Total monthly cost of ownership
Cost to Own a Home in Norwood Young America, Minnesota
A $289,000 home here costs
$2,387per 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 $102,500 a year.
A standard mortgage calculator would have told you $1,576. The real number is $812 higher every month, 52% more than the payment most buyers budget for.
Compare Carver County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Norwood Young America from a five-year rolling sample, and with about 3,866 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 Carver 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.
Norwood Young America against Carver County and Minnesota
| Measure | Norwood Young America | Carver County |
|---|---|---|
| Median home value | $289,400 | $426,900 |
| Median property tax | $3,066 | $4,380 |
| Effective tax rate | 1.059% | 1.026% |
| Median gross rent | $1,032 | $1,444 |
| Population | 3,866 | 108,622 |
The weather behind that power bill
Norwood Young America sits in Carver County, which averages a high of 83.7°F in its hottest month and a low of 7.7°F in its coldest, with 30.64" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 788 cooling and 7,430 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Carver County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Carver County
Full Carver County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Norwood Young America 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 Norwood Young America every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Norwood Young America I already own here and may sell
Common questions
How much does it cost to own a home in Norwood Young America?
A $289,000 home in Norwood Young America, Minnesota costs approximately $2,387 per month with 20% down at 7.24%. That is $1,576 principal and interest, $255 property tax, $125 homeowners insurance, $190 utilities and $241 set aside for maintenance.
What is the property tax rate in Norwood Young America?
Norwood Young America has an effective property tax rate of 1.059%, based on a median home value of $289,400 and median real estate taxes of $3,066. That is higher than the Carver County average of 1.026%.
What is the average home price in Norwood Young America?
The median owner-occupied home value in Norwood Young America, Minnesota is $289,400, against $426,900 across Carver County.
Is it cheaper to rent or buy in Norwood Young America?
Median gross rent in Norwood Young America is $1,032 a month, against $2,387 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 Norwood Young America?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Norwood Young America, Minnesota at today's rate takes a household income of roughly $102,500 a year. That covers the full $2,387 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Norwood Young America, 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.