CALCMONEY // HOME AFFORDABILITY // MN // ST. PAUL
How much house can you afford in St. Paul? Based on local median home prices, current MN mortgage rates, and St. Paul property tax data.
$290,000
$1,951/mo
$83,609/yr
$176,590
Monthly housing costs of $1,951 represent 40.4% of St. Paul's median gross monthly income ($4,833/mo). At 40.4%, median-income buyers in St. Paul are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $290,000 |
| Down Payment (20%) | $58,000 |
| Loan Amount | $232,000 |
| Monthly PI Payment | $1,528 |
| Monthly Property Tax | $302 |
| Monthly Insurance Est. | $121 |
| Total Monthly PITI | $1,951 |
| Housing Cost % of Income | 40.4% |
| Required Income (28% rule) | $83,609/yr |
| Max Affordable Home | $176,590 |
$10,150
$2,464/mo
St. Paul Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $290,000 | St. Paul city median |
| Down Payment (20%) | $58,000 | Conventional loan |
| Monthly PITI | $1,951 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $83,609 | Annual gross |
| Max Affordable Home | $176,590 | Based on median income |
| FHA Down (3.5%) | $10,150 | Minimum FHA |
| Housing Cost % of Income | 40.4% | Median income: $58,000/yr |
| Property Tax Rate | 1.25% | $3,625/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in St. Paul is $290,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $232,000, generating a monthly P&I payment of $1,528. Adding property taxes ($302/mo) and homeowners insurance ($121/mo) brings total monthly PITI to $1,951.
St. Paul's property tax rate of 1.25% is near the national average, adding a standard increment to monthly housing costs. On the St. Paul median home, that is $302/month, or $3,625 per year.
Minnesota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in St. Paul 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 St. Paul's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on St. Paul's mortgage rate of 6.9% and property tax rate of 1.25%, that translates to a maximum affordable home price of approximately $176,590 with 20% down on a 30-year loan.
To afford the median St. Paul home priced at $290,000, you need an annual gross income of approximately $83,609. Total monthly housing costs (principal and interest of $1,528, property taxes of $302, and insurance of $121) come to $1,951/month, which equals 28% of the required income.
At the median home price of $290,000 and median household income of $58,000, the total monthly housing cost of $1,951 represents 40.4% of gross monthly income. This is well above the standard 28% threshold, making St. Paul a challenging market for buyers at median income.
A conventional 20% down payment on the median St. Paul home of $290,000 is $58,000. An FHA loan requires just 3.5% down — $10,150 — but adds mortgage insurance of roughly $198/month, bringing total FHA payments to $2,464/month.