Total monthly cost of ownership
Cost to Own a Home in Tonka Bay, Minnesota
A $870,000 home here costs
$6,596per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $4,473. The real number is $2,124 higher every month — 47% 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.
Tonka Bay against Hennepin County and Minnesota
| Measure | Tonka Bay | Hennepin County |
|---|---|---|
| Median home value | $869,900 | $376,500 |
| Median property tax | $9,607 | $4,337 |
| Effective tax rate | 1.104% | 1.152% |
| Median gross rent | $2,299 | $1,439 |
| Population | 1,361 | 1,268,903 |
The weather behind that power bill
Tonka Bay sits in Hennepin County, which averages a high of 83.3°F in its hottest month and a low of 7.2°F in its coldest, with 30.71" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 703 cooling and 7,654 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Hennepin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hennepin County
Full Hennepin County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Tonka Bay?
A $870,000 home in Tonka Bay, Minnesota costs approximately $6,596 per month with 20% down at 6.66%. That is $4,473 principal and interest, $800 property tax, $378 homeowners insurance, $220 utilities and $725 set aside for maintenance.
What is the property tax rate in Tonka Bay?
Tonka Bay has an effective property tax rate of 1.104%, based on a median home value of $869,900 and median real estate taxes of $9,607. That is lower than the Hennepin County average of 1.152%.
What is the average home price in Tonka Bay?
The median owner-occupied home value in Tonka Bay, Minnesota is $869,900, against $376,500 across Hennepin County.
Is it cheaper to rent or buy in Tonka Bay?
Median gross rent in Tonka Bay is $2,299 a month, against $6,596 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 Tonka Bay — 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.