Market Overview
Home Prices in Forbes, MN
The median home value in Forbes, MN is $206,065 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.5% compared to a year ago and down 1.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Forbes are priced50% below average. Forbes is part of the Duluth, MN-WI metro area.
Over the past five years, Forbes home values have risen by approximately23.4%, reflecting strong long-term appreciation in this market.
Price History
Forbes Home Price Trend
City Comparison
Forbes vs. National Median
At $206,065, homes in Forbes cost 50% below the national median of $410,000. This makes Forbes a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Forbes?
20% Down Payment
$41,213
on $206,065
Monthly P&I
$1,075/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,365/mo
incl. taxes & insurance
Income Needed
$54,600
gross annual (30% rule)
10% Down Option
$20,607
+ PMI applies
Loan Amount (20% dn)
$164,852
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Forbes, MN?
The median home value in Forbes is $206,065 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.5% year-over-year.
How much have home prices changed in Forbes?
Over the past year, home values in Forbes have increased by 8.5%. Over five years, prices have risen approximately 23.4%.
How much do I need to earn to buy a home in Forbes?
To comfortably afford the median home price of $206,065 with a 20% down payment ($41,213) at today's rates (6.8%), you'd need a gross annual income of approximately $54,600. This assumes keeping total housing costs at or below 30% of gross income.
How does Forbes compare to the national average home price?
The national median home value is approximately $410,000. At $206,065, homes in Forbes are 50% below the national average.
What metro area is Forbes part of?
Forbes is part of the Duluth, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.