The typical owner-occupied home in Clarks Grove is worth about $123,400, 63% below the Minnesota median of $329,300 and 63% below the national median of $332,700. Owners pay a median $1,516 a year in property taxes, about 1.23% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $73,750 a year, so the median home costs 1.7 times the median income (3.7 times for Minnesota). 78% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Clarks Grove at a glance
| Clarks Grove | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $123,400 | $329,300 | $332,700 |
| Median property tax paid per year | $1,516 | $3,357 | $3,119 |
| Property tax as a share of value | 1.23% | 1.02% | 0.94% |
| Median household income | $73,750 | $89,062 | $80,734 |
| Homes lived in by their owners | 78% | 72% | 65% |
| Owner homes with a mortgage | 52% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,382 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 13.7% | 19.7% | 21.0% |
| Median rent | $845 | $1,280 | $1,413 |
| Rent as a share of renters' income | 18.2% | 29.2% | 30.6% |
| Median year homes were built | 1966 | 1979 | 1980 |
| Vacant homes | 6.8% | 9.3% | 10.1% |
| Population | 636 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Clarks Grove
At this week's average 30-year rate of 7.11%, buying the median Clarks Grove home of $123,400 with 20% down costs about $842 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 $36,086 for the 20%-down payment. That payment is 14% of the median Clarks Grove household income of $73,750; at that income and 20% down, the 28% guideline points to a home of about $252,000.
The median rent here is $845 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,680 |
|---|---|
| Loan amount | $98,720 |
| Principal and interest | $664 |
| Property taxes (1.23% a year) | $126 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $842 |
Change the numbers in the calculator
| Down payment | $4,319 |
|---|---|
| Loan amount | $121,165 |
| Principal and interest | $815 |
| Property taxes (1.23% a year) | $126 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $55 |
| Total per month | $1,048 |
Change the numbers in the calculator
Questions about home buying in Clarks Grove
What is the median home value in Clarks Grove?
About $123,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Clarks Grove?
Homeowners pay a median $1,516 a year, which is about 1.23% 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 Clarks Grove?
For the median home with 20% down at 7.11%, the payment is about $842 a month. Keeping that under 28% of gross income takes about $36,086 a year.
More about Clarks Grove
- Mortgage Refinance in Clarks Grove
- Debt Relief in Clarks Grove
- Home Equity Loans in Clarks Grove
- 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