Housing in the Duluth Area - 5 Takeaways

This week, Fuse Duluth hosted the third Lunch Panel event of the year.  The topic was housing. The conversation was all over the place.  Out of my two pages of scribbled notes, I want to share my top 5 takeaways. 

5 Takeaways From the Panel:

• The population in Duluth is 85,000.  The number of students in our community is 19,000.  That means that 1 out of every 4.5 people in our city is a student. -Wow!
• Curious about our local real estate industry?  Check out the 2008 Housing Indicator to learn how long houses stay on the market and other unique items about our community.  click here and go to page 25.
• When buying a house do your research on value of the house and property.  It may seem like a good deal, but it could be over priced.  Don't get caught paying too much especially if you are planning to sell in a few years.
• Last year we had 500 foreclosures in our community.
• Gone are the days of 0% down and 100% financing.  If you are looking to buy a home, plan to have anywhere from 10-20% of the purchase price saved up.  For help with financing you can turn to organizations like NHS, Norhtern Communities Land Trust and HRA.

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