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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Minneapolis, MN Housing Affordability Index

Minneapolis, Minnesota has an MBR Housing Affordability Index score of 83.9 (Moderately Less Affordable) as of October 30, 2026, ranking 785th most affordable of 809 scored Minnesota cities, compared with 97.5 statewide and 97.4 nationally. On a median-priced $362,200 home with 20% down, the Minnesota average 30-year fixed rate of 7.27% means a monthly principal and interest payment of about $1,980, or 29% of the city’s $80,846 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Minneapolis is updated every night from live Minnesota mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Minneapolis MBR-HAI 83.9 Moderately Less Affordable
Rank in Minnesota 785 of 809 1 = most affordable
Minnesota 97.5 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.27% Minnesota lenders
Median home value $362,200 U.S. Census Bureau

Minneapolis is 13.5 points below the Minnesota score. Scores as of October 30, 2026. See the Minnesota index

View Minneapolis Mortgage Rates

What It Takes to Buy in Minneapolis

$1,980/mo
Principal & Interest
Median home, 20% down, 7.27%
$84,800
Income Needed
To keep the payment at 28% of income
$80,846
Median Household Income
Minnesota: $89,062
4.5x
Price-to-Income Ratio
Minnesota: 3.7x
$1,808/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$4,325/yr
Median Property Tax
1.19% of median value
23.5%
Owner Cost Burden
Owners spending 30%+ of income on housing
46.3%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Minneapolis, Minnesota. The rate is the Minnesota average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

How Minneapolis Ranks in Minnesota

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Cite the Minneapolis Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Minneapolis, Minnesota score: 83.9 (Moderately Less Affordable), ranked 785 of 809 Minnesota cities. monitorbankrates.com/housing-affordability-index/minnesota/minneapolis”