Total monthly cost of ownership
Cost to Own a Home in Apple Valley, Minnesota
A $354,000 home here costs
$2,891per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $124,000 a year.
A standard mortgage calculator would have told you $1,961. The real number is $930 higher every month, 47% more than the payment most buyers budget for.
Compare Dakota County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Apple Valley against Dakota County and Minnesota
| Measure | Apple Valley | Dakota County |
|---|---|---|
| Median home value | $354,200 | $362,100 |
| Median property tax | $3,476 | $3,610 |
| Effective tax rate | 0.981% | 0.997% |
| Median gross rent | $1,678 | $1,497 |
| Population | 55,696 | 442,204 |
The weather behind that power bill
Apple Valley sits in Dakota County, which averages a high of 81.3°F in its hottest month and a low of 3.3°F in its coldest, with 34.12" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 551 cooling and 8,121 heating degree days, which is what sets the $124 electricity line above.
See the full climate breakdown for Dakota County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dakota County
Full Dakota County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Apple Valley averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Apple Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Apple Valley I already own here and may sell
Common questions
How much does it cost to own a home in Apple Valley?
A $354,000 home in Apple Valley, Minnesota costs approximately $2,891 per month with 20% down at 7.4%. That is $1,961 principal and interest, $289 property tax, $154 homeowners insurance, $192 utilities and $295 set aside for maintenance.
What is the property tax rate in Apple Valley?
Apple Valley has an effective property tax rate of 0.981%, based on a median home value of $354,200 and median real estate taxes of $3,476. That is lower than the Dakota County average of 0.997%.
What is the average home price in Apple Valley?
The median owner-occupied home value in Apple Valley, Minnesota is $354,200, against $362,100 across Dakota County.
Is it cheaper to rent or buy in Apple Valley?
Median gross rent in Apple Valley is $1,678 a month, against $2,891 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Apple Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Apple Valley, Minnesota at today's rate takes a household income of roughly $124,000 a year. That covers the full $2,891 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Apple Valley, 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.