Mortgage payment estimates, closing cost breakdowns, and homebuying data for Minneapolis, Minnesota.
Median Home Price
$345K
Population
430K
Avg Monthly Rent
$1,550
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 Minneapolis.
Minneapolis vs Minnesota Median
The median home price in Minneapolis is $345,000, which is roughly in line with the Minnesota state median of $335,000.
Mortgage Calculator — Minneapolis, MN
Pre-filled with Minneapolis median home price and Minnesota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $345K home using Minnesota's 1.12% tax rate and $2,100/yr insurance.
5% Down
$2,760/mo
Down: $17,250
Loan: $328K
P&I: $2,072
Tax: $322
Insurance: $175
PMI: $191
10% Down
$2,641/mo
Down: $34,500
Loan: $311K
P&I: $1,963
Tax: $322
Insurance: $175
PMI: $181
20% Down (No PMI)
$2,242/mo
Down: $69,000
Loan: $276K
P&I: $1,745
Tax: $322
Insurance: $175
Income needed (28% rule): $96K/year with 20% down, $113K/year with 10% down.
Rent vs Buy in Minneapolis
Rent
$1,550/mo
vs
Buy (10% down)
$2,641/mo
Price-to-rent ratio: 18.5 — A ratio between 15-20 means the rent vs buy decision in Minneapolis 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 Minneapolis is $345,000, roughly in line with the Minnesota state median of $335,000. With a population of 429,954, Minneapolis is a mid-size city 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 $345,000 home in Minneapolis would carry roughly $322/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Minneapolis is $1,550/month. The price-to-rent ratio in Minneapolis is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Minneapolis presents moderate affordability. The $345K 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 Minneapolis.