The typical owner-occupied home in Inver Grove Heights is worth about $363,400, 10% above the Minnesota median of $329,300 and 9% above the national median of $332,700. Owners pay a median $3,464 a year in property taxes, about 0.95% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $101,316 a year, so the median home costs 3.6 times the median income (3.7 times for Minnesota). 77% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Inver Grove Heights at a glance
| Inver Grove Heights | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $363,400 | $329,300 | $332,700 |
| Median property tax paid per year | $3,464 | $3,357 | $3,119 |
| Property tax as a share of value | 0.95% | 1.02% | 0.94% |
| Median household income | $101,316 | $89,062 | $80,734 |
| Homes lived in by their owners | 77% | 72% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,008 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.7% | 19.7% | 21.0% |
| Median rent | $1,465 | $1,280 | $1,413 |
| Rent as a share of renters' income | 31.1% | 29.2% | 30.6% |
| Median year homes were built | 1990 | 1979 | 1980 |
| Vacant homes | 2.2% | 9.3% | 10.1% |
| Population | 35,906 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Inver Grove Heights
At this week's average 30-year rate of 7.11%, buying the median Inver Grove Heights home of $363,400 with 20% down costs about $2,395 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,000, 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 $102,634 for the 20%-down payment. That payment is 28% of the median Inver Grove Heights household income of $101,316; at that income and 20% down, the 28% guideline points to a home of about $359,000.
The median rent here is $1,465 a month, so owning the median home costs about $930 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $72,680 |
|---|---|
| Loan amount | $290,720 |
| Principal and interest | $1,956 |
| Property taxes (0.95% a year) | $288 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| PMI | $0 |
| Total per month | $2,395 |
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| Down payment | $12,719 |
|---|---|
| Loan amount | $356,818 |
| Principal and interest | $2,400 |
| Property taxes (0.95% a year) | $288 |
| Homeowners insurance (our estimate, 0.5% a year) | $151 |
| FHA mortgage insurance | $161 |
| Total per month | $3,000 |
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Questions about home buying in Inver Grove Heights
What is the median home value in Inver Grove Heights?
About $363,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Inver Grove Heights?
Homeowners pay a median $3,464 a year, which is about 0.95% 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 Inver Grove Heights?
For the median home with 20% down at 7.11%, the payment is about $2,395 a month. Keeping that under 28% of gross income takes about $102,634 a year.
More about Inver Grove Heights
- Mortgage Refinance in Inver Grove Heights
- Debt Relief in Inver Grove Heights
- Home Equity Loans in Inver Grove Heights
- 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