Total monthly cost of ownership
Cost to Own a Home in Credit River, Minnesota
A $578,000 home here costs
$4,504per 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 $193,000 a year.
A standard mortgage calculator would have told you $3,151. The real number is $1,353 higher every month, 43% more than the payment most buyers budget for.
Compare Scott 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.
Credit River against Scott County and Minnesota
| Measure | Credit River | Scott County |
|---|---|---|
| Median home value | $577,600 | $393,500 |
| Median property tax | $5,154 | $4,195 |
| Effective tax rate | 0.892% | 1.066% |
| Median gross rent | $890 | $1,485 |
| Population | 5,531 | 152,957 |
The weather behind that power bill
Credit River sits in Scott County, which averages a high of 80.7°F in its hottest month and a low of 5.3°F in its coldest, with 33.32" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 532 cooling and 8,057 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Scott County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Scott County
Full Scott County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Credit River 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 Credit River every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Credit River I already own here and may sell
Common questions
How much does it cost to own a home in Credit River?
A $578,000 home in Credit River, Minnesota costs approximately $4,504 per month with 20% down at 7.24%. That is $3,151 principal and interest, $430 property tax, $251 homeowners insurance, $190 utilities and $482 set aside for maintenance.
What is the property tax rate in Credit River?
Credit River has an effective property tax rate of 0.892%, based on a median home value of $577,600 and median real estate taxes of $5,154. That is lower than the Scott County average of 1.066%.
What is the average home price in Credit River?
The median owner-occupied home value in Credit River, Minnesota is $577,600, against $393,500 across Scott County.
Is it cheaper to rent or buy in Credit River?
Median gross rent in Credit River is $890 a month, against $4,504 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 Credit River?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Credit River, Minnesota at today's rate takes a household income of roughly $193,000 a year. That covers the full $4,504 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Credit River, 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.