Located southwest of the bustling metropolis of Minneapolis, Chanhassen attracts homeowners with its world class entertainment, thriving economy, and cozy hometown feel. In fact, MONEY Magazine has previously listed Chanhassen as the #2 Best Place to Live in America due to its low unemployment, high median family income, and job growth.
Many homeowners are drawn to Chanhassen’s fabulous cultural icons like the Chanhassen Dinner Theatres and Paisley Park. Others are attracted to its convenient suburban location and abundant natural beauty. Still others are drawn to the rising home values and unstoppable economic growth. Whatever your reason for checking out Chanhassen, it’s a great place to build a custom home or remodel an existing house to fit your vision. Let’s take a closer look at what makes this city of around 20,000 people such a special space to build or remodel a home.
A Brief History of Chanhassen, MN
Settlers first moved into the area now known as Chanhassen in the 1850’s, starting the long tradition of farming in this Minneapolis suburb. By 1958, the settlers had settled on the name for the town: Chanhassen means “sugar maple tree” in the Sioux language. Until the 1960’s, farming was the leading industry in this slow-growing town near the Twin Cities.
From 1968 until today, the population of Chanhassen increased from 4,200 to a thriving population that supports more than 20,000 individuals, 500 businesses, and over 8,500 employees. In place of farming, the leading industries include financial services, engineering, medical products, and high-tech manufacturing. Those who don’t work within the city itself can easily make the commute to Minneapolis, and take advantage of urban opportunities from a comfortable suburban location.
Jobs, Schools, and Education: What Chanhassen has to Offer
In addition to its cozy small town feeling and proximity to the Twin Cities, Chanhassen has a ton to offer residents. Whether you’re interested in employment prospects, the local economy, or educational opportunities for your children, here’s a glimpse at Chanhassen’s stats.
Jobs & Employment
A snapshot glimpse at the economy in this busy-yet-cozy suburb shows that it’s a great place to find and sustain work:
- High median income. As opposed to the national average median income of $60,366, Chanhassen has a high median income of $115,449. Not only does this demonstrate the high earning potential of Chanhassen residents, but it also presents a 4.4% growth rate — showing that the town is always improving.
- Low poverty rate. Chanhassen boasts low poverty rate of 3.47%, in contrast with the United States’ average of 12.3%.
- Strong economy. Showcasing an impressively low unemployment rate of 2.9%, Chanhassen’s economy is projected to grow 38% over the next ten years — much higher than the national average.
For those raising a family in Chanhassen, rest assured that there are plenty of options for both public and private schools. Chapel Hill Academy and St Hubert Catholic School serve families interested in a private school education. For public schools, the city is served by two school districts: Eastern Carver County School District 112 and Minnetonka School District 276. And Chanhassen’s public schools have notably high ratings on Niche.com:
- Minnetonka Senior High School is rated the #1 Best Public High School in Minnesota
- Chanhassen High School has an A+ rating
- Minnewashta Elementary School has an A+ rating
For those interested in pursuing higher education, there are many nearby schools available. For example, the Minnesota School of Business Shakopee is a mere 5 miles away, while Crown College is only 9 miles from the center of town.
In Chanhassen, preservation of the naturally beautiful Minnesota landscape is taken very seriously. This suburb boasts 14 park preserves and manages 528 acres of protected open space. Copious walking trails throughout the city mean that residents can take advantage of the proximity to nature that the city offers. From grasslands to wetlands to woodlands, Chanhassen has an incredible and diverse ecosystem.
Enjoy Chanhassen Culture
In addition to the boundless opportunities to enjoy the natural beauty of the parks, lakes, and outdoors of Chanhassen, this Minneapolis suburb has many unique cultural attractions. For example, Paisley Park — where musician Prince lived and recorded music — is open to public tours and draws thousands of visitors yearly.
Chanhassen is also the home of the Chanhassen Dinner Theatres, a world-renowned center for music, entertainment, and theater. In Chanhassen, you’re only a short drive away from the Minnesota Landscape Arboretum, beloved by plant and landscape enthusiasts. In addition, the town offers an incredible variety of restaurants, shopping experiences, and lakeside beaches to provide year-round enjoyment.
Building or Renovating a Home in Chanhassen, MN
According to Zillow, the housing market in Chanhassen is “very hot.” The median home value is $388,200, which demonstrates the high value of Chanhassen’s real estate. In fact, home values are projected to rise 4.7% over the next year. These factors come together to make Chanhassen a very desirable location to purchase real estate.
Living in a Custom Home in Chanhassen
With its strong economy, convenient location, and unique culture, Chanhassen is an amazing place to settle down. When it comes to choosing the perfect location for your home and family, many homeowners realize that building a custom home or renovating an existing home can present them with the most options:
- Neighborhood choice. What if you love a particular neighborhood or location in Chanhassen, but you’re not resonating with the existing houses in that neighborhood? Renovating an existing home can allow you to choose your ideal location and design your ideal home without having to compromise.
- Price considerations. In a place like Chanhassen, where the median listing price for a home is $510,000, renovating an existing house can sometimes be a cost-effective alternative to buying a highly-priced house on the market.
- Flexibility in design. If home design and flow is important to you, designing a custom home offers the most options for your and your family. Build your kitchen, living room, and outdoor spaces around your needs — and experience the joy of a home built just for you!
- Invest in your home. Creating a well-designed, aesthetically-pleasing home with all the latest conveniences not only offers you an incredible living experience, but can prove to be a valuable real estate investment down the line.
Creating your Ideal Home in Chanhassen
Ready to start designing your dream home? At GreenWood, we have years of experience renovating and building custom homes in the Chanhassen area. If you have any questions about the process and would like to get started, please feel free to get in touch with the building team at GreenWood today.