The typical owner-occupied home in Round Lake is worth about $109,900, 67% below the Minnesota median of $329,300 and 67% below the national median of $332,700. Owners pay a median $1,031 a year in property taxes, about 0.94% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $71,667 a year, so the median home costs 1.5 times the median income (3.7 times for Minnesota). 74% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Round Lake at a glance
| Round Lake | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $109,900 | $329,300 | $332,700 |
| Median property tax paid per year | $1,031 | $3,357 | $3,119 |
| Property tax as a share of value | 0.94% | 1.02% | 0.94% |
| Median household income | $71,667 | $89,062 | $80,734 |
| Homes lived in by their owners | 74% | 72% | 65% |
| Owner homes with a mortgage | 52% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $961 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 14.6% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Rent as a share of renters' income | 17.2% | 29.2% | 30.6% |
| Median year homes were built | 1953 | 1979 | 1980 |
| Vacant homes | 19.8% | 9.3% | 10.1% |
| Population | 333 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Round Lake
At this week's average 30-year rate of 7.11%, buying the median Round Lake home of $109,900 with 20% down costs about $723 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $906, 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 $30,999 for the 20%-down payment. That payment is 12% of the median Round Lake household income of $71,667; at that income and 20% down, the 28% guideline points to a home of about $254,000.
| Down payment | $21,980 |
|---|---|
| Loan amount | $87,920 |
| Principal and interest | $591 |
| Property taxes (0.94% a year) | $86 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| PMI | $0 |
| Total per month | $723 |
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| Down payment | $3,846 |
|---|---|
| Loan amount | $107,909 |
| Principal and interest | $726 |
| Property taxes (0.94% a year) | $86 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| FHA mortgage insurance | $49 |
| Total per month | $906 |
Change the numbers in the calculator
Questions about home buying in Round Lake
What is the median home value in Round Lake?
About $109,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Round Lake?
Homeowners pay a median $1,031 a year, which is about 0.94% 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 Round Lake?
For the median home with 20% down at 7.11%, the payment is about $723 a month. Keeping that under 28% of gross income takes about $30,999 a year.
More about Round Lake
- Mortgage Refinance in Round Lake
- Debt Relief in Round Lake
- Home Equity Loans in Round Lake
- 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