Total monthly cost of ownership
Cost to Own a Home in New Ulm, Minnesota
A $193,000 home here costs
$1,677per 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 $72,000 a year.
A standard mortgage calculator would have told you $1,052. The real number is $625 higher every month, 59% more than the payment most buyers budget for.
Compare Brown 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.
New Ulm against Brown County and Minnesota
| Measure | New Ulm | Brown County |
|---|---|---|
| Median home value | $192,700 | $181,700 |
| Median property tax | $2,270 | $1,890 |
| Effective tax rate | 1.178% | 1.040% |
| Median gross rent | $974 | $931 |
| Population | 14,066 | 25,826 |
The weather behind that power bill
New Ulm sits in Brown County, which averages a high of 82.3°F in its hottest month and a low of 4.2°F in its coldest, with 29.55" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 593 cooling and 8,068 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Brown County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Brown County
Full Brown County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are New Ulm 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 New Ulm every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Ulm I already own here and may sell
Common questions
How much does it cost to own a home in New Ulm?
A $193,000 home in New Ulm, Minnesota costs approximately $1,677 per month with 20% down at 7.24%. That is $1,052 principal and interest, $189 property tax, $84 homeowners insurance, $190 utilities and $161 set aside for maintenance.
What is the property tax rate in New Ulm?
New Ulm has an effective property tax rate of 1.178%, based on a median home value of $192,700 and median real estate taxes of $2,270. That is higher than the Brown County average of 1.040%.
What is the average home price in New Ulm?
The median owner-occupied home value in New Ulm, Minnesota is $192,700, against $181,700 across Brown County.
Is it cheaper to rent or buy in New Ulm?
Median gross rent in New Ulm is $974 a month, against $1,677 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 New Ulm?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Ulm, Minnesota at today's rate takes a household income of roughly $72,000 a year. That covers the full $1,677 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Ulm, 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.