Compare Anoka, MN 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 Anoka.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Anoka. Plus, shopping lenders is free and there is no obligation.
June 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Anoka. Understand how much you need to earn to afford a home in Anoka, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Anoka fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Anoka is right for you.
The median home value for Anoka, MN is $316,475
Based on current mortgage rates and a 10% down payment, you need to make $51,853 per year to buy the median priced home in Anoka
With this income, you could qualify for a $284,828 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 Anoka is $1,201
The median household income for Anoka, MN is $90,094
Based on this income, you can afford a home valued at approximately $549,870
The home price you can afford to buy based on household income in Anoka is 174% of the median home value which means housing prices are average. Anoka ranks 71 out of 87 counties in Minnesota and 2,231 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Anoka, MN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Anoka below.
Conforming loan limits for Anoka, MN
FHA loan limits for Anoka, MN
VA loan limits for Anoka, MN