Total monthly cost of ownership
Cost to Own a Home in Pelican Rapids, Minnesota
A $178,000 home here costs
$1,540per 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 $66,000 a year.
A standard mortgage calculator would have told you $970. The real number is $569 higher every month, 59% more than the payment most buyers budget for.
Compare Otter Tail County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Pelican Rapids from a five-year rolling sample, and with about 2,589 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 Otter Tail 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.
Pelican Rapids against Otter Tail County and Minnesota
| Measure | Pelican Rapids | Otter Tail County |
|---|---|---|
| Median home value | $177,700 | $252,500 |
| Median property tax | $1,836 | $1,966 |
| Effective tax rate | 1.033% | 0.779% |
| Median gross rent | $349 | $805 |
| Population | 2,589 | 60,281 |
The weather behind that power bill
Pelican Rapids sits in Otter Tail County, which averages a high of 78.6°F in its hottest month and a low of -2.0°F in its coldest, with 28.17" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 416 cooling and 9,147 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Otter Tail County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Otter Tail County
Full Otter Tail County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Pelican Rapids 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 Pelican Rapids every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Pelican Rapids I already own here and may sell
Common questions
How much does it cost to own a home in Pelican Rapids?
A $178,000 home in Pelican Rapids, Minnesota costs approximately $1,540 per month with 20% down at 7.24%. That is $970 principal and interest, $153 property tax, $77 homeowners insurance, $190 utilities and $148 set aside for maintenance.
What is the property tax rate in Pelican Rapids?
Pelican Rapids has an effective property tax rate of 1.033%, based on a median home value of $177,700 and median real estate taxes of $1,836. That is higher than the Otter Tail County average of 0.779%.
What is the average home price in Pelican Rapids?
The median owner-occupied home value in Pelican Rapids, Minnesota is $177,700, against $252,500 across Otter Tail County.
Is it cheaper to rent or buy in Pelican Rapids?
Median gross rent in Pelican Rapids is $349 a month, against $1,540 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 Pelican Rapids?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Pelican Rapids, Minnesota at today's rate takes a household income of roughly $66,000 a year. That covers the full $1,540 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Pelican Rapids, 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.