Total monthly cost of ownership
Cost to Own a Home in Red Wing, Minnesota
A $225,000 home here costs
$1,883per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,157. The real number is $726 higher every month — 63% 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 Wing against Goodhue County and Minnesota
| Measure | Red Wing | Goodhue County |
|---|---|---|
| Median home value | $224,800 | $269,400 |
| Median property tax | $2,644 | $2,866 |
| Effective tax rate | 1.176% | 1.064% |
| Median gross rent | $954 | $939 |
| Population | 16,660 | 47,844 |
The weather behind that power bill
Red Wing sits in Goodhue County, which averages a high of 81.0°F in its hottest month and a low of 4.1°F in its coldest, with 35.19" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 507 cooling and 8,127 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Goodhue County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Goodhue County
Full Goodhue County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Red Wing?
A $225,000 home in Red Wing, Minnesota costs approximately $1,883 per month with 20% down at 6.66%. That is $1,157 principal and interest, $221 property tax, $98 homeowners insurance, $220 utilities and $188 set aside for maintenance.
What is the property tax rate in Red Wing?
Red Wing has an effective property tax rate of 1.176%, based on a median home value of $224,800 and median real estate taxes of $2,644. That is higher than the Goodhue County average of 1.064%.
What is the average home price in Red Wing?
The median owner-occupied home value in Red Wing, Minnesota is $224,800, against $269,400 across Goodhue County.
Is it cheaper to rent or buy in Red Wing?
Median gross rent in Red Wing is $954 a month, against $1,883 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 Wing — 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.