Minneapolis, MN variant. This is a Minneapolis, MN-specific version of the Home Affordability Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Home Affordability Calculator.
Affording a home in Minneapolis pits the $76,332 median income against a $320,000 median price - a price-to-income ratio of 4.2x.
Can you afford Minneapolis?
The 28% rule caps housing at $1,781/month on the local median income, supporting roughly $352,233 in price - versus the $320,000 Minneapolis median.
Minneapolis is relatively attainable on the local median income.
About Minneapolis, MN
Minneapolis applies Minnesota state income and sales taxes.
Minneapolis offers moderate home prices for a major metro.
Minneapolis hosts numerous corporate headquarters across retail, food, and finance, with a cost of living above the national average.
Worked example: max price on $76,332
28% of $76,332 ÷ 12 ≈ $1,781/month supports about $352,233 at 6.5% with 20% down - compared with the $320,000 median.
Quick reference
- Median home value: $320,000
- Median rent: $1,700/mo
- Median household income: $76,332
- Local sales tax: 8.025%
- Effective property tax rate: 1.36%
- Cost of living index: 109 (US avg = 100)
Frequently Asked Questions
What income do I need to buy in Minneapolis?
To afford the $320,000 median home, you'd typically need well above the $76,332 local median income at current rates.
What is the price-to-income ratio in Minneapolis?
About 4.2x (median home ÷ median income).