Total monthly cost of ownership
Cost to Own a Home in Tracy, Minnesota
A $111,000 home here costs
$1,076per 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 $46,000 a year.
A standard mortgage calculator would have told you $605. The real number is $471 higher every month, 78% more than the payment most buyers budget for.
Compare Lyon County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Tracy from a five-year rolling sample, and with about 1,869 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 Lyon 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.
Tracy against Lyon County and Minnesota
| Measure | Tracy | Lyon County |
|---|---|---|
| Median home value | $110,900 | $193,100 |
| Median property tax | $1,671 | $2,021 |
| Effective tax rate | 1.507% | 1.047% |
| Median gross rent | $536 | $742 |
| Population | 1,869 | 25,498 |
The weather behind that power bill
Tracy sits in Lyon County, which averages a high of 84.7°F in its hottest month and a low of 3.6°F in its coldest, with 28.9" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 722 cooling and 7,950 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Lyon County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lyon County
Talk to someone who works this market
These are Tracy 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 Tracy every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Tracy?
A $111,000 home in Tracy, Minnesota costs approximately $1,076 per month with 20% down at 7.24%. That is $605 principal and interest, $139 property tax, $48 homeowners insurance, $190 utilities and $93 set aside for maintenance.
What is the property tax rate in Tracy?
Tracy has an effective property tax rate of 1.507%, based on a median home value of $110,900 and median real estate taxes of $1,671. That is higher than the Lyon County average of 1.047%.
What is the average home price in Tracy?
The median owner-occupied home value in Tracy, Minnesota is $110,900, against $193,100 across Lyon County.
Is it cheaper to rent or buy in Tracy?
Median gross rent in Tracy is $536 a month, against $1,076 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 Tracy?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Tracy, Minnesota at today's rate takes a household income of roughly $46,000 a year. That covers the full $1,076 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Tracy, 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.