Minnesota Housing Market: Home Prices, Rent and Affordability
The typical Minnesota home is worth $350,752, up 2.5% over the past year and up 14.1% over five years, 4.9% below the national $368,697 (latest release). That ranks #25 of 50 on price. A 20%-down mortgage runs $1,805 a month and takes about $98,911 of income; the median Minnesota household earns $87,117, $11,794 short.
In Minneapolis, the state's largest metro, typical rent is $1,719 a month against a $2,001 principal-and-interest payment on the typical home, so renting is $282 a month cheaper before taxes, insurance and maintenance. The market is cool: 27.1% of listings cut their price (national 26.4%), homes go pending in 44 days (national 53), and for-sale inventory is up 18.0% from a year ago.
All housing figures are the latest published numbers for August; median household income is from the Census Bureau.
Minnesota Housing by the Numbers
How much does a house cost in Minnesota? The typical home is worth $350,752, the median sale price is $353,000 and the median list price $371,267. The six figures below describe the market this month, each with the national comparison.
- Typical home
- $350,752
- #25 priciest · national $369K
- Mortgage payment
- $1,805/mo
- P&I, 20% down · national $1,897
- Income needed
- $99K
- median earns $87K (+14%)
- Rent, Minneapolis
- $1,719/mo
- +3.5% in 1 yr · national $1,948
- Price cuts
- 27.1%
- of listings · national 26.4%
- Days to pending
- 44
- national 53 · 23,691 for sale (+18.0%)
How Have Minnesota Home Prices Changed?
The typical Minnesota home value every month since 2000, with the national typical home as a dashed line. Values rose 2.5% over the past year, are up 14.1% over five years, up 66.0% over ten, and up 178% since January 2000.
- Peak
- $350,985
- April 2026 · now -0.1%
- 10-year change
- +66.0%
- national +77.9%
- Median sale price
- $353,000
- list price $371,267
- Payment, 1-yr change
- +3.3%
- Rates and prices combined
Is It Cheaper to Rent or Buy in Minnesota?
Two direct answers from the data. Rent versus buy sets typical asking rent in Minneapolis, the state's largest metro, against the mortgage payment on the typical home there, since rent indexes are published by metro rather than by state. The affordability gap is the income needed to buy the typical Minnesota home minus what the median household actually earns.
Rent vs. buy · Minneapolis, MN
Renting is $282/month cheaper
The payment excludes property tax (1.05% of value in Minnesota), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (14.1%), equity would narrow that gap over a long stay.
Affordability gap · #23 of 50
The median household is $11,794 short of the income needed
A $1,805 monthly payment takes 24.9% of the median Minnesota household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%.
Full budget for your household →Is Minnesota a Buyer's or a Seller's Market?
Market temperature is our label from three market signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Minnesota is cool: it leans toward buyers: two of the three market signals point cooler than the national market.
Median sale price $353,000 against a median list price of $371,267, so the typical home closes 4.9% below asking.
Where the Minnesota market is heading
Compared with a year ago, all three signals point looser, in buyers' favor: the share of listings with a price cut is up 1.4 points from a year ago to 27.1%, homes take 4 days longer to go pending than a year ago (44 now), and the number of homes for sale is up 18.0%. The typical home value rose 2.5% over the same period and is 0.1% below its April 2026 peak of $350,985. We publish no forecasts: these are the current-month readings, not a prediction of where Minnesota home prices go next.
Home Values and Rents in Minnesota Cities
A city-level home value or rent is available for 17 of the Minnesota cities we track. The most expensive is Edina ($626,258) and the cheapest Duluth ($298,068). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Minneapolis | 427,246 | $328,529 | +0.6% | ||||
| Rochester | 122,330 | $342,187 | +3.7% | ||||
| Bloomington | 88,665 | $362,340 | +1.3% | ||||
| Duluth | 87,093 | $298,068 | +5.2% | ||||
| Brooklyn Park | 83,876 | $347,941 | +0.8% | ||||
| Plymouth | 79,220 | $509,531 | +1.9% | ||||
| Woodbury | 78,305 | $462,126 | +2.0% | ||||
| Lakeville | 74,354 | $485,324 | +1.0% | ||||
| Blaine | 72,488 | $381,495 | +1.2% | ||||
| Maple Grove | 71,173 | $424,047 | +1.5% | ||||
| Eagan | 68,000 | $401,493 | +1.8% | ||||
| Burnsville | 64,463 | $368,875 | +2.4% | ||||
| Coon Rapids | 63,468 | $330,973 | +2.1% | ||||
| Eden Prairie | 63,051 | $502,326 | +2.7% | ||||
| Apple Valley | 55,679 | $376,085 | +1.5% | ||||
| Edina | 53,262 | $626,258 | +4.1% | ||||
| Minnetonka | 53,064 | $485,327 | +3.0% |
Home value and rent are city-level indexes; population and median household income are Census ACS. Cities without a published index are omitted.
All Minnesota cities ranked →How Minnesota Compares With Nearby States
The Midwest states closest to Minnesota on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Minnesota
Minnesota dashboard
Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Minnesota
Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Minnesota
IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Minnesota Housing Market FAQ
What is the average house price in Minnesota?
$350,752 is the typical Minnesota home value according to the latest release of the home value index, which tracks homes in the middle third of the market. The median sale price was $353,000 and the median list price $371,267. That makes Minnesota the #25 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Minnesota?
No. The typical Minnesota home value rose 2.5% over the past year, though it remains 0.1% below its April 2026 peak of $350,985. Over five years it is up 14.1% and over ten years up 66.0%. Nationally, values rose 1.2% over the year.
How have Minnesota home prices changed over the past 1, 5 and 10 years?
+2.5% over one year, +14.1% over five years and +66.0% over ten years for the typical Minnesota home value, per the latest release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Minnesota home is up 178%. The monthly chart above shows the full series against the national line.
Will the Minnesota housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Minnesota home value is 0.1% below its April 2026 peak of $350,985 after it rose 2.5% over the past year; 27.1% of listings have cut their price (national 26.4%), homes go pending in 44 days (national 53), and inventory is up 18.0% from a year ago, per Zillow Research. The largest decline in the monthly value series for Minnesota was 28.3% from July 2006 to February 2012, and values took 59 months to regain that peak.
Is it a good time to buy a house in Minnesota?
The Minnesota market is cool right now, which means it leans toward buyers: two of the three market signals point cooler than the national market. 27.1% of listings cut their price (national 26.4%), homes go pending in 44 days (national 53), and for-sale inventory is up 18.0% from a year ago. Affordability is the constraint: buying the typical home takes $98,911 of income, $11,794 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Minnesota a buyer's or seller's market?
Minnesota leans toward buyers. More listings are cutting prices than the national average (27.1% vs. 26.4%), homes take 44 days to go pending (national 53), and the number of homes for sale is up 18.0% from a year ago at 24K listings. Two of those three signals point toward buyers.
What is the average rent in Minnesota?
In Minneapolis, Minnesota's largest metro, the typical asking rent is $1,719 a month, up 3.5% over the past year and up 17.6% over five years, per the rent index. The national typical rent is $1,948. Among Minnesota cities we track, rents range from $1,428 to $2,251 a month.
Is it cheaper to rent or buy in Minnesota?
Renting is cheaper month to month in Minneapolis, Minnesota's largest metro. Typical rent is $1,719 and the principal-and-interest payment on the typical home with 20% down is $2,001, a difference of $282 a month in favor of renting. The payment excludes property tax (1.05% of value in Minnesota), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Minnesota?
About $98,911 a year, using the standard assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Minnesota household earns $87,117, so the typical household is $11,794 short. That is the #23 smallest affordability gap of the 50 states. The monthly payment of $1,805 equals 24.9% of the median household's income.
Where are homes cheapest and most expensive in Minnesota?
Among the Minnesota cities we track with a published home value, the most expensive typical home is in Edina ($626,258) and the cheapest in Duluth ($298,068). Also at the top: Plymouth ($509,531), Eden Prairie ($502,326), and Minnetonka ($485,327). The city table above lists every tracked Minnesota city with its value, one-year change and rent.
How does Minnesota compare with nearby states?
In the Midwest, the closest comparisons on price are Wisconsin ($339,699, up 5.1% in a year), South Dakota ($321,574, up 2.5% in a year), and Illinois ($297,573, up 5.3% in a year). Minnesota's typical home is $350,752, up 2.5%. On affordability, Minnesota ranks #23 of 50 versus Wisconsin at #30, South Dakota at #25, and Illinois at #20.
How current is the Minnesota housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →