Bloomington, MN home values, income, and owner costs

In Bloomington, MN, the 2024 ACS reports a median owner-occupied home value of $361,700, median household income of $93,211, and median selected monthly owner costs of $2,052 for owners with a mortgage. For the decision at hand, together, those three reference points can still help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,052 measure combines recurring ownership expenses rather than real estate taxes alone. In practical terms, a useful affordability review starts with $361,700, $93,211, and $2,052, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Bloomington, MN's $361,700 median home-value estimate is above the statewide $329,300 estimate, with a reported city-to-state gap of 9.8%. For the decision at hand, that 9.8% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Bloomington, MN. It does not mean every local property is 9.8% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. In practical terms, a borrower can use $361,700 and $329,300 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.