Minnesota Mortgage Payment Calculator โ Updated 2026
State abbreviation: MN
In Minnesota, the median home price is $425,000 as of 2026. Property taxes run at 1.12% of home value annually, and homeowners insurance averages $1320/year. The state income tax rate is 9.85%, which affects your ability to itemize deductions on mortgage interest. The cost of living index in Minnesota is 105 (100 = national average).
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Minnesota Financial Data (2026)
- State Tax Rate
- 9.85%
- Property Tax Rate
- 1.12%
- Median Home Price
- $425,000
- Avg Insurance Cost
- $1,320/year
- Cost of Living Index
- 105
- State Abbreviation
- MN