Total monthly cost of ownership
Cost to Own a Home in Red Lake Falls, Minnesota
A $132,000 home here costs
$1,246per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $679. The real number is $568 higher every month — 84% 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.
Red Lake Falls against Red Lake County and Minnesota
| Measure | Red Lake Falls | Red Lake County |
|---|---|---|
| Median home value | $132,300 | $157,200 |
| Median property tax | $2,163 | $1,508 |
| Effective tax rate | 1.635% | 0.959% |
| Median gross rent | $568 | $628 |
| Population | 1,267 | 3,922 |
The weather behind that power bill
Red Lake Falls sits in Red Lake County, which averages a high of 78.9°F in its hottest month and a low of -2.9°F in its coldest, with 24.33" of precipitation a year and 48% of it in a single three-month stretch. That climate drives 386 cooling and 9,524 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Red Lake County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Red Lake County
No other places of this size are published in Red Lake County.
Full Red Lake County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Red Lake Falls?
A $132,000 home in Red Lake Falls, Minnesota costs approximately $1,246 per month with 20% down at 6.66%. That is $679 principal and interest, $180 property tax, $57 homeowners insurance, $220 utilities and $110 set aside for maintenance.
What is the property tax rate in Red Lake Falls?
Red Lake Falls has an effective property tax rate of 1.635%, based on a median home value of $132,300 and median real estate taxes of $2,163. That is higher than the Red Lake County average of 0.959%.
What is the average home price in Red Lake Falls?
The median owner-occupied home value in Red Lake Falls, Minnesota is $132,300, against $157,200 across Red Lake County.
Is it cheaper to rent or buy in Red Lake Falls?
Median gross rent in Red Lake Falls is $568 a month, against $1,246 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 Red Lake Falls — 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.