History has shown how various factors and events affect the performance of the real estate market. For instance, the 2008 financial crisis saw many homeowners missing defaulting on their mortgage payments and their dream homes seized. Meanwhile, the entry of millennials in the workforce set off the increase in demand for rental properties, as this new generation favors renting than buying homes.
And lately, the growing importance of environmental protection has spilled over to real estate as an increasing number of homebuyers are opting for energy-efficient homes and sustainable communities. Thus, it comes as no surprise that Minneapolis is one of the cities that is attracting eco-conscious homebuyers. The City of Lakes is especially popular among property buyers who would like to bike their way to work to save on gas use and at the same time help conserve the environment.
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Minneapolis is the perfect home for these “bike-happy” buyers as the city was named the most bikeable city in the U.S., according to a recent survey by residential real estate firm Redfin. The city’s growing network of bike lanes features more than 188 miles of on-street bikeways and 92 miles of off-street trails. It also has a very widely used bike sharing system, Nice Ride Minnesota, which has more than 1,550 bicycles for rent at 170 kiosks in and around the metropolis and its neighboring city of St. Paul. And aside from the Redfin recognition, Minneapolis is also the only U.S. city included on the worldwide bike-friendly list of Danish Design firm, Copenhagenize Design Co.
With biking central to its identity, Minneapolis can look forward to a healthy housing market as homebuyers who are looking to save on gas and at the same time want to help preserve the environment choose homes in the city rather than in the suburbs.
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