FiscalCalc

Home Affordability Calculator in Minnesota

In Minnesota, the median home costs $330K and the median household income is $77K/year. Find out how much house you can afford based on your income, debts, and down payment.

$330K
Median Home Price
$77K/yr
Median Income
10%
Avg Down Payment
105 / 100
Cost of Living
$

Before taxes — use your total household income

$

Car loans, student loans, credit cards, etc. — not utilities

$
%

How Much House Can You Afford in Minnesota?

Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Minnesota's median income of $77,000/year ($6,417/month), that means a maximum housing payment of roughly $1,797/month.

At 6.83% over 30 years with a 10% down payment ($33,000), that monthly budget supports a purchase price of approximately $313,500–$330,000. The median home price in Minnesota is $330,000, which means housing is near the national average.

Frequently Asked Questions — Home Affordability in Minnesota

How much house can I afford in Minnesota?+
With the median household income of $77,000 in Minnesota, the 28% housing rule allows a maximum monthly payment of $1,797. At 6.83% over 30 years with 10% down, that supports a purchase price of roughly $308K. The median home in Minnesota is $330K.
What is the median home price in Minnesota?+
The median home price in Minnesota is $330,000 (2026). Prices vary significantly by metro — urban areas typically run 20–50% above the state median, while rural areas may be well below. The cost of living index for Minnesota is 105 (100 = national average).
What income do I need to afford the median home in Minnesota?+
To afford the $330K median home in Minnesota with a 10% down payment ($33,000) and 6.83% rate (30 years), you need a gross annual income of at least $87,000 — following the 28% rule. The state median household income is $77,000.
What debt-to-income ratio do lenders require in Minnesota?+
Lenders in Minnesota (and nationwide) generally require a total DTI below 43% for conventional loans, with 36% preferred. FHA loans allow up to 50% DTI in some cases. This means your total monthly debt payments — mortgage, car loan, student loans, and credit cards — should not exceed 43% of your gross monthly income ($2,759 on the Minnesota median income).
How does Minnesota's cost of living affect home affordability?+
Minnesota has a cost of living index of 105 (100 = national average). Minnesota's cost of living is near the national average, so total housing affordability is similar to most other states.

Data Sources & Methodology

Median home prices from the National Association of Realtors (NAR). Median household income from U.S. Census Bureau ACS. Mortgage rates from Freddie Mac PMMS. Affordability calculations use the 28/36 DTI rule per Fannie Mae guidelines. Last updated 2026.

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Home Affordability by State

Compare home affordability across all 50 states using local income and price data.

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