Total monthly cost of ownership
Cost to Own a Home in North Oaks, Minnesota
A $756,000 home here costs
$5,959per 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 $255,500 a year.
A standard mortgage calculator would have told you $4,122. The real number is $1,837 higher every month, 45% more than the payment most buyers budget for.
Compare Ramsey 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.
North Oaks against Ramsey County and Minnesota
| Measure | North Oaks | Ramsey County |
|---|---|---|
| Median home value | $756,300 | $304,900 |
| Median property tax | $8,264 | $3,767 |
| Effective tax rate | 1.093% | 1.235% |
| Median gross rent | $2,932 | $1,298 |
| Population | 5,175 | 544,438 |
The weather behind that power bill
North Oaks sits in Ramsey County, which averages a high of 82.7°F in its hottest month and a low of 8.3°F in its coldest, with 33.11" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 790 cooling and 7,327 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Ramsey County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ramsey County
Full Ramsey County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are North Oaks 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 North Oaks every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in North Oaks I already own here and may sell
Common questions
How much does it cost to own a home in North Oaks?
A $756,000 home in North Oaks, Minnesota costs approximately $5,959 per month with 20% down at 7.24%. That is $4,122 principal and interest, $689 property tax, $328 homeowners insurance, $190 utilities and $630 set aside for maintenance.
What is the property tax rate in North Oaks?
North Oaks has an effective property tax rate of 1.093%, based on a median home value of $756,300 and median real estate taxes of $8,264. That is lower than the Ramsey County average of 1.235%.
What is the average home price in North Oaks?
The median owner-occupied home value in North Oaks, Minnesota is $756,300, against $304,900 across Ramsey County.
Is it cheaper to rent or buy in North Oaks?
Median gross rent in North Oaks is $2,932 a month, against $5,959 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 North Oaks?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in North Oaks, Minnesota at today's rate takes a household income of roughly $255,500 a year. That covers the full $5,959 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for North Oaks, 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.