Total monthly cost of ownership
Cost to Own a Home in Watertown, Minnesota
A $315,000 home here costs
$2,522per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,619. The real number is $903 higher every month — 56% 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.
Watertown against Carver County and Minnesota
| Measure | Watertown | Carver County |
|---|---|---|
| Median home value | $315,200 | $426,900 |
| Median property tax | $3,402 | $4,380 |
| Effective tax rate | 1.079% | 1.026% |
| Median gross rent | $967 | $1,444 |
| Population | 4,747 | 108,622 |
The weather behind that power bill
Watertown sits in Carver County, which averages a high of 83.7°F in its hottest month and a low of 7.7°F in its coldest, with 30.64" of precipitation a year and 45% of it in a single three-month stretch. That climate drives 788 cooling and 7,430 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Carver County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Carver County
Full Carver County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Watertown?
A $315,000 home in Watertown, Minnesota costs approximately $2,522 per month with 20% down at 6.66%. That is $1,619 principal and interest, $283 property tax, $137 homeowners insurance, $220 utilities and $263 set aside for maintenance.
What is the property tax rate in Watertown?
Watertown has an effective property tax rate of 1.079%, based on a median home value of $315,200 and median real estate taxes of $3,402. That is higher than the Carver County average of 1.026%.
What is the average home price in Watertown?
The median owner-occupied home value in Watertown, Minnesota is $315,200, against $426,900 across Carver County.
Is it cheaper to rent or buy in Watertown?
Median gross rent in Watertown is $967 a month, against $2,522 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 Watertown — 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.