Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Colorado and Minnesota. Updated for 2026.
Minnesota wins 3 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 Colorado. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
Buying in Minnesota saves you approximately $1,122/month ($13,464/year) compared to Colorado, based on median home prices with identical loan terms.
Minnesota offers meaningfully lower home prices than Colorado, with median prices running 36% less ($185K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Colorado may find Minnesota far more accessible, particularly when combined with local down payment assistance programs.
Colorado has a moderate property tax advantage at 0.51% versus Minnesota's 1.12%. While the rate gap of 0.61% may seem small, it translates to an annual difference of approximately $1,100 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $9K in savings.
Insurance costs favor Minnesota at $2,100/year versus $3,200/year in Colorado, a difference of $1,100 annually. While not the largest cost factor, this adds up to over $11K over a decade of homeownership. Shop multiple carriers in either state — actual premiums depend on your specific property, coverage level, and claims history.
Both states offer down payment assistance for first-time buyers. Colorado's CHFA Down Payment Assistance provides Up to $25,000 second mortgage, while Minnesota's Minnesota Housing Start Up offers Up to $18,000 deferred loan. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Minnesota homes cost $185K less than Colorado on average. That translates to roughly $1,122 less per month in total housing costs if you choose Minnesota. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.