Total monthly cost of ownership
Cost to Own a Home in Ham Lake, Minnesota
A $430,000 home here costs
$3,375per 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 $144,500 a year.
A standard mortgage calculator would have told you $2,344. The real number is $1,031 higher every month, 44% more than the payment most buyers budget for.
Compare Anoka County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Ham Lake against Anoka County and Minnesota
| Measure | Ham Lake | Anoka County |
|---|---|---|
| Median home value | $430,100 | $325,800 |
| Median property tax | $3,549 | $3,099 |
| Effective tax rate | 0.825% | 0.951% |
| Median gross rent | $1,319 | $1,396 |
| Population | 16,575 | 367,095 |
The weather behind that power bill
Ham Lake sits in Anoka County, which averages a high of 82.2°F in its hottest month and a low of 2.4°F in its coldest, with 28.82" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 508 cooling and 8,283 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Anoka County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Anoka County
Full Anoka County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Ham Lake 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 Ham Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Ham Lake I already own here and may sell
Common questions
How much does it cost to own a home in Ham Lake?
A $430,000 home in Ham Lake, Minnesota costs approximately $3,375 per month with 20% down at 7.24%. That is $2,344 principal and interest, $296 property tax, $187 homeowners insurance, $190 utilities and $358 set aside for maintenance.
What is the property tax rate in Ham Lake?
Ham Lake has an effective property tax rate of 0.825%, based on a median home value of $430,100 and median real estate taxes of $3,549. That is lower than the Anoka County average of 0.951%.
What is the average home price in Ham Lake?
The median owner-occupied home value in Ham Lake, Minnesota is $430,100, against $325,800 across Anoka County.
Is it cheaper to rent or buy in Ham Lake?
Median gross rent in Ham Lake is $1,319 a month, against $3,375 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 Ham Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Ham Lake, Minnesota at today's rate takes a household income of roughly $144,500 a year. That covers the full $3,375 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ham 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.