Total monthly cost of ownership
Cost to Own a Home in Buffalo, Minnesota
A $282,000 home here costs
$2,299per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,450. The real number is $849 higher every month — 59% 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.
Buffalo against Wright County and Minnesota
| Measure | Buffalo | Wright County |
|---|---|---|
| Median home value | $281,900 | $332,800 |
| Median property tax | $3,255 | $3,319 |
| Effective tax rate | 1.155% | 0.997% |
| Median gross rent | $1,111 | $1,246 |
| Population | 16,388 | 145,270 |
The weather behind that power bill
Buffalo sits in Wright County, which averages a high of 80.9°F in its hottest month and a low of 2.7°F in its coldest, with 31.74" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 532 cooling and 8,211 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Wright County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wright County
Full Wright County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Buffalo?
A $282,000 home in Buffalo, Minnesota costs approximately $2,299 per month with 20% down at 6.66%. That is $1,450 principal and interest, $271 property tax, $122 homeowners insurance, $220 utilities and $235 set aside for maintenance.
What is the property tax rate in Buffalo?
Buffalo has an effective property tax rate of 1.155%, based on a median home value of $281,900 and median real estate taxes of $3,255. That is higher than the Wright County average of 0.997%.
What is the average home price in Buffalo?
The median owner-occupied home value in Buffalo, Minnesota is $281,900, against $332,800 across Wright County.
Is it cheaper to rent or buy in Buffalo?
Median gross rent in Buffalo is $1,111 a month, against $2,299 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 Buffalo — 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.