Total monthly cost of ownership
Cost to Own a Home in Lakefield, Minnesota
A $116,000 home here costs
$1,074per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $596. The real number is $478 higher every month — 80% 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.
Lakefield against Jackson County and Minnesota
| Measure | Lakefield | Jackson County |
|---|---|---|
| Median home value | $115,900 | $145,400 |
| Median property tax | $1,321 | $1,329 |
| Effective tax rate | 1.140% | 0.914% |
| Median gross rent | $867 | $736 |
| Population | 1,652 | 9,964 |
The weather behind that power bill
Lakefield sits in Jackson County, which averages a high of 81.4°F in its hottest month and a low of 4.7°F in its coldest, with 30.48" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 538 cooling and 8,168 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Jackson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jackson County
Full Jackson County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Lakefield?
A $116,000 home in Lakefield, Minnesota costs approximately $1,074 per month with 20% down at 6.66%. That is $596 principal and interest, $110 property tax, $50 homeowners insurance, $220 utilities and $97 set aside for maintenance.
What is the property tax rate in Lakefield?
Lakefield has an effective property tax rate of 1.140%, based on a median home value of $115,900 and median real estate taxes of $1,321. That is higher than the Jackson County average of 0.914%.
What is the average home price in Lakefield?
The median owner-occupied home value in Lakefield, Minnesota is $115,900, against $145,400 across Jackson County.
Is it cheaper to rent or buy in Lakefield?
Median gross rent in Lakefield is $867 a month, against $1,074 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 Lakefield — 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.