Income needed to buy a home
Clay County, MN
$104,605
a year in household income to buy the typical Clay County home with 10% down.
The monthly math
Typical home value$304,062
Down payment (10%)$30,406
Loan$273,656
Principal and interest (7.40%)$1,895/mo
Property tax (1.1% a year)$280/mo
Homeowners insurance (estimate)$152/mo
Mortgage insurance$114/mo
Total monthly cost$2,441/mo
Income needed keeps housing at 28% of gross income, the lender rule of thumb.
What locals earn
A stretch
The typical household here earns $81,172 a year, 78% of what it takes.
In Minnesota
Clay County ranks #56 of 87 for the income a home takes, from least to most.
Easiest to afford in Minnesota
| County | Typical home | Income needed |
|---|---|---|
| Kittson County | $144,933 | $48,349 |
| Traverse County | $150,628 | $50,803 |
| Koochiching County | $156,754 | $52,141 |
| Faribault County | $163,932 | $55,202 |
| Cottonwood County | $166,979 | $57,093 |
Typical home value from the Zillow Home Value Index, August 2026. Rate is the Freddie Mac 30-year average for Oct 8, 2026. Property tax rate is total taxes paid divided by total home value in the county (U.S. Census, ACS 2020-2024). How it works.