The typical owner-occupied home in Barrett is worth about $131,900, 60% below the Minnesota median of $329,300 and 60% below the national median of $332,700. Owners pay a median $997 a year in property taxes, about 0.76% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $60,000 a year, so the median home costs 2.2 times the median income (3.7 times for Minnesota). 73% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Barrett at a glance
| Barrett | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $131,900 | $329,300 | $332,700 |
| Median property tax paid per year | $997 | $3,357 | $3,119 |
| Property tax as a share of value | 0.76% | 1.02% | 0.94% |
| Median household income | $60,000 | $89,062 | $80,734 |
| Homes lived in by their owners | 73% | 72% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,125 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 17.7% | 19.7% | 21.0% |
| Median rent | $1,337 | $1,280 | $1,413 |
| Rent as a share of renters' income | 49.5% | 29.2% | 30.6% |
| Median year homes were built | 1952 | 1979 | 1980 |
| Vacant homes | 20.6% | 9.3% | 10.1% |
| Population | 349 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Barrett
At this week's average 30-year rate of 7.11%, buying the median Barrett home of $131,900 with 20% down costs about $848 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,068, 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 $36,357 for the 20%-down payment. That payment is 17% of the median Barrett household income of $60,000; at that income and 20% down, the 28% guideline points to a home of about $218,000.
The median rent here is $1,337 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $26,380 |
|---|---|
| Loan amount | $105,520 |
| Principal and interest | $710 |
| Property taxes (0.76% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| PMI | $0 |
| Total per month | $848 |
Change the numbers in the calculator
| Down payment | $4,616 |
|---|---|
| Loan amount | $129,511 |
| Principal and interest | $871 |
| Property taxes (0.76% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| FHA mortgage insurance | $58 |
| Total per month | $1,068 |
Change the numbers in the calculator
Questions about home buying in Barrett
What is the median home value in Barrett?
About $131,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Barrett?
Homeowners pay a median $997 a year, which is about 0.76% 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 Barrett?
For the median home with 20% down at 7.11%, the payment is about $848 a month. Keeping that under 28% of gross income takes about $36,357 a year.
More about Barrett
- Mortgage Refinance in Barrett
- Debt Relief in Barrett
- Home Equity Loans in Barrett
- 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