Total monthly cost of ownership
Cost to Own a Home in Slayton, Minnesota
A $160,000 home here costs
$1,365per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $823. The real number is $543 higher every month — 66% 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.
Slayton against Murray County and Minnesota
| Measure | Slayton | Murray County |
|---|---|---|
| Median home value | $160,400 | $179,400 |
| Median property tax | $1,438 | $1,373 |
| Effective tax rate | 0.897% | 0.765% |
| Median gross rent | $718 | $768 |
| Population | 2,089 | 8,119 |
The weather behind that power bill
Slayton sits in Murray County, which averages a high of 81.1°F in its hottest month and a low of 3.9°F in its coldest, with 30.14" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 497 cooling and 8,436 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Murray County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Murray County
Full Murray County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Slayton?
A $160,000 home in Slayton, Minnesota costs approximately $1,365 per month with 20% down at 6.66%. That is $823 principal and interest, $120 property tax, $69 homeowners insurance, $220 utilities and $133 set aside for maintenance.
What is the property tax rate in Slayton?
Slayton has an effective property tax rate of 0.897%, based on a median home value of $160,400 and median real estate taxes of $1,438. That is higher than the Murray County average of 0.765%.
What is the average home price in Slayton?
The median owner-occupied home value in Slayton, Minnesota is $160,400, against $179,400 across Murray County.
Is it cheaper to rent or buy in Slayton?
Median gross rent in Slayton is $718 a month, against $1,365 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 Slayton — 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.