Total monthly cost of ownership
Cost to Own a Home in Albany, Minnesota
A $226,000 home here costs
$1,861per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,162. The real number is $699 higher every month — 60% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Albany against Stearns County and Minnesota
| Measure | Albany | Stearns County |
|---|---|---|
| Median home value | $226,000 | $256,500 |
| Median property tax | $2,310 | $2,617 |
| Effective tax rate | 1.022% | 1.020% |
| Median gross rent | $579 | $1,057 |
| Population | 2,800 | 159,358 |
The weather behind that power bill
Albany sits in Stearns County, which averages a high of 80.9°F in its hottest month and a low of 3.8°F in its coldest, with 31.04" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 506 cooling and 8,305 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Stearns County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Stearns County
Full Stearns County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Albany?
A $226,000 home in Albany, Minnesota costs approximately $1,861 per month with 20% down at 6.66%. That is $1,162 principal and interest, $192 property tax, $98 homeowners insurance, $220 utilities and $188 set aside for maintenance.
What is the property tax rate in Albany?
Albany has an effective property tax rate of 1.022%, based on a median home value of $226,000 and median real estate taxes of $2,310. That is in line with the Stearns County average of 1.020%.
What is the average home price in Albany?
The median owner-occupied home value in Albany, Minnesota is $226,000, against $256,500 across Stearns County.
Is it cheaper to rent or buy in Albany?
Median gross rent in Albany is $579 a month, against $1,861 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Albany — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Minnesota.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.