Minnesota is the twelfth largest state by area, with a population of 5,611,179 (U.S. Census Bureau, July 1, 2019). Throughout history, there have been important milestones that helped shape Minnesota. Before the arrival of European settlers, Native American tribes, including the Dakota, Ojibwe, and Sioux, were the first inhabitants in Minnesota. In 1803, the U.S. government acquired Minnesota as part of the Louisiana Purchase and was later admitted as the thirty-second U.S. state in 1858. Minnesota's early economy depended on logging, farming, and mining of iron, which provided the foundation for industrial development and the rise of manufacturing during the early 20th Century.
Today, Minnesota's economy has a GDP of $374 billion (Bureau of Economic Analysis, July 1, 2018), which is driven by these top industries: bioscience, manufacturing, wind power, data centers, and animal science. Many of the leading Fortune 500 companies have their headquarters in Minnesota, including UnitedHealth Group, Target, Best Buy, and 3M, to name a few.
The most recognized cities in Minnesota are Minneapolis, Saint Paul, and Duluth.
Minneapolis is located in southeastern Minnesota and has a population of 411,452. Minneapolis is home to the Mall of America, Minnehaha Falls, and the Minneapolis Institute of Art. Over the last ten years, Minneapolis's housing market has appreciated by 42.38%. When compared to the rest of the nation, Minneapolis's housing prices are slightly higher, with the median home price of $222,600 and a median rent of $941.
Saint Paul is the capital of Minnesota and has a population of 300,820. Saint Paul is home to Como Park Zoo & Conservatory, Science Museum of Minnesota, and the Cathedral of Saint Paul. Over the last ten years, Saint Paul's housing market has appreciated by 35.69%. When compared to the rest of the country, Saint Paul's housing prices are slightly more, with the median home price of $187,400 and a median rent of $901.
Duluth is in the northeastern part of Minnesota and has a population of 86,066. Duluth is home to the Potter Park Zoo, Impression 5 Science Center, and the Minnesota State Capitol. Over the last ten years, Duluth's housing market has appreciated by 1.55% annually. When compared to the rest of the nation, Duluth's housing prices are less expensive, with the median home price of $152,300 and a median rent of $769.