Total monthly cost of ownership
Cost to Own a Home in Virginia, Minnesota
A $118,000 home here costs
$1,093per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $47,000 a year.
A standard mortgage calculator would have told you $654. The real number is $440 higher every month, 67% more than the payment most buyers budget for.
Compare St. Louis County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Virginia against St. Louis County and Minnesota
| Measure | Virginia | St. Louis County |
|---|---|---|
| Median home value | $117,500 | $208,500 |
| Median property tax | $1,168 | $2,142 |
| Effective tax rate | 0.994% | 1.027% |
| Median gross rent | $789 | $970 |
| Population | 8,362 | 200,056 |
The weather behind that power bill
Virginia sits in St. Louis County, which averages a high of 77.2°F in its hottest month and a low of -1.5°F in its coldest, with 27.58" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 228 cooling and 9,718 heating degree days, which is what sets the $124 electricity line above.
See the full climate breakdown for St. Louis County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Louis County
Full St. Louis County cost breakdown · Every county in Minnesota
Talk to someone who works this market
These are Virginia 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 Virginia every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Virginia I already own here and may sell
Common questions
How much does it cost to own a home in Virginia?
A $118,000 home in Virginia, Minnesota costs approximately $1,093 per month with 20% down at 7.4%. That is $654 principal and interest, $98 property tax, $51 homeowners insurance, $192 utilities and $98 set aside for maintenance.
What is the property tax rate in Virginia?
Virginia has an effective property tax rate of 0.994%, based on a median home value of $117,500 and median real estate taxes of $1,168. That is lower than the St. Louis County average of 1.027%.
What is the average home price in Virginia?
The median owner-occupied home value in Virginia, Minnesota is $117,500, against $208,500 across St. Louis County.
Is it cheaper to rent or buy in Virginia?
Median gross rent in Virginia is $789 a month, against $1,093 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 Virginia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Virginia, Minnesota at today's rate takes a household income of roughly $47,000 a year. That covers the full $1,093 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Virginia, 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.