Total monthly cost of ownership
Cost to Own a Home in Grand Marais, Minnesota
A $284,000 home here costs
$2,241per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,460. The real number is $781 higher every month — 53% 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.
Grand Marais against Cook County and Minnesota
| Measure | Grand Marais | Cook County |
|---|---|---|
| Median home value | $283,700 | $294,000 |
| Median property tax | $2,402 | $2,322 |
| Effective tax rate | 0.847% | 0.790% |
| Median gross rent | $1,013 | $886 |
| Population | 1,700 | 5,633 |
The weather behind that power bill
Grand Marais sits in Cook County, which averages a high of 69.9°F in its hottest month and a low of 6.8°F in its coldest, with 25.92" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 51 cooling and 9,310 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Cook County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cook County
No other places of this size are published in Cook County.
Common questions
How much does it cost to own a home in Grand Marais?
A $284,000 home in Grand Marais, Minnesota costs approximately $2,241 per month with 20% down at 6.66%. That is $1,460 principal and interest, $200 property tax, $123 homeowners insurance, $220 utilities and $237 set aside for maintenance.
What is the property tax rate in Grand Marais?
Grand Marais has an effective property tax rate of 0.847%, based on a median home value of $283,700 and median real estate taxes of $2,402. That is higher than the Cook County average of 0.790%.
What is the average home price in Grand Marais?
The median owner-occupied home value in Grand Marais, Minnesota is $283,700, against $294,000 across Cook County.
Is it cheaper to rent or buy in Grand Marais?
Median gross rent in Grand Marais is $1,013 a month, against $2,241 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 Grand Marais — 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.