Total monthly cost of ownership
Cost to Own a Home in Olivia, Minnesota
A $157,000 home here costs
$1,378per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $807. The real number is $571 higher every month — 71% 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.
Olivia against Renville County and Minnesota
| Measure | Olivia | Renville County |
|---|---|---|
| Median home value | $156,600 | $151,900 |
| Median property tax | $1,815 | $1,543 |
| Effective tax rate | 1.159% | 1.016% |
| Median gross rent | $740 | $760 |
| Population | 2,243 | 14,587 |
The weather behind that power bill
Olivia sits in Renville County, which averages a high of 82.0°F in its hottest month and a low of 2.1°F in its coldest, with 27.93" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 513 cooling and 8,436 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Renville County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Renville County
Full Renville County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Olivia?
A $157,000 home in Olivia, Minnesota costs approximately $1,378 per month with 20% down at 6.66%. That is $807 principal and interest, $152 property tax, $68 homeowners insurance, $220 utilities and $131 set aside for maintenance.
What is the property tax rate in Olivia?
Olivia has an effective property tax rate of 1.159%, based on a median home value of $156,600 and median real estate taxes of $1,815. That is higher than the Renville County average of 1.016%.
What is the average home price in Olivia?
The median owner-occupied home value in Olivia, Minnesota is $156,600, against $151,900 across Renville County.
Is it cheaper to rent or buy in Olivia?
Median gross rent in Olivia is $740 a month, against $1,378 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 Olivia — 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.