Total monthly cost of ownership
Cost to Own a Home in Princeton, Minnesota
A $212,000 home here costs
$1,828per 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 $78,500 a year.
A standard mortgage calculator would have told you $1,156. The real number is $672 higher every month, 58% more than the payment most buyers budget for.
Compare Sherburne County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Princeton from a five-year rolling sample, and with about 4,988 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 Sherburne 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.
Princeton against Sherburne County and Minnesota
| Measure | Princeton | Sherburne County |
|---|---|---|
| Median home value | $212,200 | $332,700 |
| Median property tax | $2,562 | $3,311 |
| Effective tax rate | 1.207% | 0.995% |
| Median gross rent | $953 | $1,151 |
| Population | 4,988 | 99,178 |
Princeton extends across 2 counties. Figures here use Sherburne County, where most of its housing sits.
The weather behind that power bill
Princeton sits in Sherburne County, which averages a high of 80.9°F in its hottest month and a low of 3.8°F in its coldest, with 30.69" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 464 cooling and 8,208 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Sherburne County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sherburne County
Full Sherburne County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Princeton 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 Princeton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Princeton I already own here and may sell
Common questions
How much does it cost to own a home in Princeton?
A $212,000 home in Princeton, Minnesota costs approximately $1,828 per month with 20% down at 7.24%. That is $1,156 principal and interest, $213 property tax, $92 homeowners insurance, $190 utilities and $177 set aside for maintenance.
What is the property tax rate in Princeton?
Princeton has an effective property tax rate of 1.207%, based on a median home value of $212,200 and median real estate taxes of $2,562. That is higher than the Sherburne County average of 0.995%.
What is the average home price in Princeton?
The median owner-occupied home value in Princeton, Minnesota is $212,200, against $332,700 across Sherburne County.
Is it cheaper to rent or buy in Princeton?
Median gross rent in Princeton is $953 a month, against $1,828 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 Princeton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Princeton, Minnesota at today's rate takes a household income of roughly $78,500 a year. That covers the full $1,828 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Princeton, 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.