The typical owner-occupied home in New Germany is worth about $258,000, 22% below the Minnesota median of $329,300 and 22% below the national median of $332,700. Owners pay a median $3,183 a year in property taxes, about 1.23% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $93,864 a year, so the median home costs 2.7 times the median income (3.7 times for Minnesota). 88% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
New Germany at a glance
| New Germany | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $258,000 | $329,300 | $332,700 |
| Median property tax paid per year | $3,183 | $3,357 | $3,119 |
| Property tax as a share of value | 1.23% | 1.02% | 0.94% |
| Median household income | $93,864 | $89,062 | $80,734 |
| Homes lived in by their owners | 88% | 72% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,875 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 21.0% | 19.7% | 21.0% |
| Median rent | $1,107 | $1,280 | $1,413 |
| Rent as a share of renters' income | 23.9% | 29.2% | 30.6% |
| Median year homes were built | 1959 | 1979 | 1980 |
| Vacant homes | 2.6% | 9.3% | 10.1% |
| Population | 595 | 5,739,445 | 334,922,499 |
What a typical home costs per month in New Germany
At this week's average 30-year rate of 7.11%, buying the median New Germany home of $258,000 with 20% down costs about $1,760 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,190, 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 $75,447 for the 20%-down payment. That payment is 23% of the median New Germany household income of $93,864; at that income and 20% down, the 28% guideline points to a home of about $321,000.
The median rent here is $1,107 a month, so owning the median home costs about $653 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $51,600 |
|---|---|
| Loan amount | $206,400 |
| Principal and interest | $1,388 |
| Property taxes (1.23% a year) | $264 |
| Homeowners insurance (our estimate, 0.5% a year) | $108 |
| PMI | $0 |
| Total per month | $1,760 |
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| Down payment | $9,030 |
|---|---|
| Loan amount | $253,327 |
| Principal and interest | $1,704 |
| Property taxes (1.23% a year) | $264 |
| Homeowners insurance (our estimate, 0.5% a year) | $108 |
| FHA mortgage insurance | $114 |
| Total per month | $2,190 |
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Questions about home buying in New Germany
What is the median home value in New Germany?
About $258,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Germany?
Homeowners pay a median $3,183 a year, which is about 1.23% 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 New Germany?
For the median home with 20% down at 7.11%, the payment is about $1,760 a month. Keeping that under 28% of gross income takes about $75,447 a year.
More about New Germany
- Mortgage Refinance in New Germany
- Debt Relief in New Germany
- Home Equity Loans in New Germany
- 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