The typical owner-occupied home in Center City is worth about $362,000, 10% above the Minnesota median of $329,300 and 9% above the national median of $332,700. Owners pay a median $3,793 a year in property taxes, about 1.05% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $96,875 a year, so the median home costs 3.7 times the median income (3.7 times for Minnesota). 91% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Center City at a glance
| Center City | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $362,000 | $329,300 | $332,700 |
| Median property tax paid per year | $3,793 | $3,357 | $3,119 |
| Property tax as a share of value | 1.05% | 1.02% | 0.94% |
| Median household income | $96,875 | $89,062 | $80,734 |
| Homes lived in by their owners | 91% | 72% | 65% |
| Owner homes with a mortgage | 64% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,894 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 21.6% | 19.7% | 21.0% |
| Median rent | $1,611 | $1,280 | $1,413 |
| Rent as a share of renters' income | 51.0% | 29.2% | 30.6% |
| Median year homes were built | 1971 | 1979 | 1980 |
| Vacant homes | 18.2% | 9.3% | 10.1% |
| Population | 651 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Center City
At this week's average 30-year rate of 7.11%, buying the median Center City home of $362,000 with 20% down costs about $2,416 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,019, 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 $103,532 for the 20%-down payment. That payment is 30% of the median Center City household income of $96,875; at that income and 20% down, the 28% guideline points to a home of about $339,000.
The median rent here is $1,611 a month, so owning the median home costs about $805 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $72,400 |
|---|---|
| Loan amount | $289,600 |
| Principal and interest | $1,948 |
| Property taxes (1.05% a year) | $317 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| PMI | $0 |
| Total per month | $2,416 |
Change the numbers in the calculator
| Down payment | $12,670 |
|---|---|
| Loan amount | $355,443 |
| Principal and interest | $2,391 |
| Property taxes (1.05% a year) | $317 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| FHA mortgage insurance | $160 |
| Total per month | $3,019 |
Change the numbers in the calculator
Questions about home buying in Center City
What is the median home value in Center City?
About $362,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Center City?
Homeowners pay a median $3,793 a year, which is about 1.05% 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 Center City?
For the median home with 20% down at 7.11%, the payment is about $2,416 a month. Keeping that under 28% of gross income takes about $103,532 a year.
More about Center City
- Mortgage Refinance in Center City
- Debt Relief in Center City
- Home Equity Loans in Center 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