Hennepin County, Minnesota: What It Costs to Buy a Home
The median home in Hennepin County is worth $376,500, property taxes on it run about $4,337 a year (1.15%), the FHA loan limit is $552,000, and closing on it means about $1,280 in transfer tax plus $1,374 in title insurance. Each number below opens its own page with the source and a calculator.
| Median home value | $376,500 | Title insurance at this price → |
|---|---|---|
| Property taxes (median paid) | $4,337 a year, 1.15% of value | Property tax page → |
| FHA loan limit (1 unit) | $552,000 | Loan limits page → |
| Conforming loan limit (1 unit) | $832,750 | Loan limits page → |
| Transfer tax on the median home | $1,280 (incl. Hennepin County) | Minnesota transfer tax page → |
| Title insurance on the median home | $1,224 owner's + $150 lender's | Title insurance page → |
| Recording fees (deed + mortgage) | $92 | Recording fees page → |
| Closing costs from these items | $2,746 | Closing costs page → |
| Down payment help | 2 local programs found | First-time buyer page → |
| Area median income (HUD, family of 4) | $131,500; low-income limit $105,200 | Income limits page → |
Frequently asked questions
How much do homes cost in Hennepin County?
The median owner-occupied home in Hennepin County is valued at $376,500, per U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units).
How much are property taxes in Hennepin County?
The median Hennepin County homeowner pays $4,337 a year in real estate taxes, about 1.15% of the median home value ($4,357 for homes with a mortgage), per the Census Bureau's American Community Survey.
What is the FHA loan limit in Hennepin County?
$552,000 for a one-unit home in 2026 (a high-cost limit above the national floor), per HUD; the conforming limit for Fannie Mae and Freddie Mac loans is $832,750, per FHFA.
What does it cost to close on a home in Hennepin County?
On the $376,500 median home: transfer tax $1,280, title insurance $1,374 for both policies, recording fees about $92, about $2,746 for those items before lender fees, prepaid taxes and insurance.
What is the area median income in Hennepin County?
HUD's FY 2026 median family income for Hennepin County (Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area) is $131,500. A family of four counts as low income below $105,200 under HUD's 80% tier (adjusted for local housing costs, so it can sit above 80% of the median), which is the line many first-time buyer assistance programs use.
Nearby Minnesota counties
- Freeborn County $164,900
- Goodhue County $269,400
- Grant County $178,600
- Houston County $226,300
- Hubbard County $255,900
- Isanti County $283,200
Sources
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units)
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25103 (median real estate taxes paid)
- HUD, FHA forward mortgage loan limits for calendar year 2026 (CHUMS county limits file, Mortgagee Letter 2025-23)
- FHFA, conforming loan limits for mortgages acquired in calendar year 2026, by county
Figures are computed from the documents above and rounded to the dollar. All sources.
Every Minnesota county → Minnesota closing costs →
General information, not financial, tax or legal advice. Figures are medians and schedule computations, not quotes.
Counties in every state