Total monthly cost of ownership
Cost to Own a Home in Thief River Falls, Minnesota
A $169,000 home here costs
$1,491per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $869. The real number is $622 higher every month — 72% 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.
Thief River Falls against Pennington County and Minnesota
| Measure | Thief River Falls | Pennington County |
|---|---|---|
| Median home value | $169,300 | $188,900 |
| Median property tax | $2,254 | $2,300 |
| Effective tax rate | 1.331% | 1.218% |
| Median gross rent | $884 | $900 |
| Population | 8,841 | 13,877 |
The weather behind that power bill
Thief River Falls sits in Pennington County, which averages a high of 77.5°F in its hottest month and a low of -5.5°F in its coldest, with 24.32" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 188 cooling and 10,106 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Pennington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Pennington County
No other places of this size are published in Pennington County.
Full Pennington County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Thief River Falls?
A $169,000 home in Thief River Falls, Minnesota costs approximately $1,491 per month with 20% down at 6.66%. That is $869 principal and interest, $187 property tax, $73 homeowners insurance, $220 utilities and $141 set aside for maintenance.
What is the property tax rate in Thief River Falls?
Thief River Falls has an effective property tax rate of 1.331%, based on a median home value of $169,300 and median real estate taxes of $2,254. That is higher than the Pennington County average of 1.218%.
What is the average home price in Thief River Falls?
The median owner-occupied home value in Thief River Falls, Minnesota is $169,300, against $188,900 across Pennington County.
Is it cheaper to rent or buy in Thief River Falls?
Median gross rent in Thief River Falls is $884 a month, against $1,491 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 Thief River Falls — 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.