Minnesota continues to attract first-time homebuyers, with an average starter home price of $293,910 and a required annual salary of $70,394. While this places Minnesota around the national average, it is more affordable than coastal states but costlier than nearby states like Iowa and Wisconsin. Cities such as Rochester, St. Cloud, and Mankato offer accessible options for homeownership, with prices below the state average. However, over the past five years, starter home prices have soared by 58%, emphasizing careful budgeting for potential buyers.
Currently, the average price for a starter home in Minnesota is $293,910. To comfortably afford that, first-time buyers would need an annual income of $70,394, assuming a 7% mortgage rate and 10% down payment.
Over the past five years, Minnesota's starter home prices have risen 58%, and the monthly payments on those homes have jumped 123% - a sharp increase that underscores the importance of budgeting carefully before buying.
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