Total monthly cost of ownership
Cost to Own a Home in Spring Valley, Minnesota
A $149,000 home here costs
$1,343per 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 $57,500 a year.
A standard mortgage calculator would have told you $812. The real number is $530 higher every month, 65% more than the payment most buyers budget for.
Compare Fillmore County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Spring Valley from a five-year rolling sample, and with about 2,357 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 Fillmore 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.
Spring Valley against Fillmore County and Minnesota
| Measure | Spring Valley | Fillmore County |
|---|---|---|
| Median home value | $149,100 | $204,000 |
| Median property tax | $1,811 | $1,932 |
| Effective tax rate | 1.215% | 0.947% |
| Median gross rent | $861 | $763 |
| Population | 2,357 | 21,346 |
The weather behind that power bill
Spring Valley sits in Fillmore County, which averages a high of 81.1°F in its hottest month and a low of 4.1°F in its coldest, with 36.78" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 452 cooling and 8,153 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Fillmore County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fillmore County
Full Fillmore County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Spring Valley 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 Spring Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spring Valley I already own here and may sell
Common questions
How much does it cost to own a home in Spring Valley?
A $149,000 home in Spring Valley, Minnesota costs approximately $1,343 per month with 20% down at 7.24%. That is $812 principal and interest, $151 property tax, $65 homeowners insurance, $190 utilities and $124 set aside for maintenance.
What is the property tax rate in Spring Valley?
Spring Valley has an effective property tax rate of 1.215%, based on a median home value of $149,100 and median real estate taxes of $1,811. That is higher than the Fillmore County average of 0.947%.
What is the average home price in Spring Valley?
The median owner-occupied home value in Spring Valley, Minnesota is $149,100, against $204,000 across Fillmore County.
Is it cheaper to rent or buy in Spring Valley?
Median gross rent in Spring Valley is $861 a month, against $1,343 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 Spring Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spring Valley, Minnesota at today's rate takes a household income of roughly $57,500 a year. That covers the full $1,343 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spring Valley, 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.