You need to earn more than $50K to afford an average house in Twin Cities


If you want to buy an average-priced property in the Twin Cities, you'll need to earn more than $50,000 to comfortably afford the mortgage payments.

That's according to a study by, which looked at median house prices in 27 metro areas around the country and figured out how much salary you need to afford it.

The Twin Cities metro – referred to as "Minneapolis" in the study – had a median home price of $242,400 in the second quarter of 2016, according to National Association of Realtors data.

To buy a house for that much, HSH says you would need an annual salary of $51,793.

The mortgage company says this figure was arrived at using the following stipulations: The buyer puts down 20 percent (about $48,480) as a downpayment, so they don't have to pay for private mortgage insurance; they take on a 30-year mortgage with a FICO score above 720; and the monthly mortgage cost doesn't exceed 28 percent of their monthly salary.

It means an average-priced house should be within reach for many Twin Cities residents, as according to the most recent figures the median household income was $69,111, according to L&E Research.

Zillow estimates the average home price in the Twin Cities to be lower than HSH, with the median sale price at $238,995 as of the end of June, which it believes to be about $11,000 more than these homes are actually valued at.

And of course there is variation depending on where in the metro area you live. Zillow has the median house value in Plymouth currently pegged at $300,000, whereas in Minneapolis it's $206,700 and in St. Paul it's $171,000.

This heat map from Trulia shows where the most and least expensive houses are sold across the metro.

Only move to San Fran if you're loaded

The cost of housing in the Twin Cities pales in comparison to the country's most expensive cities.

San Francisco, home of the billionaire tech hub of Palo Alto, has seen property prices rise so much that a salary of almost $162,000 would be needed to buy an average priced house.

This puts it well ahead of the next most expensive place, San Diego, at $109,440, followed by Los Angeles, Boston and New York City.

The median house price in San Francisco in the second quarter of 2016 was a whopping $885,600.

Here's the full data used by HSH.

Next Up

Brooklyn Center, protest, Daunte Wright

CNN employee struck in head by water bottle at Brooklyn Center protest

The man was knocked the ground, clearly dazed by the assault.

wolf collar video

Researchers share first-ever collar camera footage from wild wolf

The Voyageurs Wolf Project called it "fascinating," showing that wolves in northern Minnesota clearly know how to hunt fish.


Reminder: Tornado warning sirens will sound twice today for test

It's part of Severe Weather Awareness Week in Minnesota.

Brooklyn Center police, unrest, Daunte Wright

No tear gas used as police, protesters engage again in Brooklyn Center

Fewer arrests were made Wednesday compared to Tuesday.

protest, Daunte Wright, Brooklyn Center

Daunte Wright protests: Police treatment of residents, media in spotlight

There were reports of residents not involved in the protest being detained, and media members being held and forced to show credentials.

Screen Shot 2021-04-14 at 5.09.01 PM

Defense witness: Cause of Floyd's death 'undetermined'

Dr. David Fowler, former Maryland chief medical examiner, said there were a number of possible factors that could have led to George Floyd's death.

Jorge Polanco

Red Sox sweep Twins in Wednesday's doubleheader

The Red Sox defeated the Twins 3-2 in Game 1 and 7-1 in Game 2.

Minnesota Wild

Wild score 3 power play goals in win over Coyotes

Mats Zuccarello scored twice in a 5-2 victory.

Screen Shot 2021-04-14 at 2.38.15 PM

Viral drone video of Bryant Lake Bowl to be auctioned off as NFT

Non-fungible tokens are the latest craze in consumer finance.

kimberly potter

Here's what the manslaughter charge against Kim Potter says

Activists are calling for more serious charges against the former officer.


Minnesotans pay more than national average for gas

Minnesotans as of Monday were paying 17 cents more for gas than the national average. It's unusual for the state to be well over the national average. Maintenance issues at oil refineries in Chicago are to blame, a spokesperson for AAA told KARE 11.