Income Needed to Buy a Home in Minnesota (2026)
Verdict: stretch — requires $105,209/year (#32 least affordable of 51 US states)
Minnesota ranks #32 of 51 US states for housing unaffordability in 2026. Buying the median home at $346,668 requires a household income of about $105,209. That's $18,092 more than the median household actually earns ($87,117) — a shortfall of 21% of typical income.
Minnesota's affordability ratio of 1.21 (required income ÷ actual median income) is 5.4% better than the median across all 51 US states (1.28). Home prices here sit 0.0% above the cross-state median of $346,668.
An effective property tax rate of 0.99% adds $286 per month, while homeowners insurance runs about $2,852/year. All-in, the monthly PITI (principal, interest, taxes, insurance) comes to $2,455.
Minnesota monthly cost breakdown (2026)
| Median home price | $346,668 |
| Loan amount (10% down) | $312,001 |
| Monthly principal & interest | $1,931 |
| Monthly property tax (0.99% rate) | $286 |
| Monthly homeowners insurance | $238 |
| Total monthly PITI | $2,455 |
| Required household income | $105,209 |
| Median household income | $87,117 |
Run your own numbers
These figures model the median buyer. Your rate, down payment, and debts change the answer — check your personal maximum with the Home Affordability Analyzer or build a full payment schedule in the Advanced Mortgage Calculator. Closing costs typically add 2–5% on top — estimate them with the Closing Costs Estimator.
How Minnesota compares
- South Carolina — similar affordability (ratio 1.20, requires $87,028)
- Georgia — similar affordability (ratio 1.20, requires $95,700)
- Delaware — similar affordability (ratio 1.22, requires $106,833)
- West Virginia — among the most affordable US states (requires $48,369)
- Iowa — among the most affordable US states (requires $74,199)
See every state and province ranked in the 2026 Mortgage Affordability Index.
Frequently asked questions
How much income do you need to buy a house in Minnesota in 2026?
About $105,209 per year to afford the median-priced home of $346,668, assuming a 10% down payment and standard 28% housing-cost-to-income guideline. The median Minnesota household earns $87,117.
What is the monthly cost of owning a median home in Minnesota?
Roughly $2,455 per month, including principal and interest, property tax, and homeowners insurance.
Is Minnesota affordable at the median income?
No. The required income exceeds the median household income by $18,092 (21%), ranking Minnesota #32 least affordable of 51 US states.
Methodology & sources
Assumes 10% down, 30-year fixed at prevailing 2026 rates, 28% housing-cost-to-income guideline. Home prices from Zillow ZHVI (March 2026); incomes from Census ACS 1-Year 2024; property taxes from Tax Foundation; insurance from Bankrate state averages. Figures model the median scenario and are not financial advice. Full sources on the affordability index.