How Much House Can I Afford in Minnesota?
Find out how much house you can afford in Minnesota with 1% property tax. Uses 28/36 rule with Minnesota-specific data.
Enter Your Details
Adjust values to see instant results
Pre-filled: Census Bureau
Additional Details
Pre-filled: Tax Foundation
Pre-filled: NAIC Homeowners Report
Max Home Price
Estimated • Based on your inputs
Max Monthly Payment
$2,033.00
Detailed Breakdown
Disclaimer: This calculator provides estimates for informational purposes only. Results should not be considered financial, tax, or legal advice. Consult a qualified professional for your specific situation.
How This Calculator Works
Calculation methodology and assumptions
Calculates home affordability in Minnesota using the 28/36 rule. Maximum 28% of gross monthly income for housing (PITI). Includes Minnesota's effective property tax rate of 1% and average home insurance of $1,988/year. Median home price in Minnesota: $357,000.
Key State Information
Minnesota housing market: Median home price $357,000 | Property tax rate 1% | Avg home insurance $1,988/yr | Median household income $87,117. Home prices are moderate relative to income.
Example Calculation
Here's a realistic mortgage scenario for a home purchase in Minnesota.
You're buying a home for $357,000 — Minnesota's median home price with 10% down ($35,700), borrowing $321,300 at 7% for 30 years. Your monthly principal & interest payment would be approximately $2,138. Add estimated property taxes of $298/month (1% — Minnesota's effective rate), homeowner's insurance of $166/month (Minnesota's average), and PMI of $134/month (since you're under 20% down). Your total monthly housing cost is approximately $2,735.
Result: Over the 30-year life of this loan, you'll pay approximately $448,242 in total interest — more than the original home price. Making just one extra payment per year could shave 4–5 years off the loan and save tens of thousands in interest. That's why understanding the full amortization picture matters.
Newsletter Signups Are Paused
We're building the email delivery behind our newsletter so we can do it properly — signups aren't open yet. Check back soon.
No form here and nothing is collected. Read our privacy policy.
StateCalc Team
Editorial Team
The StateCalc team builds free financial calculators using data from official government sources including the IRS, U.S. Census Bureau, BLS, and state revenue departments. All formulas are validated by an automated test suite and cross-referenced against published data.
Our editorial standardsFrequently Asked Questions
How much house can I afford on the median income in Minnesota?
With Minnesota's median household income of $87,117 and a 10% down payment, you can typically afford a home priced around $304,910-$392,027 depending on debts and interest rates. The median home in Minnesota costs $357,000.
What is the property tax rate in Minnesota?
Minnesota's effective property tax rate is 1%. On a $357,000 home, that's approximately $3,570/year or $298/month.
People Also Calculate
Frequently used together with this calculator
Related Calculators
More Mortgage Calculators
More Calculators for Minnesota
Explore related financial tools with Minnesota data
Compare Minnesota With Other States
Side-by-side tax, housing & cost of living comparisons