Total monthly cost of ownership
Cost to Own a Home in Shafer, Minnesota
A $226,000 home here costs
$1,922per 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 $82,500 a year.
A standard mortgage calculator would have told you $1,232. The real number is $690 higher every month, 56% more than the payment most buyers budget for.
Compare Chisago County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Shafer from a five-year rolling sample, and with about 1,151 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 Chisago 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.
Shafer against Chisago County and Minnesota
| Measure | Shafer | Chisago County |
|---|---|---|
| Median home value | $225,700 | $326,600 |
| Median property tax | $2,553 | $3,668 |
| Effective tax rate | 1.131% | 1.123% |
| Median gross rent | $954 | $1,112 |
| Population | 1,151 | 57,434 |
The weather behind that power bill
Shafer sits in Chisago County, which averages a high of 82.1°F in its hottest month and a low of -0.1°F in its coldest, with 32.39" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 446 cooling and 8,608 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Chisago County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chisago County
Full Chisago County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Shafer 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 Shafer every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Shafer I already own here and may sell
Common questions
How much does it cost to own a home in Shafer?
A $226,000 home in Shafer, Minnesota costs approximately $1,922 per month with 20% down at 7.24%. That is $1,232 principal and interest, $213 property tax, $98 homeowners insurance, $190 utilities and $188 set aside for maintenance.
What is the property tax rate in Shafer?
Shafer has an effective property tax rate of 1.131%, based on a median home value of $225,700 and median real estate taxes of $2,553. That is in line with the Chisago County average of 1.123%.
What is the average home price in Shafer?
The median owner-occupied home value in Shafer, Minnesota is $225,700, against $326,600 across Chisago County.
Is it cheaper to rent or buy in Shafer?
Median gross rent in Shafer is $954 a month, against $1,922 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 Shafer?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Shafer, Minnesota at today's rate takes a household income of roughly $82,500 a year. That covers the full $1,922 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Shafer, 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.