Total monthly cost of ownership
Cost to Own a Home in Glenwood, Minnesota
A $181,000 home here costs
$1,557per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $66,500 a year.
A standard mortgage calculator would have told you $987. The real number is $570 higher every month, 58% more than the payment most buyers budget for.
Compare Pope County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Glenwood from a five-year rolling sample, and with about 2,648 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 Pope 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.
Glenwood against Pope County and Minnesota
| Measure | Glenwood | Pope County |
|---|---|---|
| Median home value | $181,000 | $242,800 |
| Median property tax | $1,805 | $1,915 |
| Effective tax rate | 0.997% | 0.789% |
| Median gross rent | $830 | $851 |
| Population | 2,648 | 11,363 |
The weather behind that power bill
Glenwood sits in Pope County, which averages a high of 82.9°F in its hottest month and a low of 1.5°F in its coldest, with 26.44" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 491 cooling and 8,360 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Pope County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Pope County
Talk to someone who works this market
These are Glenwood 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 Glenwood every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Glenwood I already own here and may sell
Common questions
How much does it cost to own a home in Glenwood?
A $181,000 home in Glenwood, Minnesota costs approximately $1,557 per month with 20% down at 7.24%. That is $987 principal and interest, $150 property tax, $79 homeowners insurance, $190 utilities and $151 set aside for maintenance.
What is the property tax rate in Glenwood?
Glenwood has an effective property tax rate of 0.997%, based on a median home value of $181,000 and median real estate taxes of $1,805. That is higher than the Pope County average of 0.789%.
What is the average home price in Glenwood?
The median owner-occupied home value in Glenwood, Minnesota is $181,000, against $242,800 across Pope County.
Is it cheaper to rent or buy in Glenwood?
Median gross rent in Glenwood is $830 a month, against $1,557 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 Glenwood?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Glenwood, Minnesota at today's rate takes a household income of roughly $66,500 a year. That covers the full $1,557 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Glenwood, 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.