How much house can I actually afford in the Twin Cities?
Answered by Chris Deutsch, Founder & Editor
Licensed Minnesota Realtor #20382264 ·
The short answer
The old '3x your income' rule is outdated. In the Twin Cities market, I advise clients to work backwards from their monthly comfort zone. A $400K home at current rates means roughly $2,600-2,800/month with taxes and insurance. Don't forget to budget 1-2% of home value annually for maintenance—older homes in South Minneapolis need more, new construction in the suburbs needs less. I can connect you with lenders who'll give you an honest 'payment comfort zone' rather than just a maximum approval. Tell me your monthly comfort number and I'll work the price backward with you — send me a text.
On stage The 60-second answer
Captions on · Transcript below
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