Total monthly cost of ownership
Cost to Own a Home in Fairfax, Minnesota
A $100,000 home here costs
$976per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $514. The real number is $462 higher every month — 90% 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.
Fairfax against Renville County and Minnesota
| Measure | Fairfax | Renville County |
|---|---|---|
| Median home value | $99,800 | $151,900 |
| Median property tax | $1,379 | $1,543 |
| Effective tax rate | 1.382% | 1.016% |
| Median gross rent | $410 | $760 |
| Population | 1,134 | 14,587 |
The weather behind that power bill
Fairfax sits in Renville County, which averages a high of 82.0°F in its hottest month and a low of 2.1°F in its coldest, with 27.93" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 513 cooling and 8,436 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Renville County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Renville County
Full Renville County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Fairfax?
A $100,000 home in Fairfax, Minnesota costs approximately $976 per month with 20% down at 6.66%. That is $514 principal and interest, $115 property tax, $43 homeowners insurance, $220 utilities and $83 set aside for maintenance.
What is the property tax rate in Fairfax?
Fairfax has an effective property tax rate of 1.382%, based on a median home value of $99,800 and median real estate taxes of $1,379. That is higher than the Renville County average of 1.016%.
What is the average home price in Fairfax?
The median owner-occupied home value in Fairfax, Minnesota is $99,800, against $151,900 across Renville County.
Is it cheaper to rent or buy in Fairfax?
Median gross rent in Fairfax is $410 a month, against $976 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 Fairfax — 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.