Total monthly cost of ownership
Cost to Own a Home in Rochester, Minnesota
A $288,000 home here costs
$2,318per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,481. The real number is $837 higher every month — 57% 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.
Rochester against Olmsted County and Minnesota
| Measure | Rochester | Olmsted County |
|---|---|---|
| Median home value | $287,500 | $304,500 |
| Median property tax | $3,015 | $3,314 |
| Effective tax rate | 1.049% | 1.088% |
| Median gross rent | $1,316 | $1,283 |
| Population | 121,638 | 163,425 |
The weather behind that power bill
Rochester sits in Olmsted County, which averages a high of 80.3°F in its hottest month and a low of 7.0°F in its coldest, with 34.67" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 533 cooling and 7,856 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Olmsted County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Olmsted County
Full Olmsted County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Rochester?
A $288,000 home in Rochester, Minnesota costs approximately $2,318 per month with 20% down at 6.66%. That is $1,481 principal and interest, $252 property tax, $125 homeowners insurance, $220 utilities and $240 set aside for maintenance.
What is the property tax rate in Rochester?
Rochester has an effective property tax rate of 1.049%, based on a median home value of $287,500 and median real estate taxes of $3,015. That is lower than the Olmsted County average of 1.088%.
What is the average home price in Rochester?
The median owner-occupied home value in Rochester, Minnesota is $287,500, against $304,500 across Olmsted County.
Is it cheaper to rent or buy in Rochester?
Median gross rent in Rochester is $1,316 a month, against $2,318 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 Rochester — 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.