Total monthly cost of ownership
Cost to Own a Home in Byron, Minnesota
A $326,000 home here costs
$2,783per 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 $119,500 a year.
A standard mortgage calculator would have told you $1,806. The real number is $977 higher every month, 54% more than the payment most buyers budget for.
Compare Olmsted 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.
Byron against Olmsted County and Minnesota
| Measure | Byron | Olmsted County |
|---|---|---|
| Median home value | $326,400 | $304,500 |
| Median property tax | $4,461 | $3,314 |
| Effective tax rate | 1.367% | 1.088% |
| Median gross rent | $1,079 | $1,283 |
| Population | 6,510 | 163,425 |
The weather behind that power bill
Byron sits in Olmsted County, which averages a high of 80.3°F in its hottest month and a low of 7.0°F in its coldest, with 34.67" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 533 cooling and 7,856 heating degree days, which is what sets the $124 electricity line above.
See the full climate breakdown for Olmsted County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Olmsted County
Full Olmsted County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Byron 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 Byron every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Byron?
A $326,000 home in Byron, Minnesota costs approximately $2,783 per month with 20% down at 7.4%. That is $1,806 principal and interest, $371 property tax, $142 homeowners insurance, $192 utilities and $272 set aside for maintenance.
What is the property tax rate in Byron?
Byron has an effective property tax rate of 1.367%, based on a median home value of $326,400 and median real estate taxes of $4,461. That is higher than the Olmsted County average of 1.088%.
What is the average home price in Byron?
The median owner-occupied home value in Byron, Minnesota is $326,400, against $304,500 across Olmsted County.
Is it cheaper to rent or buy in Byron?
Median gross rent in Byron is $1,079 a month, against $2,783 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 Byron?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Byron, Minnesota at today's rate takes a household income of roughly $119,500 a year. That covers the full $2,783 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Byron, 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.