Total monthly cost of ownership
Cost to Own a Home in Rice, Minnesota
A $238,000 home here costs
$1,995per 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 $85,500 a year.
A standard mortgage calculator would have told you $1,298. The real number is $697 higher every month, 54% more than the payment most buyers budget for.
Compare Benton County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Rice from a five-year rolling sample, and with about 1,998 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 Benton 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.
Rice against Benton County and Minnesota
| Measure | Rice | Benton County |
|---|---|---|
| Median home value | $237,600 | $247,100 |
| Median property tax | $2,456 | $2,532 |
| Effective tax rate | 1.034% | 1.025% |
| Median gross rent | $1,529 | $917 |
| Population | 1,998 | 41,458 |
The weather behind that power bill
Rice sits in Benton County, which averages a high of 81.6°F in its hottest month and a low of 2.9°F in its coldest, with 28.49" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 468 cooling and 8,490 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Benton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Benton County
Full Benton County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Rice 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 Rice every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Rice?
A $238,000 home in Rice, Minnesota costs approximately $1,995 per month with 20% down at 7.24%. That is $1,298 principal and interest, $205 property tax, $103 homeowners insurance, $190 utilities and $198 set aside for maintenance.
What is the property tax rate in Rice?
Rice has an effective property tax rate of 1.034%, based on a median home value of $237,600 and median real estate taxes of $2,456. That is in line with the Benton County average of 1.025%.
What is the average home price in Rice?
The median owner-occupied home value in Rice, Minnesota is $237,600, against $247,100 across Benton County.
Is it cheaper to rent or buy in Rice?
Median gross rent in Rice is $1,529 a month, against $1,995 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 Rice?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Rice, Minnesota at today's rate takes a household income of roughly $85,500 a year. That covers the full $1,995 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Rice, 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.