The typical home in Rochester, MN is worth about $350,000.
With 20% down that's a loan near $280,000 — the calculator
is pre-filled with that figure. The Mayo Clinic is one of the world's largest medical employers and keeps a constant stream of physicians, researchers, and patients' families needing housing, which has pushed both prices and incomes well above the rest of southern Minnesota. Homes here go under contract faster than almost anywhere else in the state.
$1,817.94 / month
Total interest
$374,454
Total paid
$654,454
Payoff
30.0 years
How much you need to earn
Rochester, MN's median household income is about
$80,000 a year. Under standard 28/36
lending rules that supports a home price around
$283,383 with 20% down —
below the $350,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.
Typical asking rent in Rochester, MN is about $1,300 a month, so owning the median home costs roughly
$999 more per month before tax
effects, maintenance, and any change in home value.
Frequently asked questions
What is a typical mortgage payment in Rochester, MN?
On the metro's roughly $350,000 typical home with 20% down, the loan is about $280,000. Principal and interest run near $1,818 a month at today's rate, and Rochester, MN's property tax plus insurance add about $481, for a full payment near $2,299.
Can I afford a home in Rochester, MN on the median income?
The median household income is about $80,000 a year. Under standard 28/36 lending rules that supports a home price around $283,383 with 20% down — below the $350,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Rochester, MN?
Typical asking rent is about $1,300 a month. The full owner payment on a median home is near $2,299, so owning costs roughly $999 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Rochester, MN?
The effective property tax rate in the core county is about 1.05% of market value — roughly $3,675 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Rochester, MN rising or falling?
Home values are up about 4% over the past year. The Mayo Clinic is one of the world's largest medical employers and keeps a constant stream of physicians, researchers, and patients' families needing housing, which has pushed both prices and incomes well above the rest of southern Minnesota. Homes here go under contract faster than almost anywhere else in the state.