The typical owner-occupied home in Long Lake is worth about $422,600, 28% above the Minnesota median of $329,300 and 27% above the national median of $332,700. Owners pay a median $4,381 a year in property taxes, about 1.04% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $109,063 a year, so the median home costs 3.9 times the median income (3.7 times for Minnesota). 75% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Long Lake at a glance
| Long Lake | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $422,600 | $329,300 | $332,700 |
| Median property tax paid per year | $4,381 | $3,357 | $3,119 |
| Property tax as a share of value | 1.04% | 1.02% | 0.94% |
| Median household income | $109,063 | $89,062 | $80,734 |
| Homes lived in by their owners | 75% | 72% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,360 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 19.7% | 21.0% |
| Median rent | $1,809 | $1,280 | $1,413 |
| Rent as a share of renters' income | 42.5% | 29.2% | 30.6% |
| Median year homes were built | 1970 | 1979 | 1980 |
| Vacant homes | 5.8% | 9.3% | 10.1% |
| Population | 1,728 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Long Lake
At this week's average 30-year rate of 7.11%, buying the median Long Lake home of $422,600 with 20% down costs about $2,817 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,521, 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 $120,713 for the 20%-down payment. That payment is 31% of the median Long Lake household income of $109,063; at that income and 20% down, the 28% guideline points to a home of about $382,000.
The median rent here is $1,809 a month, so owning the median home costs about $1,008 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $84,520 |
|---|---|
| Loan amount | $338,080 |
| Principal and interest | $2,274 |
| Property taxes (1.04% a year) | $366 |
| Homeowners insurance (our estimate, 0.5% a year) | $176 |
| PMI | $0 |
| Total per month | $2,817 |
Change the numbers in the calculator
| Down payment | $14,791 |
|---|---|
| Loan amount | $414,946 |
| Principal and interest | $2,791 |
| Property taxes (1.04% a year) | $366 |
| Homeowners insurance (our estimate, 0.5% a year) | $176 |
| FHA mortgage insurance | $187 |
| Total per month | $3,521 |
Change the numbers in the calculator
Questions about home buying in Long Lake
What is the median home value in Long Lake?
About $422,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Long Lake?
Homeowners pay a median $4,381 a year, which is about 1.04% 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 Long Lake?
For the median home with 20% down at 7.11%, the payment is about $2,817 a month. Keeping that under 28% of gross income takes about $120,713 a year.
More about Long Lake
- Mortgage Refinance in Long Lake
- Debt Relief in Long Lake
- Home Equity Loans in Long Lake
- 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