Mayo Clinic Residents Home Buying Guide

Matching at Mayo Clinic to do your medical residency is a big accomplishment. Here in Rochester, MN we love to welcome all new Mayo Resident every year. Whether you are a new incoming resident, or have been enjoying life as a current Mayo resident, we created this home buying guide for you. We know you are a hardworking and smart professional so we want to make your home buying experience a fun, smooth and successful one.

Moving To Rochester, MN | Mayo Clinic Residents

Moving to Rochester, MN can seem like a daunting task especially if you don’t know much about living here or are not used to the cold winters. However, we love Rochester and are always happy and willing to answer any questions you may have.

If you decide to make the move here, our goal is to become your guide so that you can have the smoothest transition. Even if you decide to rent first, we are never to busy to help you.

There is a great Facebook Group organized by spouses and significant others of Mayo Clinic residents, fellows and medical students.

Living In Rochester, MN | Mayo Clinic Residents

Rochester, MN has a lot to offer like nice parks, trails, restaurants, great schools and much more. If you would like to learn more about the Rochester community, we have a page you can check out here.

Best Homes for Mayo Clinic Residents

The best home for any Mayo Clinic Resident will depend on different factors such as home type, bedrooms, bathrooms, location etc. The average home price in Rochester is about $300,000. Home prices have significantly increased here in Rochester in the last several years. When you consider the average Mayo Clinic resident salary, for a single resident buying a house, they will be looking at qualifying for a home around $280,000 to $300,000.

Many residents like to live close to downtown and the Mayo Clinic. Others like to be farther away from Mayo Clinic and live in more of a neighborhood. Either option is great because Rochester is a very safe city to live in.

Whether you are looking to buy a home or rent, please reach out to us and we would love to help you!

Home Loans for Mayo Clinic Residents

Unless you are planning on buying a house in cash, you will need to get a home loan. Fortunately, here in Rochester there are several banks with home loans that are specific to Mayo Clinic residents.

We have the best recommendations for you so that not only you can buy the best home at the best price but also get the best financing terms. The benefits of resident home loans are:

  • No private mortgage insurance (PMI) when putting less than 20% downpayment.

  • Interest Rates are market below the current conventional rates

  • You can close 150 days from your start date at Mayo Clinic

  • 0% down payment required (Home Price Cap)

How much can a Mayo Clinic resident qualify for?

 FAQs

  • Rochester, MN is generally considered to be a safe place to live. The city has a low crime rate, and the police department works hard to keep the community safe. Additionally, the city has a variety of programs in place to ensure that individuals feel safe and secure in their neighborhoods. For example, the city has Neighborhood Watch programs, and the police department regularly holds community meetings to discuss safety and security. So overall, yes, Rochester, MN is a safe place to live.

  • The cost of living in Rochester, MN is very reasonable. According to a recent cost of living index report, Rochester has a score of 92.5, which is 7.5% lower than the national average. The housing market in Rochester is fairly affordable, with the median home cost being around $290,000. Additionally, the median rent for a one-bedroom apartment is around $800 per month. Overall, the cost of living in Rochester is quite reasonable and offers a great quality of life for those looking to settle down in the area.

  • Absolutely! Rochester, Minnesota is a wonderful place to live. It has a wide variety of activities and attractions, ranging from museums and parks to restaurants and shopping centers. The city is also home to the world-renowned Mayo Clinic, providing excellent healthcare options. The city is safe and has a strong sense of community. It also offers a range of housing options, making it a great place to call home.

  • Here are a few great ideas of things to do in the area:

    1) Take a stroll through the Quarry Hill Nature Center, where you can explore trails and take in the stunning views of the town.

    2) Explore the downtown area and check out the various shops, restaurants, and galleries.

    3) Catch a show at the Rochester Civic Theatre, which puts on a variety of plays and musicals.