Compare Saint Michael, 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 Saint Michael.
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June 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Saint Michael. Understand how much you need to earn to afford a home in Saint Michael, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Saint Michael 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 Saint Michael is right for you.
The median home value for Saint Michael, MN (Wright County) is $320,700
Based on current mortgage rates and a 10% down payment, you need to make $52,545 per year to buy the median priced home in Saint Michael
With this income, you could qualify for a $288,630 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 Saint Michael is $1,217
The median household income for Saint Michael, MN (Wright County) is $99,124
Based on this income, you can afford a home valued at approximately $604,980
The home price you can afford to buy based on household income in Saint Michael is 189% of the median home value which means housing prices are average. Saint Michael (Wright County) ranks 59 out of 87 counties in Minnesota and 1,969 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Saint Michael, MN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Saint Michael (Wright County) below.
Conforming loan limits for Saint Michael, MN
FHA loan limits for Saint Michael, MN
VA loan limits for Saint Michael, MN