US Real Estate & Mortgage Research Analyst
Published: August 9, 2026 · Updated: August 9, 2026
Key Takeaways for Minnesota
- • Median owner-occupied home value: $329,300 (2024).
- • National rank: #22 highest of 50 states — near the middle of the national range.
- • Higher than 28 other states; $29,350 (10%) above the ~$299,950 U.S. midpoint.
- • Typical property tax on a median-priced home: ~$3,293/year using the state effective rate of 1.00%.
The median owner-occupied home in Minnesota is worth about $329,300, making it near the middle of the national range. Because this is a statewide median, it smooths over big local differences — a home in a major metro can cost far more than one in a rural county.
How Minnesota Compares
The median of the 50 state medians is about $299,950. Minnesota sits above that midpoint by $29,350 — about 10%. Only 21 states have a higher median, and 28 have a lower one.
Typical Property Tax on a Median-Priced Home
$329,300 × 1.00% = ~$3,293/year
That is about $274/month through escrow. This is an illustrative estimate using Minnesota's state-level effective rate on the state median home value — not your actual bill, which depends on your locality, exemptions, and assessed value. For specifics, see our Minnesota Property Tax page.
What This Means for Buyers
A higher home value means a larger mortgage and, usually, more property tax. Use our Mortgage Payment Calculator to turn Minnesota's median price into a full PITI payment, and our Property Tax Calculator for a tax estimate using your own numbers. See the full state-by-state table to compare Minnesota with neighbors.
Sources
U.S. Census Bureau — ACS 2024 5-Year Estimates, table B25077 (compiled by US Data Explorer) — https://usdataexplorer.com/ranking/median-home-value/states
Median value (dollars) of owner-occupied housing units, self-reported estimated market value. 2024 ACS 5-Year release (covers 2020–2024); subject to margin of error.
Retrieved: 2026-08-09.
Explore More
- Median Home Value by State — full table
- Minnesota Property Tax — the effective rate and a worked tax example.
- Property Tax by State — compare rates across all 50 states and DC.
- Mortgage Payment Calculator — turn a price into a full PITI payment.
Frequently Asked Questions
What is the median home value in Minnesota?
Based on 2024 Census ACS 5-Year data (table B25077), the median owner-occupied home value in Minnesota is $329,300, which ranks it #22 highest among the 50 states. That is the midpoint homeowners report — half of homes are worth more, half less.
How does Minnesota compare to the national midpoint?
The median of the 50 state medians is about $299,950. Minnesota sits above that line by $29,350 (about 10%). 28 states have a lower median; 28 have a higher. Remember this is a statewide figure — your city and neighborhood set the local price.
What is the typical property tax on a median-priced home in Minnesota?
Minnesota's effective property tax rate is about 1.00% of home value. Applied to the median home value of $329,300, that is roughly $3,293 per year, or about $274 per month through escrow. This is an illustrative estimate using state-level figures — your actual bill depends on your locality, exemptions, and assessed value. See the full breakdown on our Minnesota Property Tax page.