Total monthly cost of ownership
Cost to Own a Home in Fergus Falls, Minnesota
A $173,000 home here costs
$1,465per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $889. The real number is $576 higher every month — 65% 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.
Fergus Falls against Otter Tail County and Minnesota
| Measure | Fergus Falls | Otter Tail County |
|---|---|---|
| Median home value | $173,300 | $252,500 |
| Median property tax | $1,639 | $1,966 |
| Effective tax rate | 0.946% | 0.779% |
| Median gross rent | $839 | $805 |
| Population | 14,138 | 60,281 |
The weather behind that power bill
Fergus Falls sits in Otter Tail County, which averages a high of 78.6°F in its hottest month and a low of -2.0°F in its coldest, with 28.17" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 416 cooling and 9,147 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Otter Tail County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Otter Tail County
Full Otter Tail County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Fergus Falls?
A $173,000 home in Fergus Falls, Minnesota costs approximately $1,465 per month with 20% down at 6.66%. That is $889 principal and interest, $136 property tax, $75 homeowners insurance, $220 utilities and $144 set aside for maintenance.
What is the property tax rate in Fergus Falls?
Fergus Falls has an effective property tax rate of 0.946%, based on a median home value of $173,300 and median real estate taxes of $1,639. That is higher than the Otter Tail County average of 0.779%.
What is the average home price in Fergus Falls?
The median owner-occupied home value in Fergus Falls, Minnesota is $173,300, against $252,500 across Otter Tail County.
Is it cheaper to rent or buy in Fergus Falls?
Median gross rent in Fergus Falls is $839 a month, against $1,465 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 Fergus Falls — 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.