read more below about Minnesota's growing self-storage industry.
Below are some statistics that provide an overview of the self-storage industry in Minnesota:
Minnesota is home to about 718 self-storage facilities.
Minnesota self-storage facilities cover 22,403,787 square feet of storage space.
Missouri storage facilities offer 4.15 square feet of storage per person, which is less than the national average of 5.4 square feet per person.
Reasons to Move to Minnesota
Friendly atmosphere. Rarely do you come across a group of people who genuinely treasure their home state. But, that’s the reputation of Minnesota residents; they love it here! Most people here are typically friendly, reserved, courteous, and mild-mannered.
Small town charm. Although Minnesota has a handful of significant cities, such as St. Paul, Minneapolis, and Duluth, it’s the charming small-town life that sets it apart as a great place to live. For example, Grand Marais was titled America’s Coolest Small Town by Budget Travel in 2015. And that’s just for starters!
Cleanliness. Minnesotans tend to care about their surroundings more than average. This attitude has paid off because they have some of the cleanest cities in the country. Add in the crisp air and green spaces to get some amazingly walkable and enjoyable metropolitan environments.
Education system. Minnesota’s school system is consistently in the top 10th in the nation. Minneapolis is also one of the most educated U.S. cities, making it ideal for teachers and college grads. Minneapolis houses OpenBook as well as dozens of independent presses and bookstores. So, it’s no surprise that it has one of the highest literacy rates in the U.S.
Thriving economy. With nearly 20 Fortune 500 companies in Minnesota, the economy is anything but drab. The education system, social culture, and sustainable work/life balance create an optimal planting ground for success. The median household income is 30% higher than the national average if that tells you anything.
Fairs and festivals. From music festivals to car shows to county fairs, Minnesota has a get-together for plenty of occasions. Whether it’s a classic event or an eccentric festival, this state goes big every time. Even the Minnesota State Fair is world-famous!
The Lakes. Nicknamed the “Land of 10,000 Lakes,” Minnesota truthfully has a total of 11,842 lakes. Many of them, especially near the western side in the “Chain of Lakes” region, are perfect for recreation because each lake is about 3-4 miles around.
Fitness. Minneapolis is considered one of the fittest cities in the U.S. More precisely, it’s one of the top ten best cities for runners and bikers worldwide. Whether you’re trekking around a lake or pedaling down a city street, Minnesota supports it all.
Art and culture. Known as one of the “big five” modern art museums in the U.S., The Walker Art Center resides in Minneapolis as well as the Minneapolis Institute of Art. Don’t forget about the vibrant independent music scene or the many theaters peppered throughout the state.
Food and beer. Lush agricultural land surrounds Minnesota’s major cities, which helps to enrich the local restaurants as well as the farmers’ markets. Local craft beer is also a highlight in Minnesota, boasting dozens of brands.
Moving to Minnesota
Minnesota ranks as the 22nd most populous state in the U.S., with 5,655,925 individuals calling it home. According to the U.S. Census Bureau, Minnesota grew by 43,000 people between 2018 to 2019, which is a rate of 0.8%. Unlike other parts of the country, Minnesota is growing at a reasonably natural rate, considering the national average between 0.7% and 0.9%. Mainly this growth is due to state-to-state relocation, foreign migration, and more births than deaths. No mass exodus or influx of young professionals has taken place in Minnesota as it has in other areas. This state has grown steadily throughout the years and is expected to continue that trend.
Minnesota Economic Outlook
Even with a slightly slower growing economy in 2019 than in the previous few years, Minnesota’s GDP is still an impressive $381.3 billion. Unemployment rates have ticked down to 3.2% in September 2019, as well. The state’s GDP has climbed steadily for numerous years, and Minnesota is projected to repeat the continual economic incline.
Below is a breakdown of Minnesota’s largest sectors by real value added of GDP:
Although Minnesota’s economic growth slowed in 2019, its financials remain secure. The “rainy day fund” or otherwise known as the budget reserves of Minnesota are nearly at an optimal level. Should recession impact the rest of the nation, those states with secure reserves tend to bounce back quickly. Minnesota is not only looking forward to continued growth in the future, but it’s safeguarding it, too.
With a cost of living score a hair over 106, Minnesota is more expensive than the national average. Both housing costs and transportation drive Minnesota's rating up, considering the median home price is $235,600. Otherwise, groceries, health, and utilities all rank lower than the national average. If you can swallow the slightly higher housing costs in Minnesota, the quality of life is worth it, coming in at #3 in the nation for best places to live in the U.S.
Who are Minnesota's Largest Employers?
Places to live in Minnesota
Within Minnesota’s 86,943 square miles, a significant portion of its 5.66 million residents lives near the following major cities. Affordability varies from city to city, of course. However, overall, Minnesota is only slightly more expensive than the rest of the country. Here’s a look at the top three cities in Minnesota—although St. Paul is the capital, we’ve included it with Minneapolis to stay true to the “Twin Cities” vibe.
The Twin Cities strike an excellent balance between being eco-friendly and metropolitan-cool. Museums and theaters are peppered throughout the cities, making most areas a great place to land. Also, the shopping here is top-notch, entertaining nearly 18 million visitors annually as well as 733,098 residents. Plus, the culture and cuisine won’t leave you wanting, either.
This city is ranked in the top 100 best places to live in the nation. Part of the attraction could be its leading universities, the hip music scene, or the uptick in job opportunities. Currently, 116,961 individuals call its 54.75 square miles home. No matter what draws you, Rochester is worth checking out.
Located on Lake Superior, Duluth is the most affordable city of the three listed here. It’s covered in 23 parks, and this city is the ideal place to reclaim your calm while getting back to nature. It’s home to 85,884 individuals and growing at a steady pace.