Total monthly cost of ownership
Cost to Own a Home in Fairmont, Minnesota
A $169,000 home here costs
$1,449per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $869. The real number is $580 higher every month — 67% 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.
Fairmont against Martin County and Minnesota
| Measure | Fairmont | Martin County |
|---|---|---|
| Median home value | $168,800 | $158,800 |
| Median property tax | $1,747 | $1,547 |
| Effective tax rate | 1.035% | 0.974% |
| Median gross rent | $717 | $735 |
| Population | 10,348 | 19,864 |
The weather behind that power bill
Fairmont sits in Martin County, which averages a high of 82.9°F in its hottest month and a low of 6.6°F in its coldest, with 33.46" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 773 cooling and 7,608 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Martin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Martin County
Full Martin County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Fairmont?
A $169,000 home in Fairmont, Minnesota costs approximately $1,449 per month with 20% down at 6.66%. That is $869 principal and interest, $146 property tax, $73 homeowners insurance, $220 utilities and $141 set aside for maintenance.
What is the property tax rate in Fairmont?
Fairmont has an effective property tax rate of 1.035%, based on a median home value of $168,800 and median real estate taxes of $1,747. That is higher than the Martin County average of 0.974%.
What is the average home price in Fairmont?
The median owner-occupied home value in Fairmont, Minnesota is $168,800, against $158,800 across Martin County.
Is it cheaper to rent or buy in Fairmont?
Median gross rent in Fairmont is $717 a month, against $1,449 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 Fairmont — 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.