Full Cost Breakdown — 55401 (Minneapolis, MN)
What Salary Do You Need to Buy in 55401?
Using the standard 28% gross income housing rule, you need approximately $93,160/year to comfortably afford the median home in Minneapolis, MN with 20% down at today's 7.1% rate.
The average household income in Hennepin County is approximately $75,000/year — which means buying the median home here is difficult for the average family.
Property Tax in 55401 (Hennepin County)
Hennepin County has a property tax rate of approximately 1.2% — above the national average of 1.1%. On a $320,000 home, this equals $320/month or $3,840/year in property taxes.
Property taxes can often be appealed if your assessment seems high. Ownwell specializes in property tax appeals — they only charge if they save you money.
Will a Bank Approve You in Minneapolis?
Approval depends on your specific profile — credit score, income, existing debts, and down payment. The Bank Rejection Engine shows exactly how 5 different lender types would score your application for a home in 55401.