Mortgage payment estimates, closing cost breakdowns, and homebuying data for Bloomington, Minnesota.
Median Home Price
$335K
Population
90K
Avg Monthly Rent
$1,420
Property Tax Rate
1.12% *
* Property tax shown is the Minnesota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Bloomington.
Bloomington vs Minnesota Median
The median home price in Bloomington is $335,000, which is roughly in line with the Minnesota state median of $335,000.
Mortgage Calculator — Bloomington, MN
Pre-filled with Bloomington median home price and Minnesota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $335K home using Minnesota's 1.12% tax rate and $2,100/yr insurance.
5% Down
$2,685/mo
Down: $16,750
Loan: $318K
P&I: $2,012
Tax: $313
Insurance: $175
PMI: $186
10% Down
$2,569/mo
Down: $33,500
Loan: $302K
P&I: $1,906
Tax: $313
Insurance: $175
PMI: $176
20% Down (No PMI)
$2,182/mo
Down: $67,000
Loan: $268K
P&I: $1,694
Tax: $313
Insurance: $175
Income needed (28% rule): $94K/year with 20% down, $110K/year with 10% down.
Rent vs Buy in Bloomington
Rent
$1,420/mo
vs
Buy (10% down)
$2,569/mo
Price-to-rent ratio: 19.7 — A ratio between 15-20 means the rent vs buy decision in Bloomington depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Bloomington is $335,000, roughly in line with the Minnesota state median of $335,000. With a population of 89,987, Bloomington is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Minnesota average 1.12% annually. This moderate property tax rate means a $335,000 home in Bloomington would carry roughly $313/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Bloomington is $1,420/month. The price-to-rent ratio in Bloomington is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Bloomington presents moderate affordability. The $335K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Bloomington.