Mortgage payment estimates, closing cost breakdowns, and homebuying data for Minneapolis, Minnesota.
Pre-filled with Minneapolis median home price and Minnesota tax/insurance rates. Adjust for your property.
Estimated closing costs based on Minnesota rates and fees applied to Minneapolis prices.
The median home price in Minneapolis is $345,000, roughly in line with the Minnesota state median of $335,000. With a population of 429,954, Minneapolis is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Minnesota average 1.12% annually. This moderate property tax rate means a $345,000 home in Minneapolis would carry roughly $322/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Minneapolis is $1,550/month. The price-to-rent ratio in Minneapolis is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Minneapolis presents moderate affordability. The $345K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.