How much you need to make to buy a home in Minnesota, Wisconsin

MINNEAPOLIS (FOX 9) - According to a recent study in Bankrate, Minnesotans need to make at least $100,000 a year in household income to buy a typical home.

What Minnesotans need to make

Why you should care:

According to the Bankrate 2025 Housing Affordability Study, Minnesotans need to make $103,823 in annual income to be able to buy a home in their area. That’s an increase of nearly $12,000 from this time last year.

If you’re looking to buy a typical home in Wisconsin, you need an annual income of $87,743. That’s up nearly $9,000 from last year.

READ MORE: Here's how much money Minnesotans need to make to buy a median-priced home

What are the most expensive states?

What we know:

According to the Bankrate study, here are the areas where you need to make the most money to afford a typical home:

• District of Columbia: $240,009
• Hawaii: $235,638
• California: $213,447
• Massachusetts: $174,392
• Colorado: $168,643

What are the cheapest states?

The other side:

Here are the bottom five states where you don’t need to make well under $100,000 to afford a typical home:

1. West Virginia: $64,179
2. Iowa: $70,437
3. Ohio: $71,080
4. Mississippi: $72,072
5. Indiana: $72,342

Where did the data come from?

Dig deeper:

Bankrate collected data for its study from an evaluation of the minimum annual pre-tax income a household needs to afford a median-priced home in all 50 U.S. states, and the District of Columbia in 2025, compared to 2020. 

How do I know what I can afford?

Big picture view:

Here are tips to consider when you look at buying a home:

• Understanding how far your income can stretch.
• Know your credit score. It plays a large role in your mortgage rate.
• Check on your eligibility for down payment assistance. Programs exist to help homebuyers with lower to moderate incomes.
• Consider what type of home, and size, you want.
• Stay patient if you’re not ready to buy, and don’t overspend your means.