How much does it cost to buy a home in Minneapolis/St. Paul?

As of late 2025, the median closed sale price across the 16-county metro is $390,000. Prices range from $250K–$325K in revitalizing areas (North Minneapolis, parts of Frogtown, Dayton’s Bluff) to $600K+ in Edina, Wayzata, or the Kenwood area of Minneapolis.

Here’s a realistic cash-to-close breakdown for a $390K purchase: 5% conventional down payment: $19,500

Closing costs + prepaids (2–3%): $9,000–$12,000

Total cash needed: $28,500–$35,000 (less with assistance programs)

First-time buyers can drop that significantly: Minnesota Housing Start Up + Monthly Payment Loan: 3–5% down + up to $19,000 assistance

Deferred Payment Plus: 0% deferred second loan covering down payment and closing costs (repayable when you sell or refinance)

Monthly payment example on a $371,000 loan (5% down) at 5.875%: ≈ $2,350–$2,450 including taxes ($400–$550) and insurance ($100–$150). Property taxes average 1.1–1.25% of assessed value; a $400K home typically runs $4,800–$5,500/year. Condo and townhome buyers should budget $250–$550/month in association dues depending on amenities. Still plenty of move-in-ready options under $300K in Northeast Minneapolis, Columbia Heights, Brooklyn Center, and West St. Paul if you’re flexible on square footage or cosmetics.