How much more expensive is buying a home now vs. 5 years ago in Minnesota?

MINNEAPOLIS, Minn. (Fox 9) - Purchasing a home is never cheap, but if you feel like becoming a homeowner is more expensive than in the past, you're right.

A new study from MoneyLion set out to compare how much more it costs to buy a home in 2026 than it did five years ago in 2021.

Buying a home in Minnesota in 2026 vs. 2021

The backstory:

To compare the difference between now and five years ago, MoneyLion looked at data that showed average home values, mortgage costs and the salary needed to afford a typical single-family home in each state across the U.S. in both 2021 and 2026.

What they found was that the average mortgage rate had jumped from 2.77% to 7.28% on average in the U.S. It also revealed that the average salary needed to afford a home in 2026 was 69% higher than it was in 2021.

By the numbers:

In Minnesota, MoneyLion found that the average home was now $45,167 more expensive in 2026 versus 2021, a 14.4% increase.

The study also found that Minnesota homeowners now spend $11,927 more each year on their mortgage on average.

To afford this, Minnesota residents in 2026 need to make $42,597 more per year in order to afford a single-family home, a 91.3% increase from 2021.

Neighboring states

Dig deeper:

Homeowners in the neighboring states of Minnesota aren't saving much money either. A home in Wisconsin is now $82,785 more on average in 2026 than in 2021 and $51,559 more in Iowa.

Both the Dakotas aren't looking too good either. North Dakota homes are $47,015 more expensive and South Dakota is $63,031 more.

The Source: This story was written using information from a study done by MoneyLion and was reported out of Eden Prairie, Minnesota.