The typical owner-occupied home in Federal Dam is worth about $123,100, 63% below the Minnesota median of $329,300 and 63% below the national median of $332,700. Owners pay a median $715 a year in property taxes, about 0.58% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $38,393 a year, so the median home costs 3.2 times the median income (3.7 times for Minnesota). 75% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Federal Dam at a glance
| Federal Dam | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $123,100 | $329,300 | $332,700 |
| Median property tax paid per year | $715 | $3,357 | $3,119 |
| Property tax as a share of value | 0.58% | 1.02% | 0.94% |
| Median household income | $38,393 | $89,062 | $80,734 |
| Homes lived in by their owners | 75% | 72% | 65% |
| Owner homes with a mortgage | 62% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,096 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 31.9% | 19.7% | 21.0% |
| Median rent | $992 | $1,280 | $1,413 |
| Rent as a share of renters' income | 36.3% | 29.2% | 30.6% |
| Median year homes were built | 2000 | 1979 | 1980 |
| Vacant homes | 45.2% | 9.3% | 10.1% |
| Population | 142 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Federal Dam
At this week's average 30-year rate of 7.11%, buying the median Federal Dam home of $123,100 with 20% down costs about $773 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $978, 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 $33,140 for the 20%-down payment. That payment is 24% of the median Federal Dam household income of $38,393; at that income and 20% down, the 28% guideline points to a home of about $143,000.
The median rent here is $992 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,620 |
|---|---|
| Loan amount | $98,480 |
| Principal and interest | $662 |
| Property taxes (0.58% a year) | $60 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $773 |
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| Down payment | $4,308 |
|---|---|
| Loan amount | $120,870 |
| Principal and interest | $813 |
| Property taxes (0.58% a year) | $60 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $978 |
Change the numbers in the calculator
Questions about home buying in Federal Dam
What is the median home value in Federal Dam?
About $123,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Federal Dam?
Homeowners pay a median $715 a year, which is about 0.58% 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 Federal Dam?
For the median home with 20% down at 7.11%, the payment is about $773 a month. Keeping that under 28% of gross income takes about $33,140 a year.
More about Federal Dam
- Mortgage Refinance in Federal Dam
- Debt Relief in Federal Dam
- Home Equity Loans in Federal Dam
- 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