Total monthly cost of ownership
Cost to Own a Home in Cold Spring, Minnesota
A $242,000 home here costs
$2,051per 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 $88,000 a year.
A standard mortgage calculator would have told you $1,340. The real number is $710 higher every month, 53% more than the payment most buyers budget for.
Compare Stearns County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Cold Spring from a five-year rolling sample, and with about 4,201 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 Stearns 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.
Cold Spring against Stearns County and Minnesota
| Measure | Cold Spring | Stearns County |
|---|---|---|
| Median home value | $242,000 | $256,500 |
| Median property tax | $2,534 | $2,617 |
| Effective tax rate | 1.047% | 1.020% |
| Median gross rent | $1,297 | $1,057 |
| Population | 4,201 | 159,358 |
The weather behind that power bill
Cold Spring sits in Stearns County, which averages a high of 80.9°F in its hottest month and a low of 3.8°F in its coldest, with 31.04" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 506 cooling and 8,305 heating degree days, which is what sets the $124 electricity line above.
See the full climate breakdown for Stearns County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Stearns County
Full Stearns County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Cold Spring 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 Cold Spring every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cold Spring I already own here and may sell
Common questions
How much does it cost to own a home in Cold Spring?
A $242,000 home in Cold Spring, Minnesota costs approximately $2,051 per month with 20% down at 7.4%. That is $1,340 principal and interest, $211 property tax, $105 homeowners insurance, $192 utilities and $202 set aside for maintenance.
What is the property tax rate in Cold Spring?
Cold Spring has an effective property tax rate of 1.047%, based on a median home value of $242,000 and median real estate taxes of $2,534. That is higher than the Stearns County average of 1.020%.
What is the average home price in Cold Spring?
The median owner-occupied home value in Cold Spring, Minnesota is $242,000, against $256,500 across Stearns County.
Is it cheaper to rent or buy in Cold Spring?
Median gross rent in Cold Spring is $1,297 a month, against $2,051 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 Cold Spring?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cold Spring, Minnesota at today's rate takes a household income of roughly $88,000 a year. That covers the full $2,051 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cold Spring, 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.