I Have to Earn HOW Much to Afford a Median Home in Minnesota?

Almost ten years ago, I bought my first house. It was a 5-bedroom, 1 1/2 bath split-level (ew) on a small lot in a quiet-ish neighborhood. The price was $99,999. Jack squat has been done to it, yet it's worth $237,000 now.

I don't own it now (yay, divorce!), and now I couldn't even afford it. And somehow, that's not even the "median" price for a home in Minnesota. Good morning, Choad Rage!

A Minnesotan Needs an Annual Salary of $91,886 Just to Buy a "Median" Home

I've heard of ramblers and split-level houses, but what's a 'median'? I kid, I kid...mostly to avoid screaming into the void.

The median price of a Minnesota home is now $323,900, with an 'average' mortgage payment of $2,144. Using the Finance Nerd Calculator for ratios and whathaveyou, that comes out to a salary of $91,886 needed.

Just last week, I posted about the new minimum salary required to be "middle class" in Minnesota. I thought I'd just reached middle class status, and then the goal posts were moved. Again.

Just four years ago (that'd be 2020), the annual income to buy a 'median'-priced home in Minnesota was just $67,890.

Excuse me, but what seems to be the f#ck?!

It Could Be Worse

Per usual for Minnesota, it's more "affordable" to buy a home in Minnesota than it is for about half of the U.S. We're such a "median" state.

Still unaffordable, though.

* = not an actual real estate listing

H/T: Fox 9