The typical owner-occupied home in Merrifield is worth about $226,800, 31% below the Minnesota median of $329,300 and 32% below the national median of $332,700. The median household earns $39,572 a year, so the median home costs 5.7 times the median income (3.7 times for Minnesota). 100% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Merrifield at a glance
| Merrifield | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $226,800 | $329,300 | $332,700 |
| Median property tax paid per year | – | $3,357 | $3,119 |
| Median household income | $39,572 | $89,062 | $80,734 |
| Homes lived in by their owners | 100% | 72% | 65% |
| Owner homes with a mortgage | 68% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,514 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 30.6% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1969 | 1979 | 1980 |
| Vacant homes | 6.2% | 9.3% | 10.1% |
| Population | 121 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Merrifield
At this week's average 30-year rate of 7.11%, buying the median Merrifield home of $226,800 with 20% down costs about $1,523 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,901, 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 $65,270 for the 20%-down payment. That payment is 46% of the median Merrifield household income of $39,572; at that income and 20% down, the 28% guideline points to a home of about $138,000.
| Down payment | $45,360 |
|---|---|
| Loan amount | $181,440 |
| Principal and interest | $1,221 |
| Property taxes (1.10% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $94 |
| PMI | $0 |
| Total per month | $1,523 |
Change the numbers in the calculator
| Down payment | $7,938 |
|---|---|
| Loan amount | $222,692 |
| Principal and interest | $1,498 |
| Property taxes (1.10% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $94 |
| FHA mortgage insurance | $100 |
| Total per month | $1,901 |
Change the numbers in the calculator
Questions about home buying in Merrifield
What is the median home value in Merrifield?
About $226,800 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 Merrifield?
For the median home with 20% down at 7.11%, the payment is about $1,523 a month. Keeping that under 28% of gross income takes about $65,270 a year.
More about Merrifield
- Mortgage Refinance in Merrifield
- Debt Relief in Merrifield
- Home Equity Loans in Merrifield
- 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