Cost of homeownership in Minnesota

State averages from Census ACS, energy costs from DOE EIA, and appreciation from FHFA. County-level detail is below.

Avg home value

$207,495

Avg property tax

$2,043

Homeownership rate

77.9%

1yr appreciation

3.3%

Home price trend

FHFA House Price Index, quarterly.

Most expensive counties

1.Carver County$400,500
2.Washington County$379,300
3.Scott County$376,000
4.Hennepin County$358,000
5.Dakota County$341,200
6.Wright County$310,900
7.Sherburne County$306,000
8.Anoka County$302,300
9.Chisago County$299,800
10.Cook County$289,500

Most affordable counties

1.Kittson County13.1%
2.Stevens County13.3%
3.Lac qui Parle County13.4%
4.Koochiching County13.5%
5.Pipestone County13.6%
6.Swift County13.8%
7.Murray County13.8%
8.Big Stone County13.9%
9.Renville County14.0%
10.Marshall County14.1%

Avg electricity

15.8¢/kWh

DOE EIA residential average.

Avg annual energy cost

$1,709

Residential baseline.

Avg mortgage interest deduction

$22,463

IRS SOI · TY 2022, state-level avg.

All counties in Minnesota

Hennepin County
Ramsey County
Dakota County
Anoka County
Washington County
St. Louis County
Olmsted County
Stearns County
Scott County
Wright County
Carver County
Sherburne County
Blue Earth County
Rice County
Crow Wing County
Clay County
Otter Tail County
Chisago County
Winona County
Goodhue County
Beltrami County
Itasca County
Kandiyohi County
Benton County
Isanti County
Mower County
Douglas County
Steele County
McLeod County
Carlton County
Becker County
Nicollet County
Morrison County
Polk County
Freeborn County
Cass County
Pine County
Le Sueur County
Mille Lacs County
Brown County
Lyon County
Todd County
Meeker County
Nobles County
Hubbard County
Wabasha County
Fillmore County
Dodge County
Martin County
Waseca County
Houston County
Kanabec County
Aitkin County
Redwood County
Roseau County
Sibley County
Renville County
Wadena County
Pennington County
Faribault County
Chippewa County
Koochiching County
Cottonwood County
Pope County
Watonwan County
Lake County
Jackson County
Swift County
Stevens County
Rock County
Yellow Medicine County
Pipestone County
Marshall County
Clearwater County
Murray County
Lac qui Parle County
Norman County
Wilkin County
Grant County
Lincoln County
Cook County
Mahnomen County
Big Stone County
Kittson County
Red Lake County
Lake of the Woods County
Traverse County

Frequently asked questions

How much does it cost to own a home in Minnesota?

Based on Census ACS, the state average home value in Minnesota is $207,495, with median annual property tax around $2,043. Your actual cost depends on county and property.

What is the property tax in Minnesota?

Property tax rates vary by county. Minnesota's state average sits at roughly $2,043 per year on a median home. See county-level pages for local rates.

How fast are home prices appreciating in Minnesota?

FHFA House Price Index data shows Minnesota appreciating 3.3% over the last year and 32.3% over the last five years.

Is homeownership high in Minnesota?

Minnesota's homeownership rate is 77.9% (Census ACS). The share of owner-occupied units varies widely across counties.

Data sources

Disclaimer. HomeRule is not a real estate agent, lender, appraiser, or financial advisor. This content is for educational and informational purposes only. Actual costs vary significantly by property, location, and individual circumstances. Consult qualified professionals for personalized advice.