The typical owner-occupied home in Minnetonka is worth about $475,800, 44% above the Minnesota median of $329,300 and 43% above the national median of $332,700. Owners pay a median $5,285 a year in property taxes, about 1.11% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $119,517 a year, so the median home costs 4.0 times the median income (3.7 times for Minnesota). 72% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Minnetonka at a glance
| Minnetonka | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $475,800 | $329,300 | $332,700 |
| Median property tax paid per year | $5,285 | $3,357 | $3,119 |
| Property tax as a share of value | 1.11% | 1.02% | 0.94% |
| Median household income | $119,517 | $89,062 | $80,734 |
| Homes lived in by their owners | 72% | 72% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,540 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.8% | 19.7% | 21.0% |
| Median rent | $1,779 | $1,280 | $1,413 |
| Rent as a share of renters' income | 28.6% | 29.2% | 30.6% |
| Median year homes were built | 1981 | 1979 | 1980 |
| Vacant homes | 5.0% | 9.3% | 10.1% |
| Population | 53,064 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Minnetonka
At this week's average 30-year rate of 7.11%, buying the median Minnetonka home of $475,800 with 20% down costs about $3,199 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,992, 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 $137,098 for the 20%-down payment. That payment is 32% of the median Minnetonka household income of $119,517; at that income and 20% down, the 28% guideline points to a home of about $415,000.
The median rent here is $1,779 a month, so owning the median home costs about $1,420 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $95,160 |
|---|---|
| Loan amount | $380,640 |
| Principal and interest | $2,561 |
| Property taxes (1.11% a year) | $440 |
| Homeowners insurance (our estimate, 0.5% a year) | $198 |
| PMI | $0 |
| Total per month | $3,199 |
Change the numbers in the calculator
| Down payment | $16,653 |
|---|---|
| Loan amount | $467,182 |
| Principal and interest | $3,143 |
| Property taxes (1.11% a year) | $440 |
| Homeowners insurance (our estimate, 0.5% a year) | $198 |
| FHA mortgage insurance | $210 |
| Total per month | $3,992 |
Change the numbers in the calculator
Questions about home buying in Minnetonka
What is the median home value in Minnetonka?
About $475,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Minnetonka?
Homeowners pay a median $5,285 a year, which is about 1.11% 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 Minnetonka?
For the median home with 20% down at 7.11%, the payment is about $3,199 a month. Keeping that under 28% of gross income takes about $137,098 a year.
More about Minnetonka
- Mortgage Refinance in Minnetonka
- Debt Relief in Minnetonka
- Home Equity Loans in Minnetonka
- 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