Chicago vs Minneapolis: Mortgage Cost Comparison
Thinking about buying in Chicago or Minneapolis? Here's a side-by-side comparison of mortgage costs in both cities.
$2,328
Chicago PITI
$2,220
Minneapolis PITI
$108/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Chicago vs Minneapolis: Full Mortgage Comparison
Buying a home in Minneapolis is $108/month cheaper based on average home prices and local costs.
| Chicago, IL | Minneapolis, MN | |
|---|---|---|
| Avg. Home Price | $320,000 | $340,000 |
| Down Payment (20%) | $64,000 | $68,000 |
| Loan Amount | $256,000 | $272,000 |
| Property Tax Rate | 2.1% | 1.18% |
| Annual Property Tax | $6,720 | $4,012 |
| Annual Insurance | $1,800 | $2,000 |
| Monthly P&I | $1,618 | $1,719 |
| Monthly PITI | $2,328 | $2,220 |
| Total Interest (30yr) | $326,514 | $346,921 |
What Drives the Difference?
Home prices are the biggest factor — Minneapolis’s average home costs $20,000 more than Chicago’s.
Property taxes also favor Minneapolis — Chicago’s 2.1% rate is higher than Minneapolis’s 1.18%.
Insurance is $200/year more in Minneapolis.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Chicago | Minneapolis | |
|---|---|---|
| Monthly PITI | $2,328 | $2,220 |
| Income needed | $99,775 | $95,153 |
Try Your Own Numbers
The calculator above is pre-filled with Chicago’s averages. Adjust the values to match your situation, or try the Minneapolis calculator for Minneapolis-specific numbers.