Total monthly cost of ownership
Cost to Own a Home in Forest Lake, Minnesota
A $376,000 home here costs
$2,932per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,933. The real number is $999 higher every month — 52% 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.
Forest Lake against Washington County and Minnesota
| Measure | Forest Lake | Washington County |
|---|---|---|
| Median home value | $375,900 | $400,900 |
| Median property tax | $3,625 | $4,012 |
| Effective tax rate | 0.964% | 1.001% |
| Median gross rent | $1,379 | $1,637 |
| Population | 20,678 | 272,298 |
The weather behind that power bill
Forest Lake sits in Washington County, which averages a high of 79.3°F in its hottest month and a low of 5.0°F in its coldest, with 33.2" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 511 cooling and 8,007 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Washington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Washington County
Full Washington County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Forest Lake?
A $376,000 home in Forest Lake, Minnesota costs approximately $2,932 per month with 20% down at 6.66%. That is $1,933 principal and interest, $302 property tax, $163 homeowners insurance, $220 utilities and $313 set aside for maintenance.
What is the property tax rate in Forest Lake?
Forest Lake has an effective property tax rate of 0.964%, based on a median home value of $375,900 and median real estate taxes of $3,625. That is lower than the Washington County average of 1.001%.
What is the average home price in Forest Lake?
The median owner-occupied home value in Forest Lake, Minnesota is $375,900, against $400,900 across Washington County.
Is it cheaper to rent or buy in Forest Lake?
Median gross rent in Forest Lake is $1,379 a month, against $2,932 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 Forest Lake — 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.