The typical owner-occupied home in Leonard is worth about $125,000, 62% below the Minnesota median of $329,300 and 62% below the national median of $332,700. The median household earns $53,750 a year, so the median home costs 2.3 times the median income (3.7 times for Minnesota). 100% of occupied homes here are lived in by their owners, and 38% of those owners still have a mortgage.
Leonard at a glance
| Leonard | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $125,000 | $329,300 | $332,700 |
| Median property tax paid per year | – | $3,357 | $3,119 |
| Median household income | $53,750 | $89,062 | $80,734 |
| Homes lived in by their owners | 100% | 72% | 65% |
| Owner homes with a mortgage | 38% | 64% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,947 | $1,963 |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1940 | 1979 | 1980 |
| Vacant homes | 50.0% | 9.3% | 10.1% |
| Population | 12 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Leonard
At this week's average 30-year rate of 7.11%, buying the median Leonard home of $125,000 with 20% down costs about $839 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,048, 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 $35,973 for the 20%-down payment. That payment is 19% of the median Leonard household income of $53,750; at that income and 20% down, the 28% guideline points to a home of about $187,000.
| Down payment | $25,000 |
|---|---|
| Loan amount | $100,000 |
| Principal and interest | $673 |
| Property taxes (1.10% a year) | $115 |
| Homeowners insurance (our estimate, 0.5% a year) | $52 |
| PMI | $0 |
| Total per month | $839 |
Change the numbers in the calculator
| Down payment | $4,375 |
|---|---|
| Loan amount | $122,736 |
| Principal and interest | $826 |
| Property taxes (1.10% a year) | $115 |
| Homeowners insurance (our estimate, 0.5% a year) | $52 |
| FHA mortgage insurance | $55 |
| Total per month | $1,048 |
Change the numbers in the calculator
Questions about home buying in Leonard
What is the median home value in Leonard?
About $125,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Leonard?
For the median home with 20% down at 7.11%, the payment is about $839 a month. Keeping that under 28% of gross income takes about $35,973 a year.
More about Leonard
- Mortgage Refinance in Leonard
- Debt Relief in Leonard
- Home Equity Loans in Leonard
- 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