The typical owner-occupied home in Bovey is worth about $122,800, 63% below the Minnesota median of $329,300 and 63% below the national median of $332,700. Owners pay a median $1,114 a year in property taxes, about 0.91% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $64,083 a year, so the median home costs 1.9 times the median income (3.7 times for Minnesota). 72% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Bovey at a glance
| Bovey | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $122,800 | $329,300 | $332,700 |
| Median property tax paid per year | $1,114 | $3,357 | $3,119 |
| Property tax as a share of value | 0.91% | 1.02% | 0.94% |
| Median household income | $64,083 | $89,062 | $80,734 |
| Homes lived in by their owners | 72% | 72% | 65% |
| Owner homes with a mortgage | 62% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $964 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.0% | 19.7% | 21.0% |
| Median rent | $948 | $1,280 | $1,413 |
| Rent as a share of renters' income | 23.8% | 29.2% | 30.6% |
| Median year homes were built | 1943 | 1979 | 1980 |
| Vacant homes | 11.5% | 9.3% | 10.1% |
| Population | 646 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Bovey
At this week's average 30-year rate of 7.11%, buying the median Bovey home of $122,800 with 20% down costs about $805 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,010, 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 $34,507 for the 20%-down payment. That payment is 15% of the median Bovey household income of $64,083; at that income and 20% down, the 28% guideline points to a home of about $228,000.
The median rent here is $948 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,560 |
|---|---|
| Loan amount | $98,240 |
| Principal and interest | $661 |
| Property taxes (0.91% a year) | $93 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $805 |
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| Down payment | $4,298 |
|---|---|
| Loan amount | $120,576 |
| Principal and interest | $811 |
| Property taxes (0.91% a year) | $93 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $1,010 |
Change the numbers in the calculator
Questions about home buying in Bovey
What is the median home value in Bovey?
About $122,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Bovey?
Homeowners pay a median $1,114 a year, which is about 0.91% 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 Bovey?
For the median home with 20% down at 7.11%, the payment is about $805 a month. Keeping that under 28% of gross income takes about $34,507 a year.
More about Bovey
- Mortgage Refinance in Bovey
- Debt Relief in Bovey
- Home Equity Loans in Bovey
- 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