Total monthly cost of ownership
Cost to Own a Home in St. Louis County, Minnesota
A $209,000 home here costs
$1,752per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,074. The real number is $678 higher every month — 63% 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.
How St. Louis County compares
St. Louis County ranks 1,132nd of 3,133 US counties by effective property tax rate, meaning property taxes here are lower than in 2,001 counties and higher than in 1,131. Within Minnesota it ranks 31st of 87.
The numbers behind this page
| Measure | St. Louis County | Source |
|---|---|---|
| Median home value | $208,500 | ACS B25077 |
| Median real estate taxes paid | $2,142 | ACS B25103 |
| Effective property tax rate | 1.027% | Derived |
| Median gross rent | $970 | ACS B25064 |
| Occupied housing units | 86,264 | ACS B25003 |
| Population | 200,056 | ACS B01003 |
| Residential electricity price | 16.95¢/kWh | EIA 5.6.A |
| 30-year fixed mortgage rate | 6.66% | Freddie Mac PMMS |
Other counties in Minnesota
Compare the cost of the same home elsewhere in the state.
Questions about owning here
What is the property tax rate in St. Louis County?
The effective property tax rate in St. Louis County, Minnesota is 1.027% of home value per year. On the county's median home value of $208,500, that works out to about $2,142 annually, or $179 per month.
How much does it cost to own a home in St. Louis County?
A $209,000 home in St. Louis County, Minnesota costs approximately $1,752 per month with 20% down at 6.66%. That breaks down as $1,074 principal and interest, $179 property tax, $105 insurance, $220 utilities and $174 set aside for maintenance.
Why is this higher than the payment my lender quoted?
Lender quotes usually show principal and interest only, and sometimes property tax and insurance. They almost never include electricity, water or a maintenance reserve. Here those add about $395 a month, which is why the real cost is 63% above the mortgage payment alone.
Is it cheaper to rent in St. Louis County?
Median gross rent in St. Louis County, Minnesota is $970 per month, compared with $1,752 to own the median home outright. Renting is cheaper month to month, though rent does not build equity and is not fixed for 30 years.
How much is the electric bill in St. Louis County?
Minnesota residential electricity averages 16.95¢ per kWh. At the US average household usage of 899 kWh per month, that is about $152. Actual bills vary considerably with house size, insulation and climate.
Sources & methodology
- Median home value, real estate taxes paid, gross rent, occupied units and population — US Census Bureau, American Community Survey ACS 2023 5-Year, tables B25077, B25103, B25064, B25003, B01003.
- Effective property tax rate — median real estate taxes paid divided by median home value.
- Mortgage rate — Freddie Mac PMMS, updated weekly.
- Residential electricity price — US Energy Information Administration, Electric Power Monthly, Table 5.6.A.
- Homeowners insurance (0.60%/yr), maintenance (1%/yr) and water and sewer ($68/mo) are modelled national estimates, not quoted figures. Every one is editable above.