CALCMONEY // HOME AFFORDABILITY // MN // ROCHESTER
How much house can you afford in Rochester? Based on local median home prices, current MN mortgage rates, and Rochester property tax data.
$320,000
$2,113/mo
$90,544/yr
$251,164
Monthly housing costs of $2,113 represent 33.8% of Rochester's median gross monthly income ($6,250/mo). At 33.8%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $320,000 |
| Down Payment (20%) | $64,000 |
| Loan Amount | $256,000 |
| Monthly PI Payment | $1,686 |
| Monthly Property Tax | $293 |
| Monthly Insurance Est. | $133 |
| Total Monthly PITI | $2,113 |
| Housing Cost % of Income | 33.8% |
| Required Income (28% rule) | $90,544/yr |
| Max Affordable Home | $251,164 |
$11,200
$2,679/mo
Rochester Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $320,000 | Rochester city median |
| Down Payment (20%) | $64,000 | Conventional loan |
| Monthly PITI | $2,113 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $90,544 | Annual gross |
| Max Affordable Home | $251,164 | Based on median income |
| FHA Down (3.5%) | $11,200 | Minimum FHA |
| Housing Cost % of Income | 33.8% | Median income: $75,000/yr |
| Property Tax Rate | 1.1% | $3,520/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Rochester is $320,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $256,000, generating a monthly P&I payment of $1,686. Adding property taxes ($293/mo) and homeowners insurance ($133/mo) brings total monthly PITI to $2,113.
Rochester's property tax rate of 1.1% is near the national average, adding a standard increment to monthly housing costs. On the Rochester median home, that is $293/month, or $3,520 per year.
Minnesota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Rochester should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Rochester's median income of $75,000/year can afford up to $1,750/month in total housing costs. Based on Rochester's mortgage rate of 6.9% and property tax rate of 1.1%, that translates to a maximum affordable home price of approximately $251,164 with 20% down on a 30-year loan.
To afford the median Rochester home priced at $320,000, you need an annual gross income of approximately $90,544. Total monthly housing costs (principal and interest of $1,686, property taxes of $293, and insurance of $133) come to $2,113/month, which equals 28% of the required income.
At the median home price of $320,000 and median household income of $75,000, the total monthly housing cost of $2,113 represents 33.8% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Rochester home of $320,000 is $64,000. An FHA loan requires just 3.5% down — $11,200 — but adds mortgage insurance of roughly $219/month, bringing total FHA payments to $2,679/month.
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