Total monthly cost of ownership
Cost to Own a Home in Grand Rapids, Minnesota
A $201,000 home here costs
$1,714per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,033. The real number is $680 higher every month — 66% 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 Rapids against Itasca County and Minnesota
| Measure | Grand Rapids | Itasca County |
|---|---|---|
| Median home value | $200,600 | $212,000 |
| Median property tax | $2,456 | $1,851 |
| Effective tax rate | 1.224% | 0.873% |
| Median gross rent | $999 | $944 |
| Population | 11,186 | 45,141 |
The weather behind that power bill
Grand Rapids sits in Itasca County, which averages a high of 76.8°F in its hottest month and a low of -4.7°F in its coldest, with 31.12" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 231 cooling and 9,879 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Itasca County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Itasca County
Full Itasca County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Grand Rapids?
A $201,000 home in Grand Rapids, Minnesota costs approximately $1,714 per month with 20% down at 6.66%. That is $1,033 principal and interest, $205 property tax, $87 homeowners insurance, $220 utilities and $168 set aside for maintenance.
What is the property tax rate in Grand Rapids?
Grand Rapids has an effective property tax rate of 1.224%, based on a median home value of $200,600 and median real estate taxes of $2,456. That is higher than the Itasca County average of 0.873%.
What is the average home price in Grand Rapids?
The median owner-occupied home value in Grand Rapids, Minnesota is $200,600, against $212,000 across Itasca County.
Is it cheaper to rent or buy in Grand Rapids?
Median gross rent in Grand Rapids is $999 a month, against $1,714 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 Rapids — 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.