In Minnesota, the median home costs $354K and the median household income is $87K/year. Find out how much house you can afford based on your income, debts, and down payment. Formula shown, sources cited — no account required.
Minnesota's affordability picture is mixed depending on where you look. The income-to-home-price ratio sits at roughly 4.1 times — a $354,000 median home against $87,117 in median household income. That is above the comfortable three-to-four times threshold but still manageable for dual-income households. A 10% down payment means saving $35,400, which Minnesota Housing's Start Up Program can help reduce for qualifying first-time buyers. The Twin Cities carry the highest prices in the state, with many neighborhoods in Edina, Minnetonka, and St. Louis Park well above the median. Markets outside the metro — Duluth, Rochester, St. Cloud — offer meaningfully lower entry points while still providing access to solid employment and services. Minnesota's property taxes at 1.12% are moderate, and the homestead credit reduces the effective rate for primary-residence owners. The rental market in Minneapolis remains competitive, making ownership attractive for buyers who plan to stay put five or more years. Use the home affordability calculator to find out what price range fits your income and down payment in Minnesota.
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 $87,117/year ($7,260/month), that means a maximum housing payment of roughly $2,033/month.
At 6.51% over 30 years with a 10% down payment ($35,400), that monthly budget supports a purchase price of approximately $336,300–$354,000. The median home price in Minnesota is $354,000, which means housing is more affordable than the national average.