Is Minneapolis, MN affordable on a $1,200,000 salary?
YES
On $1,200,000/yr, the typical $387,807 home in Minneapolis, MN needs $121,415/yr ($2,833/mo). Your gap: +$1,078,585 — housing would be 2.8% of your gross income.
The math
387,807 price − 10% down (38,781) = 349,026 loan
30-yr fixed at 7.18% on 349,026 = 2,364/mo principal+interest
+ 469/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
2,833/mo PITI ÷ 0.28 = 10,118/mo → 121,415/yr required
against Zillow ZHVI 2026-09 and the 7.18% FRED 30-yr rate (2026-11-05).
What salary WOULD clear Minneapolis, MN?
You need about $121,415/yr for the typical home. On $1,200,000 you already clear it by $1,078,585.