The typical owner-occupied home in Hayfield is worth about $186,600, 43% below the Minnesota median of $329,300 and 44% below the national median of $332,700. Owners pay a median $2,500 a year in property taxes, about 1.34% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $69,313 a year, so the median home costs 2.7 times the median income (3.7 times for Minnesota). 67% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Hayfield at a glance
| Hayfield | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $186,600 | $329,300 | $332,700 |
| Median property tax paid per year | $2,500 | $3,357 | $3,119 |
| Property tax as a share of value | 1.34% | 1.02% | 0.94% |
| Median household income | $69,313 | $89,062 | $80,734 |
| Homes lived in by their owners | 67% | 72% | 65% |
| Owner homes with a mortgage | 69% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,423 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 17.7% | 19.7% | 21.0% |
| Median rent | $935 | $1,280 | $1,413 |
| Rent as a share of renters' income | 29.7% | 29.2% | 30.6% |
| Median year homes were built | 1968 | 1979 | 1980 |
| Vacant homes | 7.4% | 9.3% | 10.1% |
| Population | 1,395 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Hayfield
At this week's average 30-year rate of 7.11%, buying the median Hayfield home of $186,600 with 20% down costs about $1,290 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,601, 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 $55,300 for the 20%-down payment. That payment is 22% of the median Hayfield household income of $69,313; at that income and 20% down, the 28% guideline points to a home of about $234,000.
The median rent here is $935 a month, so owning the median home costs about $355 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $37,320 |
|---|---|
| Loan amount | $149,280 |
| Principal and interest | $1,004 |
| Property taxes (1.34% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $78 |
| PMI | $0 |
| Total per month | $1,290 |
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| Down payment | $6,531 |
|---|---|
| Loan amount | $183,220 |
| Principal and interest | $1,233 |
| Property taxes (1.34% a year) | $208 |
| Homeowners insurance (our estimate, 0.5% a year) | $78 |
| FHA mortgage insurance | $83 |
| Total per month | $1,601 |
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Questions about home buying in Hayfield
What is the median home value in Hayfield?
About $186,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hayfield?
Homeowners pay a median $2,500 a year, which is about 1.34% 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 Hayfield?
For the median home with 20% down at 7.11%, the payment is about $1,290 a month. Keeping that under 28% of gross income takes about $55,300 a year.
More about Hayfield
- Mortgage Refinance in Hayfield
- Debt Relief in Hayfield
- Home Equity Loans in Hayfield
- 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