Total monthly cost of ownership
Cost to Own a Home in Granite Falls, Minnesota
A $140,000 home here costs
$1,286per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $720. The real number is $566 higher every month — 79% 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.
Granite Falls against Chippewa County and Minnesota
| Measure | Granite Falls | Chippewa County |
|---|---|---|
| Median home value | $139,700 | $149,000 |
| Median property tax | $2,012 | $1,551 |
| Effective tax rate | 1.440% | 1.041% |
| Median gross rent | $818 | $846 |
| Population | 2,612 | 12,388 |
Granite Falls extends across 2 counties. Figures here use Chippewa County, where most of its housing sits.
The weather behind that power bill
Granite Falls sits in Chippewa County, which averages a high of 82.2°F in its hottest month and a low of 2.0°F in its coldest, with 29.45" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 546 cooling and 8,345 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Chippewa County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chippewa County
Full Chippewa County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Granite Falls?
A $140,000 home in Granite Falls, Minnesota costs approximately $1,286 per month with 20% down at 6.66%. That is $720 principal and interest, $168 property tax, $61 homeowners insurance, $220 utilities and $117 set aside for maintenance.
What is the property tax rate in Granite Falls?
Granite Falls has an effective property tax rate of 1.440%, based on a median home value of $139,700 and median real estate taxes of $2,012. That is higher than the Chippewa County average of 1.041%.
What is the average home price in Granite Falls?
The median owner-occupied home value in Granite Falls, Minnesota is $139,700, against $149,000 across Chippewa County.
Is it cheaper to rent or buy in Granite Falls?
Median gross rent in Granite Falls is $818 a month, against $1,286 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 Granite 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.