Total monthly cost of ownership
Cost to Own a Home in Detroit Lakes, Minnesota
A $246,000 home here costs
$1,981per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,265. The real number is $716 higher every month — 57% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Detroit Lakes against Becker County and Minnesota
| Measure | Detroit Lakes | Becker County |
|---|---|---|
| Median home value | $246,200 | $266,900 |
| Median property tax | $2,210 | $1,951 |
| Effective tax rate | 0.898% | 0.731% |
| Median gross rent | $925 | $899 |
| Population | 10,002 | 35,260 |
The weather behind that power bill
Detroit Lakes sits in Becker County, which averages a high of 80.2°F in its hottest month and a low of -2.8°F in its coldest, with 23.86" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 367 cooling and 9,305 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Becker County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Becker County
Full Becker County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Detroit Lakes?
A $246,000 home in Detroit Lakes, Minnesota costs approximately $1,981 per month with 20% down at 6.66%. That is $1,265 principal and interest, $184 property tax, $107 homeowners insurance, $220 utilities and $205 set aside for maintenance.
What is the property tax rate in Detroit Lakes?
Detroit Lakes has an effective property tax rate of 0.898%, based on a median home value of $246,200 and median real estate taxes of $2,210. That is higher than the Becker County average of 0.731%.
What is the average home price in Detroit Lakes?
The median owner-occupied home value in Detroit Lakes, Minnesota is $246,200, against $266,900 across Becker County.
Is it cheaper to rent or buy in Detroit Lakes?
Median gross rent in Detroit Lakes is $925 a month, against $1,981 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Detroit Lakes — 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.