The typical owner-occupied home in Minneapolis is worth about $362,200, 10% above the Minnesota median of $329,300 and 9% above the national median of $332,700. Owners pay a median $4,339 a year in property taxes, about 1.20% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $80,846 a year, so the median home costs 4.5 times the median income (3.7 times for Minnesota). 48% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Minneapolis at a glance
| Minneapolis | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $362,200 | $329,300 | $332,700 |
| Median property tax paid per year | $4,339 | $3,357 | $3,119 |
| Property tax as a share of value | 1.20% | 1.02% | 0.94% |
| Median household income | $80,846 | $89,062 | $80,734 |
| Homes lived in by their owners | 48% | 72% | 65% |
| Owner homes with a mortgage | 72% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,128 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.7% | 19.7% | 21.0% |
| Median rent | $1,371 | $1,280 | $1,413 |
| Rent as a share of renters' income | 29.3% | 29.2% | 30.6% |
| Median year homes were built | 1951 | 1979 | 1980 |
| Vacant homes | 7.8% | 9.3% | 10.1% |
| Population | 427,246 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Minneapolis
At this week's average 30-year rate of 7.11%, buying the median Minneapolis home of $362,200 with 20% down costs about $2,462 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,066, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $105,529 for the 20%-down payment. That payment is 37% of the median Minneapolis household income of $80,846; at that income and 20% down, the 28% guideline points to a home of about $277,000.
The median rent here is $1,371 a month, so owning the median home costs about $1,091 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $72,440 |
|---|---|
| Loan amount | $289,760 |
| Principal and interest | $1,949 |
| Property taxes (1.20% a year) | $362 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| PMI | $0 |
| Total per month | $2,462 |
Change the numbers in the calculator
| Down payment | $12,677 |
|---|---|
| Loan amount | $355,640 |
| Principal and interest | $2,392 |
| Property taxes (1.20% a year) | $362 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| FHA mortgage insurance | $160 |
| Total per month | $3,066 |
Change the numbers in the calculator
Questions about home buying in Minneapolis
What is the median home value in Minneapolis?
About $362,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Minneapolis?
Homeowners pay a median $4,339 a year, which is about 1.20% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Minneapolis?
For the median home with 20% down at 7.11%, the payment is about $2,462 a month. Keeping that under 28% of gross income takes about $105,529 a year.
More about Minneapolis
- Mortgage Refinance in Minneapolis
- Debt Relief in Minneapolis
- Home Equity Loans in Minneapolis
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data