Total monthly cost of ownership
Cost to Own a Home in Mountain Lake, Minnesota
A $119,000 home here costs
$1,125per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $612. The real number is $513 higher every month — 84% 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.
Mountain Lake against Cottonwood County and Minnesota
| Measure | Mountain Lake | Cottonwood County |
|---|---|---|
| Median home value | $118,900 | $154,000 |
| Median property tax | $1,702 | $1,737 |
| Effective tax rate | 1.431% | 1.128% |
| Median gross rent | $833 | $765 |
| Population | 1,833 | 11,458 |
The weather behind that power bill
Mountain Lake sits in Cottonwood County, which averages a high of 84.3°F in its hottest month and a low of 8.0°F in its coldest, with 31.74" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 813 cooling and 7,402 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Cottonwood County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cottonwood County
Full Cottonwood County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Mountain Lake?
A $119,000 home in Mountain Lake, Minnesota costs approximately $1,125 per month with 20% down at 6.66%. That is $612 principal and interest, $142 property tax, $52 homeowners insurance, $220 utilities and $99 set aside for maintenance.
What is the property tax rate in Mountain Lake?
Mountain Lake has an effective property tax rate of 1.431%, based on a median home value of $118,900 and median real estate taxes of $1,702. That is higher than the Cottonwood County average of 1.128%.
What is the average home price in Mountain Lake?
The median owner-occupied home value in Mountain Lake, Minnesota is $118,900, against $154,000 across Cottonwood County.
Is it cheaper to rent or buy in Mountain Lake?
Median gross rent in Mountain Lake is $833 a month, against $1,125 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 Mountain Lake — 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.