Total monthly cost of ownership
Cost to Own a Home in Merrill, Wisconsin
A $113,000 home here costs
$1,117per 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 $48,000 a year.
A standard mortgage calculator would have told you $616. The real number is $501 higher every month, 81% more than the payment most buyers budget for.
Compare Lincoln 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.
Merrill against Lincoln County and Wisconsin
| Measure | Merrill | Lincoln County |
|---|---|---|
| Median home value | $113,200 | $177,700 |
| Median property tax | $2,220 | $2,530 |
| Effective tax rate | 1.961% | 1.424% |
| Median gross rent | $784 | $768 |
| Population | 9,224 | 28,403 |
The weather behind that power bill
Merrill sits in Lincoln County, which averages a high of 80.2°F in its hottest month and a low of 3.4°F in its coldest, with 33.76" of precipitation a year and 37% of it in a single three-month stretch. That climate drives 373 cooling and 8,667 heating degree days, which is what sets the $125 electricity line above.
See the full climate breakdown for Lincoln County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lincoln County
Full Lincoln County cost breakdown · Every county in Wisconsin
Talk to someone who works this market
These are Merrill 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 Merrill every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Merrill I already own here and may sell
Common questions
How much does it cost to own a home in Merrill?
A $113,000 home in Merrill, Wisconsin costs approximately $1,117 per month with 20% down at 7.24%. That is $616 principal and interest, $185 property tax, $29 homeowners insurance, $193 utilities and $94 set aside for maintenance.
What is the property tax rate in Merrill?
Merrill has an effective property tax rate of 1.961%, based on a median home value of $113,200 and median real estate taxes of $2,220. That is higher than the Lincoln County average of 1.424%.
What is the average home price in Merrill?
The median owner-occupied home value in Merrill, Wisconsin is $113,200, against $177,700 across Lincoln County.
Is it cheaper to rent or buy in Merrill?
Median gross rent in Merrill is $784 a month, against $1,117 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 Merrill?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Merrill, Wisconsin at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,117 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Merrill, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Wisconsin.
- 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.