Total monthly cost of ownership
Cost to Own a Home in Milaca, Minnesota
A $185,000 home here costs
$1,588per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $951. The real number is $637 higher every month — 67% 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.
Milaca against Mille Lacs County and Minnesota
| Measure | Milaca | Mille Lacs County |
|---|---|---|
| Median home value | $184,900 | $237,500 |
| Median property tax | $2,185 | $2,475 |
| Effective tax rate | 1.182% | 1.042% |
| Median gross rent | $854 | $909 |
| Population | 3,033 | 26,912 |
The weather behind that power bill
Milaca sits in Mille Lacs County, which averages a high of 80.1°F in its hottest month and a low of 0.5°F in its coldest, with 30.81" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 378 cooling and 8,808 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Mille Lacs County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mille Lacs County
No other places of this size are published in Mille Lacs County.
Full Mille Lacs County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Milaca?
A $185,000 home in Milaca, Minnesota costs approximately $1,588 per month with 20% down at 6.66%. That is $951 principal and interest, $182 property tax, $80 homeowners insurance, $220 utilities and $154 set aside for maintenance.
What is the property tax rate in Milaca?
Milaca has an effective property tax rate of 1.182%, based on a median home value of $184,900 and median real estate taxes of $2,185. That is higher than the Mille Lacs County average of 1.042%.
What is the average home price in Milaca?
The median owner-occupied home value in Milaca, Minnesota is $184,900, against $237,500 across Mille Lacs County.
Is it cheaper to rent or buy in Milaca?
Median gross rent in Milaca is $854 a month, against $1,588 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 Milaca — 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.