CALCMONEY // HOME AFFORDABILITY // MN // BLOOMINGTON
How much house can you afford in Bloomington? Based on local median home prices, current MN mortgage rates, and Bloomington property tax data.
$312,000
$2,048/mo
$87,789/yr
$243,152
Monthly housing costs of $2,048 represent 34.0% of Bloomington's median gross monthly income ($6,033/mo). At 34.0%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $312,000 |
| Down Payment (20%) | $62,400 |
| Loan Amount | $249,600 |
| Monthly PI Payment | $1,627 |
| Monthly Property Tax | $291 |
| Monthly Insurance Est. | $130 |
| Total Monthly PITI | $2,048 |
| Housing Cost % of Income | 34.0% |
| Required Income (28% rule) | $87,789/yr |
| Max Affordable Home | $243,152 |
$10,920
$2,597/mo
Bloomington Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $312,000 | Bloomington city median |
| Down Payment (20%) | $62,400 | Conventional loan |
| Monthly PITI | $2,048 | 6.8% rate, 30yr fixed |
| Required Income (28% rule) | $87,789 | Annual gross |
| Max Affordable Home | $243,152 | Based on median income |
| FHA Down (3.5%) | $10,920 | Minimum FHA |
| Housing Cost % of Income | 34.0% | Median income: $72,400/yr |
| Property Tax Rate | 1.12% | $3,494/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Bloomington is $312,000, with a local 30-year mortgage rate of 6.8%. A buyer putting 20% down carries a loan of $249,600, generating a monthly P&I payment of $1,627. Adding property taxes ($291/mo) and homeowners insurance ($130/mo) brings total monthly PITI to $2,048.
Bloomington's property tax rate of 1.12% is near the national average, adding a standard increment to monthly housing costs. On the Bloomington median home, that is $291/month, or $3,494 per year.
Minnesota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Bloomington 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 Bloomington's median income of $72,400/year can afford up to $1,689/month in total housing costs. Based on Bloomington's mortgage rate of 6.8% and property tax rate of 1.12%, that translates to a maximum affordable home price of approximately $243,152 with 20% down on a 30-year loan.
To afford the median Bloomington home priced at $312,000, you need an annual gross income of approximately $87,789. Total monthly housing costs (principal and interest of $1,627, property taxes of $291, and insurance of $130) come to $2,048/month, which equals 28% of the required income.
At the median home price of $312,000 and median household income of $72,400, the total monthly housing cost of $2,048 represents 34.0% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Bloomington home of $312,000 is $62,400. An FHA loan requires just 3.5% down — $10,920 — but adds mortgage insurance of roughly $213/month, bringing total FHA payments to $2,597/month.
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