Total monthly cost of ownership
Cost to Own a Home in Canby, Minnesota
A $132,000 home here costs
$1,250per 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 $53,500 a year.
A standard mortgage calculator would have told you $720. The real number is $531 higher every month, 74% more than the payment most buyers budget for.
Compare Yellow Medicine County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Canby from a five-year rolling sample, and with about 1,563 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Yellow Medicine County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Canby against Yellow Medicine County and Minnesota
| Measure | Canby | Yellow Medicine County |
|---|---|---|
| Median home value | $131,800 | $148,200 |
| Median property tax | $2,073 | $1,545 |
| Effective tax rate | 1.573% | 1.043% |
| Median gross rent | $600 | $688 |
| Population | 1,563 | 9,509 |
The weather behind that power bill
Canby sits in Yellow Medicine County, which averages a high of 82.2°F in its hottest month and a low of 2.0°F in its coldest, with 29.45" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 546 cooling and 8,345 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Yellow Medicine County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Yellow Medicine County
No other places of this size are published in Yellow Medicine County.
Full Yellow Medicine County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Canby 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 Canby 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 Canby?
A $132,000 home in Canby, Minnesota costs approximately $1,250 per month with 20% down at 7.24%. That is $720 principal and interest, $173 property tax, $57 homeowners insurance, $190 utilities and $110 set aside for maintenance.
What is the property tax rate in Canby?
Canby has an effective property tax rate of 1.573%, based on a median home value of $131,800 and median real estate taxes of $2,073. That is higher than the Yellow Medicine County average of 1.043%.
What is the average home price in Canby?
The median owner-occupied home value in Canby, Minnesota is $131,800, against $148,200 across Yellow Medicine County.
Is it cheaper to rent or buy in Canby?
Median gross rent in Canby is $600 a month, against $1,250 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 Canby?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Canby, Minnesota at today's rate takes a household income of roughly $53,500 a year. That covers the full $1,250 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Canby, 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.