How Much House Can You Afford in Minnesota?

Minnesota property tax rate: 1.07%. Calculate your maximum affordable home price with Minnesota-specific rates.

You can afford a home up to

$271,361

That's a 2-bedroom condo/townhome in Minneapolis

Based on your $75,000 income with 20% down

3-bedroom home
$271K$9K more →
1-bedroom condo

Your $271,361 budget buys

Minneapolis2-bedroom condo/townhomeChicago2-bedroom condoNew York CityStudio in Upper Manhattan/BronxMiamiStudio apartmentDenver1-bedroom condoSalt Lake City2-bedroom condo/townhomePortland1-bedroom condoAustin1-bedroom condoNashville1-bedroom condoPhoenix2-bedroom condo/townhomeRaleigh2-bedroom apartment/condoCharlotte3-bedroom homeTampa2-bedroom condo/townhomeSan FranciscoNothing yetLos AngelesNothing yetSeattleNothing yet
/Minneapolis
28%Recommended
$
%
%

Monthly payment breakdown

$1,750/mo

P&I$1,408
Tax$242
Insurance$100
Calculate your mortgage payment on $271,361Should you rent or buy at this price?

Home price

$271,361

Down payment

$54,272

Loan amount

$217,089

No PMI

Waived (20%+ down)

This is an estimate using Minnesota's average property tax rate of 1.07%. Actual rates vary by county. Consult a local lender for a pre-approval.

How it works

This calculator uses the 28/36 rule — a widely used guideline for mortgage affordability. Your total housing costs (mortgage, taxes, insurance, PMI, HOA) should not exceed your chosen DTI ratio of gross monthly income.

The calculator works backwards from your income to find the maximum home price that keeps monthly costs within your DTI limit. It uses the standard amortization formula and Minnesota's average property tax rate of 1.07%.

Minnesota housing quick facts

Average property tax rate 1.07%
Monthly property tax on $400K home $357
Affordable home at $100K income (28% DTI) $367,297
Monthly payment at $100K income $2,333/mo

Cities in Minnesota

City-specific affordability data with median home prices and local tax rates.

City Median price Property tax Insurance/yr
Minneapolis $350K 1.12% $1,700

FAQ

How much house can I afford in Minnesota?

On a $100,000 income with 20% down at 6.75% interest and Minnesota's 1.07% property tax rate, you can afford approximately $367,297 using the recommended 28% DTI ratio. Your monthly payment would be about $2,333.

What is the property tax rate in Minnesota?

The average effective property tax rate in Minnesota is 1.07%. On a $400,000 home, that's approximately $357/month in property taxes. Actual rates vary by county and municipality.

Is Minnesota expensive for homebuyers?

Minnesota has moderate property taxes at 1.07%, near the national average. On a $100,000 income, you can afford about $367,297.

What is the 28/36 rule?

The 28/36 rule says your total housing costs should not exceed 28% of gross monthly income (front-end DTI), and total debt payments should not exceed 36% (back-end DTI). This calculator lets you adjust the DTI ratio from 20% to 40% to find your comfort level.

What is included in the monthly payment for a Minnesota home?

The monthly payment combines four components — principal, interest, taxes, and insurance — known as PITI. For Minnesota, that means principal and interest on the mortgage, 1.07% property tax (about $357/month on a $400,000 home), homeowners insurance, and PMI if you put less than 20% down. HOA fees can be added if your property has them.

How much should I save for a down payment in Minnesota?

A 20% conventional down payment avoids private mortgage insurance (PMI) — for the example $100,000 income affording about $367,297 in Minnesota, that's roughly $73,459. FHA loans allow as little as 3.5% down for qualified buyers but require ongoing mortgage insurance. VA loans and some first-time-buyer programs may allow 0% down.

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