The typical owner-occupied home in Twin Lakes is worth about $244,100, 26% below the Minnesota median of $329,300 and 27% below the national median of $332,700. Owners pay a median $2,750 a year in property taxes, about 1.13% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $72,500 a year, so the median home costs 3.4 times the median income (3.7 times for Minnesota). 88% of occupied homes here are lived in by their owners, and 24% of those owners still have a mortgage.
Twin Lakes at a glance
| Twin Lakes | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $244,100 | $329,300 | $332,700 |
| Median property tax paid per year | $2,750 | $3,357 | $3,119 |
| Property tax as a share of value | 1.13% | 1.02% | 0.94% |
| Median household income | $72,500 | $89,062 | $80,734 |
| Homes lived in by their owners | 88% | 72% | 65% |
| Owner homes with a mortgage | 24% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,875 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 15.8% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1978 | 1979 | 1980 |
| Vacant homes | 57.4% | 9.3% | 10.1% |
| Population | 197 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Twin Lakes
At this week's average 30-year rate of 7.11%, buying the median Twin Lakes home of $244,100 with 20% down costs about $1,645 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,052, 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 $70,510 for the 20%-down payment. That payment is 27% of the median Twin Lakes household income of $72,500; at that income and 20% down, the 28% guideline points to a home of about $251,000.
| Down payment | $48,820 |
|---|---|
| Loan amount | $195,280 |
| Principal and interest | $1,314 |
| Property taxes (1.13% a year) | $230 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| PMI | $0 |
| Total per month | $1,645 |
Change the numbers in the calculator
| Down payment | $8,544 |
|---|---|
| Loan amount | $239,679 |
| Principal and interest | $1,612 |
| Property taxes (1.13% a year) | $230 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| FHA mortgage insurance | $108 |
| Total per month | $2,052 |
Change the numbers in the calculator
Questions about home buying in Twin Lakes
What is the median home value in Twin Lakes?
About $244,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Twin Lakes?
Homeowners pay a median $2,750 a year, which is about 1.13% 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 Twin Lakes?
For the median home with 20% down at 7.11%, the payment is about $1,645 a month. Keeping that under 28% of gross income takes about $70,510 a year.
More about Twin Lakes
- Mortgage Refinance in Twin Lakes
- Debt Relief in Twin Lakes
- Home Equity Loans in Twin Lakes
- 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