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Minnesota's statewide median home price reached $335,000 in January 2026, up 1.5% year-over-year, with the Twin Cities metro averaging $375,000–$390,000. Minnesota's market is driven by strong demand from tech and healthcare jobs in the Minneapolis-Saint Paul area, with persistent supply shortages keeping inventory at just 2.5 months. Current 30-year fixed mortgage rates in Minnesota are approximately 6.5–6.8% in 2026. Property taxes average 1.1–1.2% of home value. Minnesota Housing's Start Up program offers first-time buyers forgivable loans of up to $17,000 for down payment and closing cost assistance.
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State: Minnesota (median-style home price, tax, and insurance pre-filled — edit as needed)
Illustrative property tax and insurance — actual escrow, lender PMI, and Minnesota Housing eligibility vary. Not a loan offer.
Dollar amount. PMI applies when under 20% of home price.
PMI is estimated at 0.5% of the loan amount per year when your down payment is below 20% of the purchase price.
Total monthly payment
$2,176
Amortization summary: fixed rate; effective rate equals your quoted rate. Taxes, insurance, PMI, and HOA are shown separately from P&I.
| Year | Statewide Median | Twin Cities | Change YoY |
|---|---|---|---|
| 2024 | ~$320,000 | ~$365,000 | +3.1% |
| 2025 | ~$330,000 | ~$378,000 | +3.1% |
| Jan 2026 | $335,000 | $375,000–$390,000 | +1.5% |
| Home Value | Effective Rate | Annual Tax |
|---|---|---|
| $250,000 | ~1.15% | ~$2,875 |
| $335,000 | ~1.15% | ~$3,853 |
| $500,000 | ~1.15% | ~$5,750 |
Minnesota's effective property tax rate of 1.1–1.2% is slightly above the national average. On Minnesota's median home of $335,000, annual property taxes are approximately $3,685–$4,020. Hennepin County (Minneapolis) and Ramsey County (Saint Paul) tend to have slightly higher effective rates than greater Minnesota. Minnesota's homestead credit partially offsets property taxes for primary residents.
Minnesota Housing's Start Up program is the primary first-time buyer resource in the state. It offers 30-year fixed mortgages at below-market rates plus forgivable loans of up to $17,000 for down payment and closing costs. Eligibility requires income below 115% of the area median income, and homes must be priced below $510,000. The forgivable loan is forgiven over time as long as you remain in the home as your primary residence. Start Up loans are available through approved lenders statewide.
| Term | Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 30-year fixed | 6.65% | $1,712 | $348,195 |
| 15-year fixed | 6.10% | $2,278 | $141,958 |
Illustrative principal & interest only — excludes taxes, insurance, and PMI. Use the calculator above for your scenario.
Minnesota's statewide median home price is $335,000 as of January 2026, up 1.5% year-over-year. The Twin Cities metro averages $375,000–$390,000. Rochester averages around $290,000 and Duluth around $240,000. Minnesota's housing market remains supply-constrained with only 2.5 months of inventory.
Minnesota's effective property tax rate is approximately 1.1–1.2% of home value. On a $335,000 home, annual property taxes are approximately $3,685–$4,020. Hennepin County (Minneapolis) tends to have higher rates than rural Minnesota. Minnesota's homestead credit provides partial relief for primary residents.
Current 30-year fixed mortgage rates in Minnesota are approximately 6.5–6.8% in 2026. Minnesota Housing Start Up program participants may access below-market rates through approved lenders.
Minnesota Housing's Start Up program offers first-time buyers 30-year fixed mortgages at below-market rates plus forgivable loans of up to $17,000 for down payment and closing costs. Income must be below 115% of area median income and home price below $510,000. The forgivable loan is forgiven over time with continued occupancy.
Conventional loans require 5–20% down. FHA loans require 3.5%. VA loans offer 0% for eligible veterans. On Minnesota's median home of $335,000, a 5% down payment is $16,750 and 20% is $67,000. Minnesota Housing assistance of up to $17,000 can cover most or all of the minimum down payment.
Most Minnesota lenders follow standard guidelines: maximum DTI of 43–45% for conventional loans and up to 50% for FHA. Minnesota Housing Start Up requirements typically cap DTI at 45%. Minnesota's moderate home prices make qualifying more accessible than coastal markets.
Educational estimates only. Not a lender pre-approval.