Total monthly cost of ownership
Cost to Own a Home in Lake Shore, Minnesota
A $533,000 home here costs
$4,124per 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 $176,500 a year.
A standard mortgage calculator would have told you $2,906. The real number is $1,218 higher every month, 42% more than the payment most buyers budget for.
Compare Cass County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Lake Shore from a five-year rolling sample, and with about 1,117 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Cass County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lake Shore against Cass County and Minnesota
| Measure | Lake Shore | Cass County |
|---|---|---|
| Median home value | $532,500 | $262,300 |
| Median property tax | $4,217 | $1,512 |
| Effective tax rate | 0.792% | 0.576% |
| Median gross rent | $982 | $889 |
| Population | 1,117 | 30,688 |
The weather behind that power bill
Lake Shore sits in Cass County, which averages a high of 80.2°F in its hottest month and a low of -2.8°F in its coldest, with 23.86" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 367 cooling and 9,305 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Cass County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cass County
Talk to someone who works this market
These are Lake Shore 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 Lake Shore every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake Shore I already own here and may sell
Common questions
How much does it cost to own a home in Lake Shore?
A $533,000 home in Lake Shore, Minnesota costs approximately $4,124 per month with 20% down at 7.24%. That is $2,906 principal and interest, $352 property tax, $231 homeowners insurance, $190 utilities and $444 set aside for maintenance.
What is the property tax rate in Lake Shore?
Lake Shore has an effective property tax rate of 0.792%, based on a median home value of $532,500 and median real estate taxes of $4,217. That is higher than the Cass County average of 0.576%.
What is the average home price in Lake Shore?
The median owner-occupied home value in Lake Shore, Minnesota is $532,500, against $262,300 across Cass County.
Is it cheaper to rent or buy in Lake Shore?
Median gross rent in Lake Shore is $982 a month, against $4,124 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 Lake Shore?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake Shore, Minnesota at today's rate takes a household income of roughly $176,500 a year. That covers the full $4,124 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake Shore, 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.