How Long to Save for a Home in Minneapolis, MN
Median home price, average rent, and a personalized savings timeline for Minneapolis — updated 2026-Q1.
Median Home Price
$350,000
Average Rent
$1,500/mo
Median Income
$72,000/yr
5yr Price Growth
+15%
Calculate for Minneapolis
Invest this % of your rent ($1,500/mo)
Down payment
Down Payment Scenarios in Minneapolis
| Scenario | Down Payment | With Bricks | Savings Acct |
|---|---|---|---|
| 3.5% FHA | $12,250 | 5.5 years | 6.1 years |
| 10% Down | $35,000 | 11.8 years | 14.4 years |
| 20% Down | $70,000 | 17.8 years | 23.5 years |
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Buying a Home in Minneapolis, Minnesota
Minneapolis is one of the Midwest's growing metro areas with a population of 430,000. The median home price of $350,000 is near the national average.
With average rent at $1,500/month, a renter in Minneapolis investing 10% of their rent ($150/month) into diversified REITs could accumulate a 20% down payment of $70,000 in approximately 17.8 years. The same monthly contribution in a high-yield savings account would take about 23.5 years.
Home prices in Minneapolis have grown 15% over the past five years, roughly in line with national trends. For renters, this means the down payment target continues to move — making it even more important to invest rather than just save, so your money grows alongside home prices.