CALCMONEY // HOME AFFORDABILITY // MN // EDINA
How much house can you afford in Edina? Based on local median home prices, current MN mortgage rates, and Edina property tax data.
$850,000
$5,683/mo
$243,542/yr
$457,884
Monthly housing costs of $5,683 represent 44.0% of Edina's median gross monthly income ($12,917/mo). At 44.0%, median-income buyers in Edina are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $850,000 |
| Down Payment (20%) | $170,000 |
| Loan Amount | $680,000 |
| Monthly PI Payment | $4,478 |
| Monthly Property Tax | $850 |
| Monthly Insurance Est. | $354 |
| Total Monthly PITI | $5,683 |
| Housing Cost % of Income | 44.0% |
| Required Income (28% rule) | $243,542/yr |
| Max Affordable Home | $457,884 |
$29,750
$7,187/mo
Edina Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $850,000 | Edina city median |
| Down Payment (20%) | $170,000 | Conventional loan |
| Monthly PITI | $5,683 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $243,542 | Annual gross |
| Max Affordable Home | $457,884 | Based on median income |
| FHA Down (3.5%) | $29,750 | Minimum FHA |
| Housing Cost % of Income | 44.0% | Median income: $155,000/yr |
| Property Tax Rate | 1.2% | $10,200/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Edina is $850,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $680,000, generating a monthly P&I payment of $4,478. Adding property taxes ($850/mo) and homeowners insurance ($354/mo) brings total monthly PITI to $5,683.
Edina's property tax rate of 1.2% is near the national average, adding a standard increment to monthly housing costs. On the Edina median home, that is $850/month, or $10,200 per year.
Minnesota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Edina 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 Edina's median income of $155,000/year can afford up to $3,617/month in total housing costs. Based on Edina's mortgage rate of 6.9% and property tax rate of 1.2%, that translates to a maximum affordable home price of approximately $457,884 with 20% down on a 30-year loan.
To afford the median Edina home priced at $850,000, you need an annual gross income of approximately $243,542. Total monthly housing costs (principal and interest of $4,478, property taxes of $850, and insurance of $354) come to $5,683/month, which equals 28% of the required income.
At the median home price of $850,000 and median household income of $155,000, the total monthly housing cost of $5,683 represents 44.0% of gross monthly income. This is well above the standard 28% threshold, making Edina a challenging market for buyers at median income.
A conventional 20% down payment on the median Edina home of $850,000 is $170,000. An FHA loan requires just 3.5% down — $29,750 — but adds mortgage insurance of roughly $581/month, bringing total FHA payments to $7,187/month.
Minneapolis
$355,000 median
MNSt. Paul
$290,000 median
MNRochester
$320,000 median
MNDuluth
$215,000 median