Minnesota vs Rhode Island: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Minnesota and Rhode Island. Updated for 2026.
Metric
Minnesota
Rhode Island
Median Home Price
$335K
$425K
Property Tax Rate
1.12%
1.53%
Avg Closing Costs
$5K
$7K
Closing Cost %
1.4%
1.7%
Transfer Tax
0.33%
0.46%
Homeowners Insurance
$2,100/yr
$2,200/yr
First-Time Buyer Program
Minnesota Housing Start Up
Up to $18,000 deferred loan
RIHousing First Homes
10K DPA forgivable
Verdict
Minnesota wins 6 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $335K and lower overall costs, Minnesota offers meaningful savings compared to Rhode Island. Both states offer first-time buyer programs — explore the state pages for full details.