Total monthly cost of ownership
Cost to Own a Home in Owatonna, Minnesota
A $235,000 home here costs
$1,977per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,208. The real number is $769 higher every month — 64% 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.
Owatonna against Steele County and Minnesota
| Measure | Owatonna | Steele County |
|---|---|---|
| Median home value | $234,600 | $234,200 |
| Median property tax | $2,999 | $2,824 |
| Effective tax rate | 1.278% | 1.206% |
| Median gross rent | $1,010 | $1,006 |
| Population | 26,462 | 37,413 |
The weather behind that power bill
Owatonna sits in Steele County, which averages a high of 81.7°F in its hottest month and a low of 5.1°F in its coldest, with 35.46" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 640 cooling and 7,955 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Steele County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Steele County
Full Steele County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Owatonna?
A $235,000 home in Owatonna, Minnesota costs approximately $1,977 per month with 20% down at 6.66%. That is $1,208 principal and interest, $250 property tax, $102 homeowners insurance, $220 utilities and $196 set aside for maintenance.
What is the property tax rate in Owatonna?
Owatonna has an effective property tax rate of 1.278%, based on a median home value of $234,600 and median real estate taxes of $2,999. That is higher than the Steele County average of 1.206%.
What is the average home price in Owatonna?
The median owner-occupied home value in Owatonna, Minnesota is $234,600, against $234,200 across Steele County.
Is it cheaper to rent or buy in Owatonna?
Median gross rent in Owatonna is $1,010 a month, against $1,977 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 Owatonna — 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.