Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Minnesota and New Hampshire. Updated for 2026.
Minnesota wins 5 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 New Hampshire. 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 $954/month ($11,448/year) compared to New Hampshire, based on median home prices with identical loan terms.
Minnesota offers meaningfully lower home prices than New Hampshire, with median prices running 22% less ($95K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of New Hampshire may find Minnesota far more accessible, particularly when combined with local down payment assistance programs.
Minnesota has a moderate property tax advantage at 1.12% versus New Hampshire's 2.09%. While the rate gap of 0.97% may seem small, it translates to an annual difference of approximately $5,235 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $42K in savings.
Insurance costs favor New Hampshire at $1,400/year versus $2,100/year in Minnesota, a difference of $700 annually. While not the largest cost factor, this adds up to over $7K 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. Minnesota's Minnesota Housing Start Up provides Up to $18,000 deferred loan, while New Hampshire's NHHFA Home Flex Plus offers Up to $20,000 DPA. 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 and New Hampshire are broadly similar in housing costs, with only $954/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.