Total monthly cost of ownership
Cost to Own a Home in Red Lake, Minnesota
A $136,000 home here costs
$1,217per 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 $52,000 a year.
A standard mortgage calculator would have told you $741. The real number is $476 higher every month, 64% more than the payment most buyers budget for.
Compare Beltrami County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Red Lake from a five-year rolling sample, and with about 1,506 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 Beltrami 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.
Red Lake against Beltrami County and Minnesota
| Measure | Red Lake | Beltrami County |
|---|---|---|
| Median home value | $136,000 | $222,300 |
| Median property tax | — | $2,214 |
| Effective tax rate | 0.996% | 0.996% |
| Median gross rent | $426 | $991 |
| Population | 1,506 | 46,421 |
The weather behind that power bill
Red Lake sits in Beltrami County, which averages a high of 76.6°F in its hottest month and a low of -2.7°F in its coldest, with 22.77" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 339 cooling and 9,639 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Beltrami County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Beltrami County
Full Beltrami County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Red Lake 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 Red Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Red Lake I already own here and may sell
Common questions
How much does it cost to own a home in Red Lake?
A $136,000 home in Red Lake, Minnesota costs approximately $1,217 per month with 20% down at 7.24%. That is $741 principal and interest, $113 property tax, $59 homeowners insurance, $190 utilities and $113 set aside for maintenance.
What is the property tax rate in Red Lake?
Place-level tax data is not published for Red Lake, so the Beltrami County rate of 0.996% applies here.
What is the average home price in Red Lake?
The median owner-occupied home value in Red Lake, Minnesota is $136,000, against $222,300 across Beltrami County.
Is it cheaper to rent or buy in Red Lake?
Median gross rent in Red Lake is $426 a month, against $1,217 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 Red Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Red Lake, Minnesota at today's rate takes a household income of roughly $52,000 a year. That covers the full $1,217 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Red Lake, 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.