Cost of Ownership · Minnesota
The true cost of owning a home in Minnesota
For a median $329,300 home in Minnesota, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.
Lender-approved payment
$2,440/mo
PITI + PMI
True monthly cost
$2,714/mo
everything, incl. upkeep
The gap
+$274/mo
what approval leaves out
Effective property-tax rate
1.02%
Avg. homeowners premium
$1,774/yr
NFIP flood claims on record
12,470
Closing costs in Minnesota
Median closing costs and lender origination charges on real home-purchase loans in Minnesota, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$5,593
Typically $4,197–$8,194
Median origination charges
$3,067
Typically $1,625–$4,804
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $4,197 | $5,593 | $8,194 | 55,593 |
| All | $4,067 | $5,804 | $8,409 | 51,968 |
| < $250k | $3,690 | $4,666 | $6,177 | 17,532 |
| < $250k | $3,599 | $4,755 | $6,291 | 19,276 |
| $250k–$500k | $4,377 | $6,236 | $8,865 | 30,525 |
| $250k–$500k | $4,378 | $6,683 | $9,313 | 26,808 |
| $500k–$750k | $4,517 | $7,915 | $11,143 | 4,742 |
| $500k–$750k | $4,690 | $6,580 | $10,508 | 5,653 |
| > $750k | $5,524 | $7,286 | $11,724 | 1,883 |
| > $750k | $5,135 | $7,132 | $12,858 | 1,142 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in Minnesota
- What are the median closing costs in Minnesota?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in Minnesota are about $5,593, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in Minnesota?
- The effective property-tax rate in Minnesota is about 1.02%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in Minnesota?
- A median $329,300 home in Minnesota costs about $2,714 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $2,440. Every figure is from public data.
These figures use Minnesota's median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Minnesota ranks on property tax and insurance, or browse every state.