Total monthly cost of ownership
Cost to Own a Home in Springfield, Minnesota
A $118,000 home here costs
$1,100per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $607. The real number is $494 higher every month — 81% 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.
Springfield against Brown County and Minnesota
| Measure | Springfield | Brown County |
|---|---|---|
| Median home value | $117,600 | $181,700 |
| Median property tax | $1,479 | $1,890 |
| Effective tax rate | 1.258% | 1.040% |
| Median gross rent | $781 | $931 |
| Population | 2,209 | 25,826 |
The weather behind that power bill
Springfield sits in Brown County, which averages a high of 82.3°F in its hottest month and a low of 4.2°F in its coldest, with 29.55" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 593 cooling and 8,068 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Brown County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Brown County
Full Brown County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Springfield?
A $118,000 home in Springfield, Minnesota costs approximately $1,100 per month with 20% down at 6.66%. That is $607 principal and interest, $124 property tax, $51 homeowners insurance, $220 utilities and $98 set aside for maintenance.
What is the property tax rate in Springfield?
Springfield has an effective property tax rate of 1.258%, based on a median home value of $117,600 and median real estate taxes of $1,479. That is higher than the Brown County average of 1.040%.
What is the average home price in Springfield?
The median owner-occupied home value in Springfield, Minnesota is $117,600, against $181,700 across Brown County.
Is it cheaper to rent or buy in Springfield?
Median gross rent in Springfield is $781 a month, against $1,100 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 Springfield — 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.