Total monthly cost of ownership
Cost to Own a Home in Wadena, Minnesota
A $159,000 home here costs
$1,361per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $817. The real number is $544 higher every month — 66% 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.
Wadena against Otter Tail County and Minnesota
| Measure | Wadena | Otter Tail County |
|---|---|---|
| Median home value | $158,700 | $252,500 |
| Median property tax | $1,457 | $1,966 |
| Effective tax rate | 0.918% | 0.779% |
| Median gross rent | $683 | $805 |
| Population | 4,361 | 60,281 |
Wadena extends across 2 counties. Figures here use Otter Tail County, where most of its housing sits.
The weather behind that power bill
Wadena sits in Otter Tail County, which averages a high of 78.6°F in its hottest month and a low of -2.0°F in its coldest, with 28.17" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 416 cooling and 9,147 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Otter Tail County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Otter Tail County
Full Otter Tail County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Wadena?
A $159,000 home in Wadena, Minnesota costs approximately $1,361 per month with 20% down at 6.66%. That is $817 principal and interest, $122 property tax, $69 homeowners insurance, $220 utilities and $133 set aside for maintenance.
What is the property tax rate in Wadena?
Wadena has an effective property tax rate of 0.918%, based on a median home value of $158,700 and median real estate taxes of $1,457. That is higher than the Otter Tail County average of 0.779%.
What is the average home price in Wadena?
The median owner-occupied home value in Wadena, Minnesota is $158,700, against $252,500 across Otter Tail County.
Is it cheaper to rent or buy in Wadena?
Median gross rent in Wadena is $683 a month, against $1,361 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 Wadena — 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.