Minnesota home prices up 69% in decade

Minnesota's median home price rose 69.4% over the past decade to $346,668 in March 2026, a $142,007 jump that has pushed housing affordability to new lows.^[1]

Household income growth has not kept pace: median household income reached $89,062 in 2024, a 46.4% increase over the same period, leaving buyers farther behind the rising cost of homes.^[1] The report ties the surge to post-recession demand patterns, a COVID-era acceleration in buying, broad inflation, and mortgage rates above 6% that keep monthly payments near record highs.^[1]

In March 2016, Minnesota's median home price was $204,661. Over the next decade, constrained housing supply and steady demand amplified price gains, and the pandemic years sped that rise as buyers competed for fewer listings.

Lenders and policymakers now face a market where higher borrowing costs and elevated prices leave many would-be buyers priced out. With mortgage rates above 6%, typical monthly payments remain near record highs, making it harder for households whose incomes rose 46.4% to $89,062 in 2024 to keep pace with housing costs.

1. FOX 9