Total monthly cost of ownership
Cost to Own a Home in Elgin, Minnesota
A $218,000 home here costs
$1,839per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,121. The real number is $718 higher every month — 64% 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.
Elgin against Wabasha County and Minnesota
| Measure | Elgin | Wabasha County |
|---|---|---|
| Median home value | $218,200 | $245,800 |
| Median property tax | $2,662 | $2,675 |
| Effective tax rate | 1.220% | 1.088% |
| Median gross rent | $738 | $798 |
| Population | 1,147 | 21,519 |
The weather behind that power bill
Elgin sits in Wabasha County, which averages a high of 83.1°F in its hottest month and a low of 4.2°F in its coldest, with 35.47" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 614 cooling and 7,860 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Wabasha County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wabasha County
Full Wabasha County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Elgin?
A $218,000 home in Elgin, Minnesota costs approximately $1,839 per month with 20% down at 6.66%. That is $1,121 principal and interest, $222 property tax, $95 homeowners insurance, $220 utilities and $182 set aside for maintenance.
What is the property tax rate in Elgin?
Elgin has an effective property tax rate of 1.220%, based on a median home value of $218,200 and median real estate taxes of $2,662. That is higher than the Wabasha County average of 1.088%.
What is the average home price in Elgin?
The median owner-occupied home value in Elgin, Minnesota is $218,200, against $245,800 across Wabasha County.
Is it cheaper to rent or buy in Elgin?
Median gross rent in Elgin is $738 a month, against $1,839 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 Elgin — 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.