Total monthly cost of ownership
Cost to Own a Home in Redwood Falls, Minnesota
A $162,000 home here costs
$1,402per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $833. The real number is $569 higher every month — 68% 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.
Redwood Falls against Redwood County and Minnesota
| Measure | Redwood Falls | Redwood County |
|---|---|---|
| Median home value | $162,000 | $150,400 |
| Median property tax | $1,724 | $1,444 |
| Effective tax rate | 1.064% | 0.960% |
| Median gross rent | $824 | $767 |
| Population | 5,075 | 15,383 |
The weather behind that power bill
Redwood Falls sits in Redwood County, which averages a high of 83.6°F in its hottest month and a low of 5.7°F in its coldest, with 28.01" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 690 cooling and 7,809 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Redwood County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Redwood County
No other places of this size are published in Redwood County.
Full Redwood County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Redwood Falls?
A $162,000 home in Redwood Falls, Minnesota costs approximately $1,402 per month with 20% down at 6.66%. That is $833 principal and interest, $144 property tax, $70 homeowners insurance, $220 utilities and $135 set aside for maintenance.
What is the property tax rate in Redwood Falls?
Redwood Falls has an effective property tax rate of 1.064%, based on a median home value of $162,000 and median real estate taxes of $1,724. That is higher than the Redwood County average of 0.960%.
What is the average home price in Redwood Falls?
The median owner-occupied home value in Redwood Falls, Minnesota is $162,000, against $150,400 across Redwood County.
Is it cheaper to rent or buy in Redwood Falls?
Median gross rent in Redwood Falls is $824 a month, against $1,402 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 Redwood 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.