Total monthly cost of ownership
Cost to Own a Home in Moorhead, Minnesota
A $246,000 home here costs
$2,042per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,265. The real number is $777 higher every month — 61% 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.
Moorhead against Clay County and Minnesota
| Measure | Moorhead | Clay County |
|---|---|---|
| Median home value | $246,300 | $256,000 |
| Median property tax | $2,941 | $2,854 |
| Effective tax rate | 1.194% | 1.115% |
| Median gross rent | $1,017 | $1,000 |
| Population | 44,706 | 65,628 |
The weather behind that power bill
Moorhead sits in Clay County, which averages a high of 82.1°F in its hottest month and a low of 0.2°F in its coldest, with 23.95" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 542 cooling and 8,806 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Clay County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Clay County
Common questions
How much does it cost to own a home in Moorhead?
A $246,000 home in Moorhead, Minnesota costs approximately $2,042 per month with 20% down at 6.66%. That is $1,265 principal and interest, $245 property tax, $107 homeowners insurance, $220 utilities and $205 set aside for maintenance.
What is the property tax rate in Moorhead?
Moorhead has an effective property tax rate of 1.194%, based on a median home value of $246,300 and median real estate taxes of $2,941. That is higher than the Clay County average of 1.115%.
What is the average home price in Moorhead?
The median owner-occupied home value in Moorhead, Minnesota is $246,300, against $256,000 across Clay County.
Is it cheaper to rent or buy in Moorhead?
Median gross rent in Moorhead is $1,017 a month, against $2,042 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 Moorhead — 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.