The typical owner-occupied home in Park Rapids is worth about $227,500, 31% below the Minnesota median of $329,300 and 32% below the national median of $332,700. Owners pay a median $2,365 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 $44,747 a year, so the median home costs 5.1 times the median income (3.7 times for Minnesota). 55% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Park Rapids at a glance
| Park Rapids | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $227,500 | $329,300 | $332,700 |
| Median property tax paid per year | $2,365 | $3,357 | $3,119 |
| Property tax as a share of value | 1.04% | 1.02% | 0.94% |
| Median household income | $44,747 | $89,062 | $80,734 |
| Homes lived in by their owners | 55% | 72% | 65% |
| Owner homes with a mortgage | 63% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,581 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 19.7% | 21.0% |
| Median rent | $825 | $1,280 | $1,413 |
| Rent as a share of renters' income | 29.9% | 29.2% | 30.6% |
| Median year homes were built | 1979 | 1979 | 1980 |
| Vacant homes | 6.3% | 9.3% | 10.1% |
| Population | 4,270 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Park Rapids
At this week's average 30-year rate of 7.11%, buying the median Park Rapids home of $227,500 with 20% down costs about $1,516 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,895, 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 $64,984 for the 20%-down payment. That payment is 41% of the median Park Rapids household income of $44,747; at that income and 20% down, the 28% guideline points to a home of about $157,000.
The median rent here is $825 a month, so owning the median home costs about $691 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $45,500 |
|---|---|
| Loan amount | $182,000 |
| Principal and interest | $1,224 |
| Property taxes (1.04% a year) | $197 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| PMI | $0 |
| Total per month | $1,516 |
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| Down payment | $7,962 |
|---|---|
| Loan amount | $223,379 |
| Principal and interest | $1,503 |
| Property taxes (1.04% a year) | $197 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| FHA mortgage insurance | $101 |
| Total per month | $1,895 |
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Questions about home buying in Park Rapids
What is the median home value in Park Rapids?
About $227,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Park Rapids?
Homeowners pay a median $2,365 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 Park Rapids?
For the median home with 20% down at 7.11%, the payment is about $1,516 a month. Keeping that under 28% of gross income takes about $64,984 a year.
More about Park Rapids
- Mortgage Refinance in Park Rapids
- Debt Relief in Park Rapids
- Home Equity Loans in Park Rapids
- 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