Total monthly cost of ownership
Cost to Own a Home in Hibbing, Minnesota
A $124,000 home here costs
$1,108per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $637. The real number is $470 higher every month — 74% 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.
Hibbing against St. Louis County and Minnesota
| Measure | Hibbing | St. Louis County |
|---|---|---|
| Median home value | $123,900 | $208,500 |
| Median property tax | $1,111 | $2,142 |
| Effective tax rate | 0.897% | 1.027% |
| Median gross rent | $739 | $970 |
| Population | 16,100 | 200,056 |
The weather behind that power bill
Hibbing sits in St. Louis County, which averages a high of 77.2°F in its hottest month and a low of -1.5°F in its coldest, with 27.58" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 228 cooling and 9,718 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for St. Louis County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Louis County
Full St. Louis County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Hibbing?
A $124,000 home in Hibbing, Minnesota costs approximately $1,108 per month with 20% down at 6.66%. That is $637 principal and interest, $93 property tax, $54 homeowners insurance, $220 utilities and $103 set aside for maintenance.
What is the property tax rate in Hibbing?
Hibbing has an effective property tax rate of 0.897%, based on a median home value of $123,900 and median real estate taxes of $1,111. That is lower than the St. Louis County average of 1.027%.
What is the average home price in Hibbing?
The median owner-occupied home value in Hibbing, Minnesota is $123,900, against $208,500 across St. Louis County.
Is it cheaper to rent or buy in Hibbing?
Median gross rent in Hibbing is $739 a month, against $1,108 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 Hibbing — 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.