Total monthly cost of ownership
Cost to Own a Home in Clara City, Minnesota
A $117,000 home here costs
$1,136per 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 $48,500 a year.
A standard mortgage calculator would have told you $638. The real number is $498 higher every month, 78% more than the payment most buyers budget for.
Compare Chippewa County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Clara City from a five-year rolling sample, and with about 1,497 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 Chippewa 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.
Clara City against Chippewa County and Minnesota
| Measure | Clara City | Chippewa County |
|---|---|---|
| Median home value | $116,500 | $149,000 |
| Median property tax | $1,906 | $1,551 |
| Effective tax rate | 1.636% | 1.041% |
| Median gross rent | $1,063 | $846 |
| Population | 1,497 | 12,388 |
The weather behind that power bill
Clara City sits in Chippewa 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 Chippewa County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chippewa County
Full Chippewa County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Clara City 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 Clara City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Clara City I already own here and may sell
Common questions
How much does it cost to own a home in Clara City?
A $117,000 home in Clara City, Minnesota costs approximately $1,136 per month with 20% down at 7.24%. That is $638 principal and interest, $160 property tax, $51 homeowners insurance, $190 utilities and $98 set aside for maintenance.
What is the property tax rate in Clara City?
Clara City has an effective property tax rate of 1.636%, based on a median home value of $116,500 and median real estate taxes of $1,906. That is higher than the Chippewa County average of 1.041%.
What is the average home price in Clara City?
The median owner-occupied home value in Clara City, Minnesota is $116,500, against $149,000 across Chippewa County.
Is it cheaper to rent or buy in Clara City?
Median gross rent in Clara City is $1,063 a month, against $1,136 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 Clara City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Clara City, Minnesota at today's rate takes a household income of roughly $48,500 a year. That covers the full $1,136 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Clara City, 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.