Total monthly cost of ownership
Cost to Own a Home in Elbow Lake, Minnesota
A $119,000 home here costs
$1,116per 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 $48,000 a year.
A standard mortgage calculator would have told you $649. The real number is $467 higher every month, 72% more than the payment most buyers budget for.
Compare Grant County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Elbow Lake from a five-year rolling sample, and with about 1,158 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 Grant 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.
Elbow Lake against Grant County and Minnesota
| Measure | Elbow Lake | Grant County |
|---|---|---|
| Median home value | $118,900 | $178,600 |
| Median property tax | $1,508 | $1,677 |
| Effective tax rate | 1.268% | 0.939% |
| Median gross rent | $746 | $779 |
| Population | 1,158 | 6,108 |
The weather behind that power bill
Elbow Lake sits in Grant County, which averages a high of 80.2°F in its hottest month and a low of 2.3°F in its coldest, with 24.09" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 495 cooling and 8,653 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Grant County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grant County
No other places of this size are published in Grant County.
Full Grant County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Elbow Lake 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 Elbow Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elbow Lake I already own here and may sell
Common questions
How much does it cost to own a home in Elbow Lake?
A $119,000 home in Elbow Lake, Minnesota costs approximately $1,116 per month with 20% down at 7.24%. That is $649 principal and interest, $126 property tax, $52 homeowners insurance, $190 utilities and $99 set aside for maintenance.
What is the property tax rate in Elbow Lake?
Elbow Lake has an effective property tax rate of 1.268%, based on a median home value of $118,900 and median real estate taxes of $1,508. That is higher than the Grant County average of 0.939%.
What is the average home price in Elbow Lake?
The median owner-occupied home value in Elbow Lake, Minnesota is $118,900, against $178,600 across Grant County.
Is it cheaper to rent or buy in Elbow Lake?
Median gross rent in Elbow Lake is $746 a month, against $1,116 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 Elbow Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elbow Lake, Minnesota at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,116 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elbow Lake, 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.