Total monthly cost of ownership
Cost to Own a Home in Big Lake, Minnesota
A $292,000 home here costs
$2,426per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $104,000 a year.
A standard mortgage calculator would have told you $1,592. The real number is $834 higher every month, 52% more than the payment most buyers budget for.
Compare Sherburne 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.
Big Lake against Sherburne County and Minnesota
| Measure | Big Lake | Sherburne County |
|---|---|---|
| Median home value | $291,700 | $332,700 |
| Median property tax | $3,272 | $3,311 |
| Effective tax rate | 1.122% | 0.995% |
| Median gross rent | $1,417 | $1,151 |
| Population | 12,115 | 99,178 |
The weather behind that power bill
Big Lake sits in Sherburne County, which averages a high of 80.9°F in its hottest month and a low of 3.8°F in its coldest, with 30.69" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 464 cooling and 8,208 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Sherburne County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sherburne County
Full Sherburne County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Big Lake 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 Big Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Big Lake I already own here and may sell
Common questions
How much does it cost to own a home in Big Lake?
A $292,000 home in Big Lake, Minnesota costs approximately $2,426 per month with 20% down at 7.24%. That is $1,592 principal and interest, $273 property tax, $127 homeowners insurance, $190 utilities and $243 set aside for maintenance.
What is the property tax rate in Big Lake?
Big Lake has an effective property tax rate of 1.122%, based on a median home value of $291,700 and median real estate taxes of $3,272. That is higher than the Sherburne County average of 0.995%.
What is the average home price in Big Lake?
The median owner-occupied home value in Big Lake, Minnesota is $291,700, against $332,700 across Sherburne County.
Is it cheaper to rent or buy in Big Lake?
Median gross rent in Big Lake is $1,417 a month, against $2,426 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 Big Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Big Lake, Minnesota at today's rate takes a household income of roughly $104,000 a year. That covers the full $2,426 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Big Lake, 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.