Total monthly cost of ownership
Cost to Own a Home in Melrose, Minnesota
A $198,000 home here costs
$1,646per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,018. The real number is $628 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.
Melrose against Stearns County and Minnesota
| Measure | Melrose | Stearns County |
|---|---|---|
| Median home value | $198,300 | $256,500 |
| Median property tax | $1,878 | $2,617 |
| Effective tax rate | 0.947% | 1.020% |
| Median gross rent | $1,061 | $1,057 |
| Population | 3,608 | 159,358 |
The weather behind that power bill
Melrose sits in Stearns County, which averages a high of 80.9°F in its hottest month and a low of 3.8°F in its coldest, with 31.04" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 506 cooling and 8,305 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Stearns County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Stearns County
Full Stearns County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Melrose?
A $198,000 home in Melrose, Minnesota costs approximately $1,646 per month with 20% down at 6.66%. That is $1,018 principal and interest, $156 property tax, $86 homeowners insurance, $220 utilities and $165 set aside for maintenance.
What is the property tax rate in Melrose?
Melrose has an effective property tax rate of 0.947%, based on a median home value of $198,300 and median real estate taxes of $1,878. That is lower than the Stearns County average of 1.020%.
What is the average home price in Melrose?
The median owner-occupied home value in Melrose, Minnesota is $198,300, against $256,500 across Stearns County.
Is it cheaper to rent or buy in Melrose?
Median gross rent in Melrose is $1,061 a month, against $1,646 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 Melrose — 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.