The typical owner-occupied home in Spring Park is worth about $661,600, 2.0 times the Minnesota median of $329,300 and 99% above the national median of $332,700. Owners pay a median $5,484 a year in property taxes, about 0.83% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $48,315 a year, so the median home costs 13.7 times the median income (3.7 times for Minnesota). 25% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Spring Park at a glance
| Spring Park | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $661,600 | $329,300 | $332,700 |
| Median property tax paid per year | $5,484 | $3,357 | $3,119 |
| Property tax as a share of value | 0.83% | 1.02% | 0.94% |
| Median household income | $48,315 | $89,062 | $80,734 |
| Homes lived in by their owners | 25% | 72% | 65% |
| Owner homes with a mortgage | 56% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $3,569 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 22.1% | 19.7% | 21.0% |
| Median rent | $1,241 | $1,280 | $1,413 |
| Rent as a share of renters' income | 33.5% | 29.2% | 30.6% |
| Median year homes were built | 1979 | 1979 | 1980 |
| Vacant homes | 7.7% | 9.3% | 10.1% |
| Population | 1,896 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Spring Park
At this week's average 30-year rate of 7.11%, buying the median Spring Park home of $661,600 with 20% down costs about $4,294 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,396, 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 $184,019 for the 20%-down payment. That payment is 107% of the median Spring Park household income of $48,315; at that income and 20% down, the 28% guideline points to a home of about $174,000.
The median rent here is $1,241 a month, so owning the median home costs about $3,053 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $132,320 |
|---|---|
| Loan amount | $529,280 |
| Principal and interest | $3,560 |
| Property taxes (0.83% a year) | $458 |
| Homeowners insurance (our estimate, 0.5% a year) | $276 |
| PMI | $0 |
| Total per month | $4,294 |
Change the numbers in the calculator
| Down payment | $23,156 |
|---|---|
| Loan amount | $649,617 |
| Principal and interest | $4,370 |
| Property taxes (0.83% a year) | $458 |
| Homeowners insurance (our estimate, 0.5% a year) | $276 |
| FHA mortgage insurance | $293 |
| Total per month | $5,396 |
Change the numbers in the calculator
Questions about home buying in Spring Park
What is the median home value in Spring Park?
About $661,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spring Park?
Homeowners pay a median $5,484 a year, which is about 0.83% 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 Spring Park?
For the median home with 20% down at 7.11%, the payment is about $4,294 a month. Keeping that under 28% of gross income takes about $184,019 a year.
More about Spring Park
- Mortgage Refinance in Spring Park
- Debt Relief in Spring Park
- Home Equity Loans in Spring Park
- 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