Total monthly cost of ownership
Cost to Own a Home in Medford, Minnesota
A $234,000 home here costs
$2,007per 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 $86,000 a year.
A standard mortgage calculator would have told you $1,276. The real number is $732 higher every month, 57% more than the payment most buyers budget for.
Compare Steele County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Medford from a five-year rolling sample, and with about 1,194 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 Steele 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.
Medford against Steele County and Minnesota
| Measure | Medford | Steele County |
|---|---|---|
| Median home value | $234,300 | $234,200 |
| Median property tax | $2,939 | $2,824 |
| Effective tax rate | 1.254% | 1.206% |
| Median gross rent | $1,036 | $1,006 |
| Population | 1,194 | 37,413 |
The weather behind that power bill
Medford sits in Steele County, which averages a high of 81.7°F in its hottest month and a low of 5.1°F in its coldest, with 35.46" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 640 cooling and 7,955 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Steele County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Steele County
Full Steele County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Medford 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 Medford every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Medford I already own here and may sell
Common questions
How much does it cost to own a home in Medford?
A $234,000 home in Medford, Minnesota costs approximately $2,007 per month with 20% down at 7.24%. That is $1,276 principal and interest, $245 property tax, $102 homeowners insurance, $190 utilities and $195 set aside for maintenance.
What is the property tax rate in Medford?
Medford has an effective property tax rate of 1.254%, based on a median home value of $234,300 and median real estate taxes of $2,939. That is higher than the Steele County average of 1.206%.
What is the average home price in Medford?
The median owner-occupied home value in Medford, Minnesota is $234,300, against $234,200 across Steele County.
Is it cheaper to rent or buy in Medford?
Median gross rent in Medford is $1,036 a month, against $2,007 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 Medford?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Medford, Minnesota at today's rate takes a household income of roughly $86,000 a year. That covers the full $2,007 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Medford, 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.