Minnesota Debt Overview
| Metric | Minnesota | US Average |
|---|---|---|
| Avg household debt (ex-mortgage) | $46,900 | $44,200 |
| Median home value | $334,000 | $308,000 |
| Property tax rate | 1.12% | 1.08% |
| State income tax | 5.35%–9.85% | varies |
Payoff Time: $46900 Debt at 20% APR
| Monthly Payment | Payoff Time | Total Interest |
|---|---|---|
| $938/mo | 9yr 1mo | ~$54,780 |
| $1,407/mo | 4yr 2mo | ~$22,128 |
| $1,876/mo | 2yr 9mo | ~$14,277 |
| $2,345/mo | 2yr 1mo | ~$10,628 |
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What is the average debt in Minnesota?
The average household debt in Minnesota (excluding mortgage) is approximately $46,900.
Does Minnesota income tax affect debt repayment?
Minnesota's income tax of 5.35%–9.85% reduces take-home pay, making it important to budget carefully for debt payments.
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