Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Minnesota and Utah. Updated for 2026.
Utah wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Minnesota has a lower total cost when combining home price, closing costs, and insurance. 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 $724/month ($8,688/year) compared to Utah, based on median home prices with identical loan terms.
Minnesota offers meaningfully lower home prices than Utah, with median prices running 30% less ($145K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Utah may find Minnesota far more accessible, particularly when combined with local down payment assistance programs.
Utah has a moderate property tax advantage at 0.58% versus Minnesota's 1.12%. While the rate gap of 0.54% may seem small, it translates to an annual difference of approximately $968 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $8K in savings.
Insurance costs favor Utah at $1,200/year versus $2,100/year in Minnesota, a difference of $900 annually. While not the largest cost factor, this adds up to over $9K 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 Utah's UHC FirstHome Loan offers Up to 6% DPA second. 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 $145K less than Utah on average. That translates to roughly $724 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.