The typical home in Minneapolis, MN is worth about $370,000.
With 20% down that's a loan near $296,000 — the calculator
is pre-filled with that figure. A stable market with prices that track local incomes reasonably well, so a median household is closer to affording a median home than in most large metros. Hail and winter-weather claims keep insurance a bit above the national norm.
$1,921.82 / month
Total interest
$395,854
Total paid
$691,854
Payoff
30.0 years
How much you need to earn
Minneapolis, MN's median household income is about
$85,000 a year. Under standard 28/36
lending rules that supports a home price around
$303,940 with 20% down —
below the $370,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.
Typical asking rent in Minneapolis, MN is about $1,600 a month, so owning the median home costs roughly
$812 more per month before tax
effects, maintenance, and any change in home value.
Frequently asked questions
What is a typical mortgage payment in Minneapolis, MN?
On the metro's roughly $370,000 typical home with 20% down, the loan is about $296,000. Principal and interest run near $1,922 a month at today's rate, and Minneapolis, MN's property tax plus insurance add about $490, for a full payment near $2,412.
Can I afford a home in Minneapolis, MN on the median income?
The median household income is about $85,000 a year. Under standard 28/36 lending rules that supports a home price around $303,940 with 20% down — below the $370,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Minneapolis, MN?
Typical asking rent is about $1,600 a month. The full owner payment on a median home is near $2,412, so owning costs roughly $812 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Minneapolis, MN?
The effective property tax rate in the core county is about 1.05% of market value — roughly $3,885 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Minneapolis, MN rising or falling?
Home values are up about 2% over the past year. A stable market with prices that track local incomes reasonably well, so a median household is closer to affording a median home than in most large metros. Hail and winter-weather claims keep insurance a bit above the national norm.