The typical owner-occupied home in Nett Lake is worth about $80,000, 76% below the Minnesota median of $329,300 and 76% below the national median of $332,700. The median household earns $38,750 a year, so the median home costs 2.1 times the median income (3.7 times for Minnesota). 40% of occupied homes here are lived in by their owners, and 11% of those owners still have a mortgage.
Nett Lake at a glance
| Nett Lake | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $80,000 | $329,300 | $332,700 |
| Median property tax paid per year | – | $3,357 | $3,119 |
| Median household income | $38,750 | $89,062 | $80,734 |
| Homes lived in by their owners | 40% | 72% | 65% |
| Owner homes with a mortgage | 11% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $875 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 13.8% | 19.7% | 21.0% |
| Median rent | $832 | $1,280 | $1,413 |
| Rent as a share of renters' income | 26.3% | 29.2% | 30.6% |
| Median year homes were built | 1993 | 1979 | 1980 |
| Vacant homes | 31.4% | 9.3% | 10.1% |
| Population | 171 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Nett Lake
At this week's average 30-year rate of 7.11%, buying the median Nett Lake home of $80,000 with 20% down costs about $537 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $670, 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 $23,023 for the 20%-down payment. That payment is 17% of the median Nett Lake household income of $38,750; at that income and 20% down, the 28% guideline points to a home of about $135,000.
The median rent here is $832 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,000 |
|---|---|
| Loan amount | $64,000 |
| Principal and interest | $431 |
| Property taxes (1.10% a year) | $73 |
| Homeowners insurance (our estimate, 0.5% a year) | $33 |
| PMI | $0 |
| Total per month | $537 |
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| Down payment | $2,800 |
|---|---|
| Loan amount | $78,551 |
| Principal and interest | $528 |
| Property taxes (1.10% a year) | $73 |
| Homeowners insurance (our estimate, 0.5% a year) | $33 |
| FHA mortgage insurance | $35 |
| Total per month | $670 |
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Questions about home buying in Nett Lake
What is the median home value in Nett Lake?
About $80,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Nett Lake?
For the median home with 20% down at 7.11%, the payment is about $537 a month. Keeping that under 28% of gross income takes about $23,023 a year.
More about Nett Lake
- Mortgage Refinance in Nett Lake
- Debt Relief in Nett Lake
- Home Equity Loans in Nett 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