30 Year Fixed
- 5.03 %
15 Year Fixed
- 4.41 %
1-Year ARM
- 3.77 %
5/1 ARM
- 4.04 %
Compare Mortgage Rates

Guide to Minnesota Mortgages

Minnesota

Minnesota is located in the Midwestern region of the United States and is the 12th largest state in the United States by area. This state was carved out of the eastern portion of the Minnesota Territory and became the 32nd state in 1858. Minnesota is also known as the “Land of 1000 Lakes.”

The state’s total population is around 5,197,621 which make it the 21st most populated state in the nation with a median income of $55,914. Its demographics are as follows; 87.3% White American; 4.4% African American; 1% American Indian; 3.4% Asian American; 1.6% Mixed. The economy for this state is incredibly diverse with the Minnesota gross state product estimated at $234 billion. The per capita income is ranked at about 10th with a total of $37,290. State income tax rates vary from 5.35% to 7.85% and a sales tax of 6.5% on tangible retail goods except for clothing, medication, food and some services.

The largest city in the state of Michigan is Detroit, this is also the main hub for the automotive industry in the United States, and the population is estimated at 916,952. Grand Rapids is the next largest city with 193,627 and then Warren, Michigan with 134,223.

Sitting alongside the Mississippi River is Saint Paul, Minnesota’s capital. Right next door to Saint Paul is Minneapolis, the most populated city in the state. Together these cities are known as the Twin Cities. There are 17 cities in Minnesota that have populations of over 50,000, but only one other city with a population of over 100,000, as Minneapolis and Saint Paul have; this city is Rochester.

 

Mortgage Essentials
Before working with a mortgage broker, use our various tools to calculate your budgeted monthly home loan payments, track local mortgage rates and learn about the many lending products and services available.

Mortgage Calculators
Mortgage Refinance Rates
Join the Directory
 
Home Loan Quotes
Minnesota Housing Statistics
MinnesotaUSA
Total Housing2,065,946121,699,874
Total Urban1,410,06494,464,240
Total Rural655,88227,235,633
Occupied1,895,127110,754,106
Vacant170,81910,945,767
Owner Occupied1,412,86573,306,541
Renter Occupied482,26237,447,565
Vacant for Rent20,4522,745,385
Vacant for Sale13,3921,264,534
 
Compare Mortgage Rates

Join the Directory