How Much House Can You Afford in Minnesota?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Minnesota's median income of $77,000/year ($6,417/month), that means a maximum housing payment of roughly $1,797/month.
At 6.83% over 30 years with a 10% down payment ($33,000), that monthly budget supports a purchase price of approximately $313,500–$330,000. The median home price in Minnesota is $330,000, which means housing is near the national average.