The typical owner-occupied home in Forest Lake is worth about $393,500, 19% above the Minnesota median of $329,300 and 18% above the national median of $332,700. Owners pay a median $3,751 a year in property taxes, about 0.95% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $92,944 a year, so the median home costs 4.2 times the median income (3.7 times for Minnesota). 73% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Forest Lake at a glance
| Forest Lake | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $393,500 | $329,300 | $332,700 |
| Median property tax paid per year | $3,751 | $3,357 | $3,119 |
| Property tax as a share of value | 0.95% | 1.02% | 0.94% |
| Median household income | $92,944 | $89,062 | $80,734 |
| Homes lived in by their owners | 73% | 72% | 65% |
| Owner homes with a mortgage | 69% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,141 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 20.4% | 19.7% | 21.0% |
| Median rent | $1,421 | $1,280 | $1,413 |
| Rent as a share of renters' income | 29.7% | 29.2% | 30.6% |
| Median year homes were built | 1988 | 1979 | 1980 |
| Vacant homes | 5.0% | 9.3% | 10.1% |
| Population | 20,729 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Forest Lake
At this week's average 30-year rate of 7.11%, buying the median Forest Lake home of $393,500 with 20% down costs about $2,593 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,249, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $111,135 for the 20%-down payment. That payment is 33% of the median Forest Lake household income of $92,944; at that income and 20% down, the 28% guideline points to a home of about $329,000.
The median rent here is $1,421 a month, so owning the median home costs about $1,172 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $78,700 |
|---|---|
| Loan amount | $314,800 |
| Principal and interest | $2,118 |
| Property taxes (0.95% a year) | $312 |
| Homeowners insurance (our estimate, 0.5% a year) | $164 |
| PMI | $0 |
| Total per month | $2,593 |
Change the numbers in the calculator
| Down payment | $13,772 |
|---|---|
| Loan amount | $386,373 |
| Principal and interest | $2,599 |
| Property taxes (0.95% a year) | $312 |
| Homeowners insurance (our estimate, 0.5% a year) | $164 |
| FHA mortgage insurance | $174 |
| Total per month | $3,249 |
Change the numbers in the calculator
Questions about home buying in Forest Lake
What is the median home value in Forest Lake?
About $393,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Forest Lake?
Homeowners pay a median $3,751 a year, which is about 0.95% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Forest Lake?
For the median home with 20% down at 7.11%, the payment is about $2,593 a month. Keeping that under 28% of gross income takes about $111,135 a year.
More about Forest Lake
- Mortgage Refinance in Forest Lake
- Debt Relief in Forest Lake
- Home Equity Loans in Forest Lake
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data