Total monthly cost of ownership
Cost to Own a Home in McMinnville, Oregon
A $391,000 home here costs
$3,007per 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 $129,000 a year.
A standard mortgage calculator would have told you $2,132. The real number is $876 higher every month, 41% more than the payment most buyers budget for.
Compare Yamhill 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.
McMinnville against Yamhill County and Oregon
| Measure | McMinnville | Yamhill County |
|---|---|---|
| Median home value | $391,100 | $442,700 |
| Median property tax | $3,423 | $3,318 |
| Effective tax rate | 0.875% | 0.749% |
| Median gross rent | $1,290 | $1,377 |
| Population | 34,493 | 108,122 |
The weather behind that power bill
McMinnville sits in Yamhill County, which averages a high of 83.1°F in its hottest month and a low of 34.4°F in its coldest, with 37.64" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 284 cooling and 4,694 heating degree days, which is what sets the $140 electricity line above.
See the full climate breakdown for Yamhill County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Yamhill County
Talk to someone who works this market
These are McMinnville 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 McMinnville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in McMinnville I already own here and may sell
Common questions
How much does it cost to own a home in McMinnville?
A $391,000 home in McMinnville, Oregon costs approximately $3,007 per month with 20% down at 7.24%. That is $2,132 principal and interest, $285 property tax, $56 homeowners insurance, $208 utilities and $326 set aside for maintenance.
What is the property tax rate in McMinnville?
McMinnville has an effective property tax rate of 0.875%, based on a median home value of $391,100 and median real estate taxes of $3,423. That is higher than the Yamhill County average of 0.749%.
What is the average home price in McMinnville?
The median owner-occupied home value in McMinnville, Oregon is $391,100, against $442,700 across Yamhill County.
Is it cheaper to rent or buy in McMinnville?
Median gross rent in McMinnville is $1,290 a month, against $3,007 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 McMinnville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in McMinnville, Oregon at today's rate takes a household income of roughly $129,000 a year. That covers the full $3,007 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for McMinnville, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Oregon.
- 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.