The typical owner-occupied home in Wayzata is worth about $1,153,400, 3.5 times the Minnesota median of $329,300 and 3.5 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.87% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $131,614 a year, so the median home costs 8.8 times the median income (3.7 times for Minnesota). 59% of occupied homes here are lived in by their owners, and 42% of those owners still have a mortgage.
Wayzata at a glance
| Wayzata | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $1,153,400 | $329,300 | $332,700 |
| Median property tax paid per year | $10,001 | $3,357 | $3,119 |
| Property tax as a share of value | 0.87% | 1.02% | 0.94% |
| Median household income | $131,614 | $89,062 | $80,734 |
| Homes lived in by their owners | 59% | 72% | 65% |
| Owner homes with a mortgage | 42% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 19.7% | 21.0% |
| Median rent | $1,782 | $1,280 | $1,413 |
| Rent as a share of renters' income | 30.8% | 29.2% | 30.6% |
| Median year homes were built | 1988 | 1979 | 1980 |
| Vacant homes | 12.4% | 9.3% | 10.1% |
| Population | 4,354 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Wayzata
At this week's average 30-year rate of 7.11%, buying the median Wayzata home of $1,153,400 with 20% down costs about $7,524 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $9,631, 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 $322,457 for the 20%-down payment. That payment is 69% of the median Wayzata household income of $131,614; at that income and 20% down, the 28% guideline points to a home of about $471,000.
The median rent here is $1,782 a month, so owning the median home costs about $5,742 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $230,680 |
|---|---|
| Loan amount | $922,720 |
| Principal and interest | $6,207 |
| Property taxes (0.87% a year) | $836 |
| Homeowners insurance (our estimate, 0.5% a year) | $481 |
| PMI | $0 |
| Total per month | $7,524 |
Change the numbers in the calculator
| Down payment | $40,369 |
|---|---|
| Loan amount | $1,132,509 |
| Principal and interest | $7,618 |
| Property taxes (0.87% a year) | $836 |
| Homeowners insurance (our estimate, 0.5% a year) | $481 |
| FHA mortgage insurance | $696 |
| Total per month | $9,631 |
Change the numbers in the calculator
Questions about home buying in Wayzata
What is the median home value in Wayzata?
About $1,153,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Wayzata?
Homeowners pay a median $10,001 a year, which is about 0.87% 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 Wayzata?
For the median home with 20% down at 7.11%, the payment is about $7,524 a month. Keeping that under 28% of gross income takes about $322,457 a year.
More about Wayzata
- Mortgage Refinance in Wayzata
- Debt Relief in Wayzata
- Home Equity Loans in Wayzata
- 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