Total monthly cost of ownership
Cost to Own a Home in Mankato, Minnesota
A $251,000 home here costs
$2,086per 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 $89,500 a year.
A standard mortgage calculator would have told you $1,368. The real number is $717 higher every month, 52% more than the payment most buyers budget for.
Compare Blue Earth 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.
Mankato against Blue Earth County and Minnesota
| Measure | Mankato | Blue Earth County |
|---|---|---|
| Median home value | $250,600 | $252,800 |
| Median property tax | $2,500 | $2,487 |
| Effective tax rate | 0.998% | 0.984% |
| Median gross rent | $1,089 | $1,076 |
| Population | 44,882 | 69,386 |
Mankato extends across 3 counties. Figures here use Blue Earth County, where most of its housing sits.
The weather behind that power bill
Mankato 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 Mankato 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 Mankato every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mankato I already own here and may sell
Common questions
How much does it cost to own a home in Mankato?
A $251,000 home in Mankato, Minnesota costs approximately $2,086 per month with 20% down at 7.24%. That is $1,368 principal and interest, $209 property tax, $109 homeowners insurance, $190 utilities and $209 set aside for maintenance.
What is the property tax rate in Mankato?
Mankato has an effective property tax rate of 0.998%, based on a median home value of $250,600 and median real estate taxes of $2,500. That is higher than the Blue Earth County average of 0.984%.
What is the average home price in Mankato?
The median owner-occupied home value in Mankato, Minnesota is $250,600, against $252,800 across Blue Earth County.
Is it cheaper to rent or buy in Mankato?
Median gross rent in Mankato is $1,089 a month, against $2,086 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 Mankato?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mankato, Minnesota at today's rate takes a household income of roughly $89,500 a year. That covers the full $2,086 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mankato, 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.