Home Affordability in St. Paul, MN
The median home price in St. Paul is $280,000 with a median household income of $57,975. Housing is moderately affordable relative to local incomes.
Median Home Price
$280,000
Median Income
$57,975
Price-to-Income Ratio
4.8x
Est. Affordable Home
$225,000
Property Tax Rate
1.20%
Annual Property Tax
$3,360
Sales Tax Rate
8.03%
Cost of Living Index
105
Buying a Home in St. Paul
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $57,975 in St. Paul can afford a monthly housing payment of approximately $1,353. This translates to a home price of roughly $225,000, which is below the median home price of $280,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in St. Paul would be approximately $3,360 per year ($280/month) at the effective rate of 1.20%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $8,400 | $271,600 | Yes |
| 5% | $14,000 | $266,000 | Yes |
| 10% | $28,000 | $252,000 | Yes |
| 20% | $56,000 | $224,000 | No |
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