How Many Minnesotans Own Homes Now? The Number Will Surprise You

Just a few days ago, I fell into a housing market rabbit hole and found an article talking about how much you need to make to afford a median-priced home in Minnesota. Spoiler alert: It's a lot.

Minnesota didn't top the list, but it still landed in the six-figure salary zone. There are 30 states where your salary would need to be over $100,000 a year to buy a typical home.

Keep Reading: What You Need to Earn to Buy in Minnesota is Shocking.

That got me thinking, just how many people in Minnesota already own homes? Especially since that income figure has climbed so much in just a few years. I mean, it wasn’t that long ago that a six-figure salary felt like a luxury, not a requirement.

How Many Minnesotans Own Homes Now?

Turns out, Minnesota is actually doing pretty well in the homeownership department. According to recent data from MN Housing, a whopping 74% of households here own their homes.

According to data from USA Facts, homeownership rates vary quite a bit depending on where you are in Minnesota. Rochester leads the way with about 74% of people owning their homes. In Mankato, it’s closer to 63%.

Even with these regional differences, our statewide homeownership rate is well above the national average of 65.2% putting us near the top of the list nationwide and quite a bit higher than our neighboring states as well.

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Also See: Take A Peek Inside Minnesota's Most Expensive House. It's Absolutely Breath Taking.

If you're on the hunt for a home and that six-figure salary stat had you sweating a little - don't stress. Not every home in Minnesota is priced at the median. There are still budget-friendly options out there, and programs like first-time buyer incentives and down payment assistance that can make all the difference.

While the headlines might feel a little overwhelming, the numbers also show that people are buying homes in Minnesota every day. Keep scrolling to see the best places to buy a home in the Land of 10,000 Lakes.

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The Best Places to Buy a House in Minnesota

Looking to buy a house in the coming year? These are the best cities, townships, and suburbs to plant your roots.

What things were taken into consideration when determining where's the best place to buy? Public school ratings, if it's good for families, whether it offers outdoor activities, just a name a few.

Here are the best places to buy a house in Minnesota according to Niche.

Gallery Credit: Samm Adams

Minnesota Counties With The Highest Median Household Income

According to data from the 2020 US Census and the US Census Bureau's updated estimates, these are the 10 counties with the highest median household income in the state of Minnesota.

Gallery Credit: Nick Cooper - TSM Duluth

Filed Under: Minnesota, Real Estate

Categories: Lifestyle