How does $290,000 compare with typical Minnesota incomes and prices?
$290,000 is 3.3× the Minnesota median household income. Your estimated 36%-DTI budget of $1,108,000 is $802,500 above the statewide median home value.
| Scenario | Max price | Monthly payment | Down payment |
|---|---|---|---|
| Conventional, 28% DTI | $857,000 | $6,764 | $42,850 |
| Conventional, 36% DTI | $1,108,000 | $8,697 | $55,400 |
| FHA, 28% DTI | $829,000 | $6,766 | $29,015 |
| FHA, 36% DTI | $1,071,000 | $8,693 | $37,485 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Can down payment assistance help in Minnesota?
- Minnesota Housing Monthly Payment Loan — Up to $14,000
- Minnesota Housing Deferred Payment Loan Plus — Up to $18,000
Minnesota cities with a median home value under $1,108,000
Frequently asked questions
Minnesota's median home value is $305,500. On $290,000 you can afford up to about $1,108,000 at 36% DTI, so a median-priced home is within reach.
Minnesota homeowners pay a median of $3,184 a year — an effective rate of about 1.04% of home value (Census ACS 2019–2023).
The average HO-3 homeowners premium in Minnesota was $1,988 a year in 2023, according to the NAIC.
Compare home costs in Minnesota
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- HUD Single Family Housing Policy Handbook 4000.1
Data last updated October 23, 2026.
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