Estimated Monthly Payment — Median Minnesota Home
$2,324
Based on $330,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$330,000
Property Tax
1.12%
Avg. HOA
$175/mo
Median Rent
$1,300/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Minnesota housing market
Minnesota's housing market is moderately priced for the region, with a median home price around $330,000. Minneapolis is the largest metro, with Saint Paul a close second. Minnesota offers a strong job market — Fortune 500 headquarters concentrated in the Twin Cities — paired with moderate home prices for a major metro area. Minnesota's effective property tax rate of 1.12% is near the national average.
The median Minnesota home costs $330,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,704, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,324. First-time buyers in Minnesota can explore programs through Minnesota HFA.
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FAQ
Minnesota mortgage FAQs
What's the property tax rate in Minnesota?
Minnesota's effective property tax rate averages about 1.12% — near the national average. On a $330,000 home, that's roughly $308/month or $3,696/year.
How much do I need to earn to afford a typical Minnesota home?
Using the 28/36 rule, a buyer would need roughly $87,000–$112,000 in gross annual income to comfortably afford Minnesota's $330,000 median home with 20% down at current rates.
What first-time buyer programs are available in Minnesota?
Minnesota Housing offers the Start Up program for first-time buyers with up to $16,500 down payment assistance and Monthly Payment Loan with deferred-payment structure. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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