Total monthly cost of ownership
Cost to Own a Home in Red Lake, Minnesota
A $136,000 home here costs
$1,205per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $699. The real number is $506 higher every month — 72% 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 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 $152 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
Common questions
How much does it cost to own a home in Red Lake?
A $136,000 home in Red Lake, Minnesota costs approximately $1,205 per month with 20% down at 6.66%. That is $699 principal and interest, $113 property tax, $59 homeowners insurance, $220 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 $1,205 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 — 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.