Compare Rochester, 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 Rochester.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Rochester. Plus, shopping lenders is free and there is no obligation.
November 29, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Rochester. Understand how much you need to earn to afford a home in Rochester, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Rochester 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 Rochester is right for you.
The median home value for Rochester, MN (Olmsted County) is $314,050
Based on current mortgage rates and a 10% down payment, you need to make $65,516 per year to buy the median priced home in Rochester
With this income, you could qualify for a $282,645 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 Rochester is $1,517
The median household income for Rochester, MN (Olmsted County) is $84,283
Based on this income, you can afford a home valued at approximately $404,009
The home price you can afford to buy based on household income in Rochester is 129% of the median home value which means housing prices are average. Rochester (Olmsted County) ranks 73 out of 87 counties in Minnesota and 2,354 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Rochester, MN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Rochester (Olmsted County) below.
Conforming loan limits for Rochester, MN
FHA loan limits for Rochester, MN
VA loan limits for Rochester, MN