Buying a home is one of the biggest financial decisions you’ll make. Our Minnesota Home Affordability Calculator is designed to help you plan with confidence — whether you’re buying your first home, moving up, or relocating to the Twin Cities. Unlike national tools like NerdWallet or Zillow, this calculator uses Minnesota-specific averages for property taxes, insurance, and PMI. That means your results are more realistic for our local market.

Why This Calculator Is Different

  1. Local Data: Uses Minnesota-specific averages for property taxes and insurance.

  2. Customizable: Adjust income, debts, loan terms, and down payment.

  3. Realistic Estimates: Shows monthly payment breakdown, not just a lump sum.

  4. Property Matching: Get homes in your actual price range sent directly to your inbox.

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How the Minnesota Home Affordability Calculator Works

Our calculator estimates how much house you can afford by analyzing your income, debts, down payment, loan term, and interest rate. Unlike many national calculators, it also includes Minnesota-specific averages for property taxes and homeowners insurance, which can make a big difference in your monthly payment.

More Frequently Asked Questions

  • Most buyers in Minnesota put down 3%–20%. Programs exist for first-time buyers that allow for lower down payments. A larger down payment reduces your monthly mortgage and may remove PMI.

  • Generally, you’ll want a score of at least 620 for conventional loans. FHA and VA loans may allow lower scores, but higher credit usually means better rates and more buying power.

    Want to connect with trusted local lenders? click here

  • Only if you’re considering a condo/townhome or a neighborhood with dues. Entering HOA makes the monthly payment more realistic and may slightly reduce your max price.

  • Income, debt payments (DTI), down payment, interest rate, and loan term move the number the most. Second-order factors—property taxes, insurance, and HOA—affect the monthly payment but usually change buying power less than DTI and rate.

  • Use monthly minimums: student loans, auto loans/leases, credit cards, personal loans, child support/alimony, and any installment debt. Do not include utilities, groceries, or streaming services.

  • We use Minnesota-typical assumptions so your estimate isn’t based on national averages. These numbers are auto calculated based on max purchase price you receive from the calculator.

  • The median home price in Minnesota is around $350,000. Prices are typically higher in the Twin Cities metro — Minneapolis, St. Paul, and suburbs like Woodbury or Maple Grove — and lower in northern and rural areas.

  • Yes. Communities like Stillwater, Forest Lake, and Woodbury often run higher than state averages, while smaller towns outside the metro may offer more affordable options. Our calculator helps you see what’s realistic in the area you’re targeting.

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  • Most homeowners pay between $1,200–$1,800 per year for insurance in Minnesota, depending on the property and location. Weather factors like snow or hail can affect costs. Our calculator includes these estimates automatically.

  • Spring and early summer are the busiest (and most competitive) seasons, while fall and winter may give buyers more negotiating power. If you’re flexible, seasonality can help stretch your budget.

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