Match Day at the Mayo Clinic in Rochester, MN is a very special day! It will take place on Friday March 19th 2021. It is exciting for everyone in Rochester to welcome those beginning their medical residency program at the Mayo Clinic. We want to welcome you all to the Rochester community!
Match Day is an annual March event that places medical students from all around the country into medical residency programs at hospitals around the U.S. For the next several years, the hospital residents who are placed here at Mayo will make Rochester their home.
Things to do in Rochester, MN
We know that residency will be busy and it will challenge you during your stay in Rochester. However, you will have some time to enjoy yourself and will see that Rochester is full of fun places and things to do. Whether it’s enjoying Thursdays on First in the summer, going to Social Ice in the winter or just being out doing winter activities there is no better place to do residency than in Rochester.
Finding a Place to Live in Rochester, MN
While starting a new residency program is exciting it also brings some challenges. One of the biggest difficulties Rochester newcomers often face is finding the right home. This can be difficult if you are unfamiliar with the neighborhoods, types of homes available, and your commute to the hospital.
Thankfully, there are many neighborhoods to choose from that are a short distance from the Mayo Clinic. No matter where you choose to live in Rochester, you will always be relatively close to the action. Whether you are looking for a place to eat, grocery store, local brewery, parks, or outdoor activities; you will always have options that fit your needs and style.
Rochester has been ranked one of the top places to live in the country for the last several years. Residents are also in close proximity to the exciting big city feel of Minneapolis and St. Paul (roughly 85 miles away).
Buying a home in Rochester, MN
Match Day will go by quickly. Make sure take the time to enjoy your great accomplishment and celebrate with your friends and family. When you are ready to begin your search for a home in Rochester, I would be happy to share my knowledge of our local communities, housing market and other resources with you.
I am here to help you every step of the way. My goal is to help you settle into your new home quickly so that you can focus on starting your new residency at Mayo Clinic.
How much home can a Mayo Resident qualify for?
According to the Mayo website a starting resident annual salary is $57,653 which translates to a bi-weekly payment of $2,217. With a debt to income ratio of 30% which is a conservative percentage of debt for someone to have it means that you total house payment along with other debts such as a car loan, credit card, etc. should not be higher than $1,441/month. The highest most banks will to in term of debt to income ratio is around 40% which would mean a max monthly debt payment of $1,921/month.
To put it into a more practical perspective let me show you an example. Say you buy a house for $250,000 which is about the median sale price here in Rochester, MN. Let’s assume the following:
Interest Rate: 3%
Term: 30 Years
Property Taxes: $3,000 (Yearly)
Home Insurance: $1,200 (Yearly)
Total Monthly Payment: $1,404
As you can see your total monthly payment will be about $1,400. This number doesn’t include utilities, internet, garbage, cable etc. So depending on your budget and comfort level you now see where you may want to be price point wise if you decide to buy a house in Rochester, MN.
- Mayo Credit Union – Great loan products for Residents with low down payments. They also have competitive interest rates and don’t penalize you for student loan debt.
- Moving to Rochester, MN – Information
- Rochester, MN Community – Information
- Rentals – Dwell Management