TrueAffordHome Affordability by State
What can you afford in Minnesota?
A baseline estimate for a household earning $96,000 a year gross, with typical debts and expenses, a $40,000 down payment, and a 740-759 credit score — using Minnesota's own property tax and insurance data rather than a national average. Every assumption is editable in the full calculator below.
Minnesota's effective property tax rate is around 1.05% of home value per year — the 20th highest in the country. Average homeowner's insurance runs near $2,600/year on a $300,000 home — the 15th highest.
Comfortable
$297,684
Stretch
$345,050
Risky ceiling
$373,470
This baseline's own budget can sustain at least as much as a lender's debt-to-income ceiling allows in Minnesota — the DTI ratio, not the household budget, is what limits the number here.
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