Home Renovations in Minnesota Cost More, Deliver Inferior Returns
In June, American Experiment released a groundbreaking new report taking a look at the lack of affordable housing in Minnesota. One of the findings of that report found that government regulations were pushing up the price of housing. An annual report on the value of home remodeling called the Cost Vs Value Report appears to corroborate these findings of the report: Minnesotans pay more for less.
The report is interesting for a number of reasons. It shows that kitchen and bathroom remodeling projects have low returns on investment nationally, but this is especially true in Minnesota, where jobs costs are higher than the U.S., and the West North Central region. Not only are job costs generally highest in Minnesota, the resale values are generally lower than the national averages.
Minnesotans generally believe that their state is superior to other states, but when it comes to the value of home remodeling and affordable housing, the data show that this simply isn’t the case. You can see the whole Cost Vs Value report below.