Compare Minnesota mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Minnesota.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Minnesota. Plus, shopping lenders is free and there is no obligation.
May 26, 2022
Below we offer valuable insights on the housing market and real estate prices in Minnesota. Understand how much you need to make to buy a house in Minnesota, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Minnesota is affordable for you. We provide this helpful information to help you decide if living in Minnesota is right for you.
The median home value for Minnesota is $291,739
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Minnesota is $47,800
With this income, you could qualify for a $262,565 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Minnesota is $1,107
The median household income for Minnesota is $80,866
Based on this income, you can afford a home valued at approximately $493,552
The home price you can afford to buy based on household income in Minnesota is 169% of the median home value which means housing prices are average. Minnesota ranks 21 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Minnesota is average