Total monthly cost of ownership
Cost to Own a Home in Moorhead, Minnesota
A $246,000 home here costs
$2,088per 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 $89,500 a year.
A standard mortgage calculator would have told you $1,341. The real number is $747 higher every month, 56% more than the payment most buyers budget for.
Compare Clay 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.
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 $122 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
Talk to someone who works this market
These are Moorhead 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 Moorhead every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Moorhead I already own here and may sell
Common questions
How much does it cost to own a home in Moorhead?
A $246,000 home in Moorhead, Minnesota costs approximately $2,088 per month with 20% down at 7.24%. That is $1,341 principal and interest, $245 property tax, $107 homeowners insurance, $190 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 $2,088 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 Moorhead?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Moorhead, Minnesota at today's rate takes a household income of roughly $89,500 a year. That covers the full $2,088 monthly cost, not just the mortgage payment.
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.