Total monthly cost of ownership
Cost to Own a Home in Montevideo, Minnesota
A $138,000 home here costs
$1,231per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $709. The real number is $521 higher every month — 73% 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.
Montevideo against Chippewa County and Minnesota
| Measure | Montevideo | Chippewa County |
|---|---|---|
| Median home value | $137,600 | $149,000 |
| Median property tax | $1,506 | $1,551 |
| Effective tax rate | 1.094% | 1.041% |
| Median gross rent | $832 | $846 |
| Population | 5,303 | 12,388 |
The weather behind that power bill
Montevideo sits in Chippewa County, which averages a high of 82.2°F in its hottest month and a low of 2.0°F in its coldest, with 29.45" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 546 cooling and 8,345 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Chippewa County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chippewa County
Full Chippewa County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Montevideo?
A $138,000 home in Montevideo, Minnesota costs approximately $1,231 per month with 20% down at 6.66%. That is $709 principal and interest, $126 property tax, $60 homeowners insurance, $220 utilities and $115 set aside for maintenance.
What is the property tax rate in Montevideo?
Montevideo has an effective property tax rate of 1.094%, based on a median home value of $137,600 and median real estate taxes of $1,506. That is higher than the Chippewa County average of 1.041%.
What is the average home price in Montevideo?
The median owner-occupied home value in Montevideo, Minnesota is $137,600, against $149,000 across Chippewa County.
Is it cheaper to rent or buy in Montevideo?
Median gross rent in Montevideo is $832 a month, against $1,231 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 Montevideo — 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.