Total monthly cost of ownership
Cost to Own a Home in Pine Island, Minnesota
A $325,000 home here costs
$2,781per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $119,000 a year.
A standard mortgage calculator would have told you $1,800. The real number is $980 higher every month, 54% more than the payment most buyers budget for.
Compare Olmsted County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Pine Island from a five-year rolling sample, and with about 3,693 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 Olmsted 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.
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 $124 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
Talk to someone who works this market
These are Pine Island 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 Pine Island every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Pine Island I already own here and may sell
Common questions
How much does it cost to own a home in Pine Island?
A $325,000 home in Pine Island, Minnesota costs approximately $2,781 per month with 20% down at 7.4%. That is $1,800 principal and interest, $376 property tax, $141 homeowners insurance, $192 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 $2,781 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 Pine Island?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Pine Island, Minnesota at today's rate takes a household income of roughly $119,000 a year. That covers the full $2,781 monthly cost, not just the mortgage payment.
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.