Buying a home in Minnesota

Minnesota's effective property-tax rate is about 0.987%of a home's value per year, about the same as the U.S. average of 0.888%. On a $500,000 home that's roughly $4,935 a year.

Full Minnesota property-tax guide →

Minnesota is a title/escrow state (no attorney required), and Transfer taxes vary in MN — confirm locally. On a $400,000 home, estimated closing costs run about $7,308–$10,608 on top of your down payment.

Full Minnesota closing-costs guide →

Minnesota runs a housing finance agency with first-time-buyer help: down-payment assistance, below-market first mortgages, and mortgage tax credits.

See first-time buyer programs in Minnesota →

What you can afford depends on your income, debts, and down payment, not just the home price. Minnesota's property taxes above feed straight into the monthly payment lenders measure against your income.

Enter your numbers once and see your real affordability range, debt-to-income, and rent-vs-buy break-even for Minnesota:

Home Buying Steps walks you through the whole process, from checking if you're ready to getting pre-approved to closing day, one clear step at a time, tailored to Minnesota where the rules differ.

• 1. Are you ready? — budget, credit, rent vs. buy
• 2. Get your finances in order — pre-approval
• 5. Making an offer — earnest money & contingencies
• 10. Closing day — every cost, line by line