Total monthly cost of ownership
Cost to Own a Home in Elk River, Minnesota
A $338,000 home here costs
$2,719per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,738. The real number is $981 higher every month — 56% 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.
Elk River against Sherburne County and Minnesota
| Measure | Elk River | Sherburne County |
|---|---|---|
| Median home value | $338,300 | $332,700 |
| Median property tax | $3,994 | $3,311 |
| Effective tax rate | 1.181% | 0.995% |
| Median gross rent | $1,269 | $1,151 |
| Population | 26,367 | 99,178 |
The weather behind that power bill
Elk River sits in Sherburne County, which averages a high of 80.9°F in its hottest month and a low of 3.8°F in its coldest, with 30.69" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 464 cooling and 8,208 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Sherburne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sherburne County
Full Sherburne County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Elk River?
A $338,000 home in Elk River, Minnesota costs approximately $2,719 per month with 20% down at 6.66%. That is $1,738 principal and interest, $333 property tax, $147 homeowners insurance, $220 utilities and $282 set aside for maintenance.
What is the property tax rate in Elk River?
Elk River has an effective property tax rate of 1.181%, based on a median home value of $338,300 and median real estate taxes of $3,994. That is higher than the Sherburne County average of 0.995%.
What is the average home price in Elk River?
The median owner-occupied home value in Elk River, Minnesota is $338,300, against $332,700 across Sherburne County.
Is it cheaper to rent or buy in Elk River?
Median gross rent in Elk River is $1,269 a month, against $2,719 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 Elk 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.