Total monthly cost of ownership
Cost to Own a Home in Madison Lake, Minnesota
A $281,000 home here costs
$2,351per 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 $101,000 a year.
A standard mortgage calculator would have told you $1,532. The real number is $819 higher every month, 53% more than the payment most buyers budget for.
Compare Blue Earth County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Madison Lake from a five-year rolling sample, and with about 1,178 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 Blue Earth 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.
Madison Lake against Blue Earth County and Minnesota
| Measure | Madison Lake | Blue Earth County |
|---|---|---|
| Median home value | $281,300 | $252,800 |
| Median property tax | $3,273 | $2,487 |
| Effective tax rate | 1.164% | 0.984% |
| Median gross rent | $829 | $1,076 |
| Population | 1,178 | 69,386 |
The weather behind that power bill
Madison Lake sits in Blue Earth County, which averages a high of 81.9°F in its hottest month and a low of 5.7°F in its coldest, with 33.88" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 632 cooling and 7,789 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Blue Earth County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Blue Earth County
Full Blue Earth County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Madison Lake 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 Madison Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Madison Lake I already own here and may sell
Common questions
How much does it cost to own a home in Madison Lake?
A $281,000 home in Madison Lake, Minnesota costs approximately $2,351 per month with 20% down at 7.24%. That is $1,532 principal and interest, $273 property tax, $122 homeowners insurance, $190 utilities and $234 set aside for maintenance.
What is the property tax rate in Madison Lake?
Madison Lake has an effective property tax rate of 1.164%, based on a median home value of $281,300 and median real estate taxes of $3,273. That is higher than the Blue Earth County average of 0.984%.
What is the average home price in Madison Lake?
The median owner-occupied home value in Madison Lake, Minnesota is $281,300, against $252,800 across Blue Earth County.
Is it cheaper to rent or buy in Madison Lake?
Median gross rent in Madison Lake is $829 a month, against $2,351 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 Madison Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Madison Lake, Minnesota at today's rate takes a household income of roughly $101,000 a year. That covers the full $2,351 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Madison Lake, 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.