The typical owner-occupied home in Garden City is worth about $177,200, 46% below the Minnesota median of $329,300 and 47% below the national median of $332,700. Owners pay a median $1,196 a year in property taxes, about 0.67% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $81,250 a year, so the median home costs 2.2 times the median income (3.7 times for Minnesota). 93% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Garden City at a glance
| Garden City | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $177,200 | $329,300 | $332,700 |
| Median property tax paid per year | $1,196 | $3,357 | $3,119 |
| Property tax as a share of value | 0.67% | 1.02% | 0.94% |
| Median household income | $81,250 | $89,062 | $80,734 |
| Homes lived in by their owners | 93% | 72% | 65% |
| Owner homes with a mortgage | 45% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $983 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 18.6% | 19.7% | 21.0% |
| Median rent | $950 | $1,280 | $1,413 |
| Rent as a share of renters' income | 25.0% | 29.2% | 30.6% |
| Median year homes were built | 1966 | 1979 | 1980 |
| Vacant homes | 12.0% | 9.3% | 10.1% |
| Population | 194 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Garden City
At this week's average 30-year rate of 7.11%, buying the median Garden City home of $177,200 with 20% down costs about $1,126 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,422, 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 $48,274 for the 20%-down payment. That payment is 17% of the median Garden City household income of $81,250; at that income and 20% down, the 28% guideline points to a home of about $298,000.
The median rent here is $950 a month, so owning the median home costs about $176 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $35,440 |
|---|---|
| Loan amount | $141,760 |
| Principal and interest | $954 |
| Property taxes (0.67% a year) | $99 |
| Homeowners insurance (our estimate, 0.5% a year) | $74 |
| PMI | $0 |
| Total per month | $1,126 |
Change the numbers in the calculator
| Down payment | $6,202 |
|---|---|
| Loan amount | $173,990 |
| Principal and interest | $1,170 |
| Property taxes (0.67% a year) | $99 |
| Homeowners insurance (our estimate, 0.5% a year) | $74 |
| FHA mortgage insurance | $78 |
| Total per month | $1,422 |
Change the numbers in the calculator
Questions about home buying in Garden City
What is the median home value in Garden City?
About $177,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Garden City?
Homeowners pay a median $1,196 a year, which is about 0.67% 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 Garden City?
For the median home with 20% down at 7.11%, the payment is about $1,126 a month. Keeping that under 28% of gross income takes about $48,274 a year.
More about Garden City
- Mortgage Refinance in Garden City
- Debt Relief in Garden City
- Home Equity Loans in Garden City
- 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