Total monthly cost of ownership
Cost to Own a Home in Eveleth, Minnesota
A $92,000 home here costs
$868per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $37,000 a year.
A standard mortgage calculator would have told you $510. The real number is $358 higher every month, 70% more than the payment most buyers budget for.
Compare St. Louis County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Eveleth from a five-year rolling sample, and with about 3,470 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 St. Louis 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.
Eveleth against St. Louis County and Minnesota
| Measure | Eveleth | St. Louis County |
|---|---|---|
| Median home value | $91,800 | $208,500 |
| Median property tax | $589 | $2,142 |
| Effective tax rate | 0.642% | 1.027% |
| Median gross rent | $839 | $970 |
| Population | 3,470 | 200,056 |
The weather behind that power bill
Eveleth sits in St. Louis County, which averages a high of 77.2°F in its hottest month and a low of -1.5°F in its coldest, with 27.58" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 228 cooling and 9,718 heating degree days, which is what sets the $124 electricity line above.
See the full climate breakdown for St. Louis County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Louis County
Full St. Louis County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Eveleth 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 Eveleth every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Eveleth I already own here and may sell
Common questions
How much does it cost to own a home in Eveleth?
A $92,000 home in Eveleth, Minnesota costs approximately $868 per month with 20% down at 7.4%. That is $510 principal and interest, $49 property tax, $40 homeowners insurance, $192 utilities and $77 set aside for maintenance.
What is the property tax rate in Eveleth?
Eveleth has an effective property tax rate of 0.642%, based on a median home value of $91,800 and median real estate taxes of $589. That is lower than the St. Louis County average of 1.027%.
What is the average home price in Eveleth?
The median owner-occupied home value in Eveleth, Minnesota is $91,800, against $208,500 across St. Louis County.
Is it cheaper to rent or buy in Eveleth?
Median gross rent in Eveleth is $839 a month, against $868 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 Eveleth?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Eveleth, Minnesota at today's rate takes a household income of roughly $37,000 a year. That covers the full $868 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Eveleth, 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.