Total monthly cost of ownership
Cost to Own a Home in Mountain Iron, Minnesota
A $181,000 home here costs
$1,564per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $67,000 a year.
A standard mortgage calculator would have told you $1,003. The real number is $561 higher every month, 56% more than the payment most buyers budget for.
Compare St. Louis County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Mountain Iron from a five-year rolling sample, and with about 2,865 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The St. Louis County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Mountain Iron against St. Louis County and Minnesota
| Measure | Mountain Iron | St. Louis County |
|---|---|---|
| Median home value | $180,700 | $208,500 |
| Median property tax | $1,673 | $2,142 |
| Effective tax rate | 0.926% | 1.027% |
| Median gross rent | $911 | $970 |
| Population | 2,865 | 200,056 |
The weather behind that power bill
Mountain Iron sits in St. Louis County, which averages a high of 77.2°F in its hottest month and a low of -1.5°F in its coldest, with 27.58" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 228 cooling and 9,718 heating degree days, which is what sets the $124 electricity line above.
See the full climate breakdown for St. Louis County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Louis County
Full St. Louis County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Mountain Iron 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 Mountain Iron every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mountain Iron I already own here and may sell
Common questions
How much does it cost to own a home in Mountain Iron?
A $181,000 home in Mountain Iron, Minnesota costs approximately $1,564 per month with 20% down at 7.4%. That is $1,003 principal and interest, $140 property tax, $79 homeowners insurance, $192 utilities and $151 set aside for maintenance.
What is the property tax rate in Mountain Iron?
Mountain Iron has an effective property tax rate of 0.926%, based on a median home value of $180,700 and median real estate taxes of $1,673. That is lower than the St. Louis County average of 1.027%.
What is the average home price in Mountain Iron?
The median owner-occupied home value in Mountain Iron, Minnesota is $180,700, against $208,500 across St. Louis County.
Is it cheaper to rent or buy in Mountain Iron?
Median gross rent in Mountain Iron is $911 a month, against $1,564 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 Mountain Iron?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mountain Iron, Minnesota at today's rate takes a household income of roughly $67,000 a year. That covers the full $1,564 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mountain Iron, 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.