Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Minnesota and Wyoming. Updated for 2026.
Wyoming wins 5 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 Wyoming saves you approximately $135/month ($1,620/year) compared to Minnesota, based on median home prices with identical loan terms.
Home prices in Minnesota and Wyoming are relatively close, with only a 1% difference ($5K). At similar price points, your decision should focus on the other cost factors: property taxes, insurance, closing costs, and the overall quality of life each state offers. Small percentage differences in tax rates compound over decades of homeownership.
Wyoming has a moderate property tax advantage at 0.61% versus Minnesota's 1.12%. While the rate gap of 0.51% may seem small, it translates to an annual difference of approximately $1,678 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $13K in savings.
Both states offer down payment assistance for first-time buyers. Minnesota's Minnesota Housing Start Up provides Up to $18,000 deferred loan, while Wyoming's WCDA Spruce Up Wyoming offers Below-market rate loans. 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 Wyoming are broadly similar in housing costs, with only $135/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.