Total monthly cost of ownership
Cost to Own a Home in Pine Island, Minnesota
A $325,000 home here costs
$2,679per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,671. The real number is $1,009 higher every month — 60% 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.
Pine Island against Olmsted County and Minnesota
| Measure | Pine Island | Olmsted County |
|---|---|---|
| Median home value | $324,700 | $304,500 |
| Median property tax | $4,509 | $3,314 |
| Effective tax rate | 1.389% | 1.088% |
| Median gross rent | $959 | $1,283 |
| Population | 3,693 | 163,425 |
Pine Island extends across 2 counties. Figures here use Olmsted County, where most of its housing sits.
The weather behind that power bill
Pine Island sits in Olmsted County, which averages a high of 80.3°F in its hottest month and a low of 7.0°F in its coldest, with 34.67" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 533 cooling and 7,856 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Olmsted County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Olmsted County
Full Olmsted County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Pine Island?
A $325,000 home in Pine Island, Minnesota costs approximately $2,679 per month with 20% down at 6.66%. That is $1,671 principal and interest, $376 property tax, $141 homeowners insurance, $220 utilities and $271 set aside for maintenance.
What is the property tax rate in Pine Island?
Pine Island has an effective property tax rate of 1.389%, based on a median home value of $324,700 and median real estate taxes of $4,509. That is higher than the Olmsted County average of 1.088%.
What is the average home price in Pine Island?
The median owner-occupied home value in Pine Island, Minnesota is $324,700, against $304,500 across Olmsted County.
Is it cheaper to rent or buy in Pine Island?
Median gross rent in Pine Island is $959 a month, against $2,679 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 Pine Island — 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.