Total monthly cost of ownership
Cost to Own a Home in Litchfield, Minnesota
A $184,000 home here costs
$1,588per 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 $68,000 a year.
A standard mortgage calculator would have told you $1,003. The real number is $585 higher every month, 58% more than the payment most buyers budget for.
Compare Meeker 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.
Litchfield against Meeker County and Minnesota
| Measure | Litchfield | Meeker County |
|---|---|---|
| Median home value | $183,900 | $228,900 |
| Median property tax | $1,937 | $2,159 |
| Effective tax rate | 1.053% | 0.943% |
| Median gross rent | $917 | $894 |
| Population | 6,599 | 23,422 |
The weather behind that power bill
Litchfield sits in Meeker County, which averages a high of 81.2°F in its hottest month and a low of -0.2°F in its coldest, with 29.78" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 494 cooling and 8,760 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Meeker County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Meeker County
Full Meeker County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Litchfield 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 Litchfield every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Litchfield I already own here and may sell
Common questions
How much does it cost to own a home in Litchfield?
A $184,000 home in Litchfield, Minnesota costs approximately $1,588 per month with 20% down at 7.24%. That is $1,003 principal and interest, $161 property tax, $80 homeowners insurance, $190 utilities and $153 set aside for maintenance.
What is the property tax rate in Litchfield?
Litchfield has an effective property tax rate of 1.053%, based on a median home value of $183,900 and median real estate taxes of $1,937. That is higher than the Meeker County average of 0.943%.
What is the average home price in Litchfield?
The median owner-occupied home value in Litchfield, Minnesota is $183,900, against $228,900 across Meeker County.
Is it cheaper to rent or buy in Litchfield?
Median gross rent in Litchfield is $917 a month, against $1,588 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 Litchfield?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Litchfield, Minnesota at today's rate takes a household income of roughly $68,000 a year. That covers the full $1,588 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Litchfield, 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.