The typical owner-occupied home in Deer River is worth about $111,200, 66% below the Minnesota median of $329,300 and 67% below the national median of $332,700. Owners pay a median $967 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 $38,824 a year, so the median home costs 2.9 times the median income (3.7 times for Minnesota). 68% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Deer River at a glance
| Deer River | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $111,200 | $329,300 | $332,700 |
| Median property tax paid per year | $967 | $3,357 | $3,119 |
| Property tax as a share of value | 0.87% | 1.02% | 0.94% |
| Median household income | $38,824 | $89,062 | $80,734 |
| Homes lived in by their owners | 68% | 72% | 65% |
| Owner homes with a mortgage | 49% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $878 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 26.9% | 19.7% | 21.0% |
| Median rent | $816 | $1,280 | $1,413 |
| Rent as a share of renters' income | 28.3% | 29.2% | 30.6% |
| Median year homes were built | 1973 | 1979 | 1980 |
| Vacant homes | 11.8% | 9.3% | 10.1% |
| Population | 889 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Deer River
At this week's average 30-year rate of 7.11%, buying the median Deer River home of $111,200 with 20% down costs about $725 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $911, 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 $31,088 for the 20%-down payment. That payment is 22% of the median Deer River household income of $38,824; at that income and 20% down, the 28% guideline points to a home of about $139,000.
The median rent here is $816 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $22,240 |
|---|---|
| Loan amount | $88,960 |
| Principal and interest | $598 |
| Property taxes (0.87% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| PMI | $0 |
| Total per month | $725 |
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| Down payment | $3,892 |
|---|---|
| Loan amount | $109,186 |
| Principal and interest | $734 |
| Property taxes (0.87% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| FHA mortgage insurance | $49 |
| Total per month | $911 |
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Questions about home buying in Deer River
What is the median home value in Deer River?
About $111,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Deer River?
Homeowners pay a median $967 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 Deer River?
For the median home with 20% down at 7.11%, the payment is about $725 a month. Keeping that under 28% of gross income takes about $31,088 a year.
More about Deer River
- Mortgage Refinance in Deer River
- Debt Relief in Deer River
- Home Equity Loans in Deer River
- 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