Minneapolis is known as a city with many lakes, and recent market trends clearly show that affluent neighborhoods are generally centered around these lakes. One of the city's highlights is that no matter where you live in the city, you can walk to a lake, but it has been repeatedly confirmed that the closer you are to the lakes, the higher the property values tend to be.

A representative area is Kennan. Located between Lake of the Isles and nearby lakes, this neighborhood is one of the most expensive areas in Minneapolis, with median home prices often exceeding $1 million. The combination of historic mansions and lake views is considered a premium factor for this area. It is also known as a neighborhood where prominent figures in Minneapolis have resided for a long time, adding to its significance.

The Lake of the Isles neighborhood is often mentioned alongside Kennan, with median prices ranging from $800,000 to $1.2 million. The lakeside lifestyle, featuring walking paths and rowing clubs, has been well established among residents for a long time. In the summer, the sight of residents enjoying canoes and paddleboards along the lake creates a unique landscape for this neighborhood.

Heading west out of the city, you will find the areas of Wayzata and Minnetonka. Wayzata, located on the shores of Lake Minnetonka, the largest lake in Minnesota, is known for its median home prices exceeding $1 million, with large estates built on lakeside properties driving up the market. Edina also maintains a steady demand with median prices in the $600,000 to $700,000 range, supported by its excellent public school district. Recently, the Orono area near Minnetonka has seen an increase in new large homes, forming a similar price range.

Compared to the overall median home price in the Minneapolis metro area, which is between $350,000 and $400,000, areas like Kennan and Wayzata are more than double, and in some cases, nearly triple the local average. The natural scarcity of lake views, combined with school districts and a history of prestigious families residing since the early 20th century, has solidified this gap. Due to the long winters in the region, the quality of interior finishes and heating systems also significantly reflects the price differences.

Among Korean households settling in the Twin Cities of Minnesota, there is an increasing trend to prioritize the school districts of Edina and Minnetonka. With major medical device and pharmaceutical companies headquartered in the area, professionals in related fields are considering commuting distances and school districts when choosing where to settle. For those working in the city center, Edina is more favorable, while Minnetonka or Wayzata is relatively advantageous for those commuting from the western suburbs.

The wealth of Minneapolis is divided between the urban lake belt of Kennan and Lake of the Isles, and the western suburban lake belt of Wayzata and Minnetonka. Both axes share common conditions of water and school districts, which seem to be the key to the formation of affluent neighborhoods in this area.

However, it is important to note that as home prices increase, the costs of ownership, such as property taxes and insurance premiums, also tend to rise. Therefore, it is advisable to consider annual ownership costs in addition to just the purchase price. It is also wise to factor in winter snow removal and heating costs into your living budget in advance.