Total monthly cost of ownership
Cost to Own a Home in Luverne, Minnesota
A $181,000 home here costs
$1,506per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $931. The real number is $575 higher every month — 62% 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.
Luverne against Rock County and Minnesota
| Measure | Luverne | Rock County |
|---|---|---|
| Median home value | $181,100 | $201,600 |
| Median property tax | $1,508 | $1,451 |
| Effective tax rate | 0.833% | 0.720% |
| Median gross rent | $718 | $745 |
| Population | 4,907 | 9,628 |
The weather behind that power bill
Luverne sits in Rock County, which averages a high of 82.7°F in its hottest month and a low of 6.4°F in its coldest, with 29.62" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 594 cooling and 7,788 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Rock County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rock County
No other places of this size are published in Rock County.
Common questions
How much does it cost to own a home in Luverne?
A $181,000 home in Luverne, Minnesota costs approximately $1,506 per month with 20% down at 6.66%. That is $931 principal and interest, $126 property tax, $79 homeowners insurance, $220 utilities and $151 set aside for maintenance.
What is the property tax rate in Luverne?
Luverne has an effective property tax rate of 0.833%, based on a median home value of $181,100 and median real estate taxes of $1,508. That is higher than the Rock County average of 0.720%.
What is the average home price in Luverne?
The median owner-occupied home value in Luverne, Minnesota is $181,100, against $201,600 across Rock County.
Is it cheaper to rent or buy in Luverne?
Median gross rent in Luverne is $718 a month, against $1,506 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 Luverne — 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.