What You Now Need To Earn To Buy A Home In Minnesota Is Shocking

Let’s be real, everything feels more expensive these day and housing is no exception. And if buying a home feels out of reach, you're not imagining it. The latest numbers back it up.

According to Bankrate’s 2025 Housing Affordability Study, buyers in 30 states (plus D.C.) now need a six-figure income just to afford a typical home. Is Minnesota one of those states?

Liderina

Let’s start at the top. Washington D.C. takes the crown with buyers needing to make a jaw-dropping $240,009 per year to afford a median-priced home. Hawaii isn’t far behind at $235,638, and California rounds out the top three at $213,447. Yikes.

It's not all bad though! There are still a few places where homeownership is a little more within reach. Iowa, for instance, is the second most affordable place in the country where you need a salary of $70,437. West Virginia was the most affordable at $64,179.

Nationwide, the average income needed to buy a typical home is $116,986 - a huge jump from where things were just five years ago. Back in 2020, mortgage rates were under 4% and home prices hadn’t exploded yet. But now? Median home prices are up 20% and interest rates have nearly doubled, according to BankRate.

Before we talk about where Minnesota lands in all of this, lets take a peek at where home prices have jumped the most in the state:

10 Minnesota Cities Where Home Prices Are Skyrocketing Right Now

Minnesota is experiencing a surge in home prices, with a handful of cities leading the way. From charming lakeside spots to up-and-coming suburbs, these areas are booming. Here are the top 10 cities where home prices are soaring!

Gallery Credit: Samm Adams

Get our free mobile app

What You Now Need To Earn To Buy A Home In Minnesota Is Shocking:

We’re not at the top of the list, thankfully, but we’re not at the bottom either. According to the study, you now need to make $103,823 per year to afford a median-priced home here in the Land of 10,000 Lakes.

The truth is, not every home in Minnesota is priced at the median. There are still affordable options out there. Plus, there are first-time buyer programs, down payment assistance, and local grants that can make all the difference.

And you definitely don’t have to go through it alone. A good realtor and a trusted lender can guide you through the process and help you find solutions that fit your budget. Because while the market might be challenging, homeownership is still possible!

Listen to Curt St. John & Samm Adams
Weekdays from 6 to 10 a.m. on Quick Country 96.5