House Affordability in Minneapolis
Median home price: $350K · Property tax: 1.12% · Insurance: $1,700/yr
You can afford a home up to
$221,873
That's a 2-bedroom condo/townhome in Minneapolis
Based on your $75,000 income with 20% down
Your $221,873 budget buys
Monthly payment breakdown
$1,750/mo
Home price
$221,873
Down payment
$44,375
Loan amount
$177,498
No PMI
Waived (20%+ down)
Estimates based on the 28/36 DTI guideline with Minneapolis-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.
Minneapolis Housing Market Overview
Minneapolis offers affordable housing and strong job growth, particularly in healthcare and Fortune 500 companies. Property taxes are above the national average.
The median home price in Minneapolis is $350,000, which is 15% below the national median of $412,000. Property taxes average 1.12% of assessed value, adding $327/month to housing costs.
Homeowners insurance averages $1,700/year ($142/month). Condos and townhomes typically carry HOA fees around $250/month.
What can you buy in Minneapolis?
Typical price ranges by property type in Minneapolis, MN (2024/2025 estimates).
| Property type | Price range | Down payment (20%) |
|---|---|---|
| 1-bedroom condo | $140K – $240K | $28K – $48K |
| 2-bedroom condo/townhome | $200K – $330K | $40K – $66K |
| 3-bedroom home | $280K – $430K | $56K – $86K |
| 4-bedroom home | $400K – $620K | $80K – $124K |
| 5+ bedroom home | $550K – $900K | $110K – $180K |
Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.
Income needed to buy in Minneapolis
Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.
| Property type | Midpoint price | Income needed |
|---|---|---|
| 1-bedroom condo | $190K | $55,923/yr |
| 2-bedroom condo/townhome | $265K | $75,601/yr |
| 3-bedroom home | $355K | $99,215/yr |
| 4-bedroom home | $510K | $139,883/yr |
| 5+ bedroom home | $725K | $196,294/yr |
Green = achievable at Minneapolis's median household income of $80,000.
Cost of living context
The median household income in Minneapolis is $80,000, which is 7% above the national median of $75,000.
At the median income, a household can afford roughly $282K using the 28% DTI rule — which falls short of the $350K median. Many buyers need dual incomes, a larger down payment, or lower price points.
FAQ
Can I afford a house in Minneapolis on a $100,000 salary?
At $100K with 20% down and 6.75% interest, you can afford roughly $358K in Minneapolis using the 28% DTI rule. The median home price is $350K, so a $100K salary should be sufficient for a median-priced home.
What income do I need to buy a house in Minneapolis?
To afford the median price of $350K with 20% down at 6.75%, you need approximately $97,903/year (28% DTI). The median household income in Minneapolis is $80,000, which is below what is needed.
What are property taxes like in Minneapolis?
The average property tax rate is 1.12%, or $3,920/year on a median-priced home. This is near the national average of 1.2%.
What does a 3-bedroom home cost in Minneapolis?
A typical 3-bedroom home costs between $280K and $430K, with the midpoint around $355K.
Is Minneapolis affordable compared to other cities?
Minneapolis's median price of $350K is 15% below the national median of $412K. Median household income is $80,000, 7% above the national median.
Other cities
- San Francisco, CA — median $1.35M
- New York City, NY — median $780K
- Los Angeles, CA — median $950K
- Chicago, IL — median $340K
Related tools
- Minnesota House Affordability — statewide data
- Minnesota Paycheck Calculator — calculate your take-home pay
- House Affordability Calculator — compare all cities
- Compare Job Offers — factor in housing costs