The typical owner-occupied home in Beaver Bay is worth about $238,200, 28% below the Minnesota median of $329,300 and 28% below the national median of $332,700. Owners pay a median $1,912 a year in property taxes, about 0.80% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $36,875 a year, so the median home costs 6.5 times the median income (3.7 times for Minnesota). 96% of occupied homes here are lived in by their owners, and 24% of those owners still have a mortgage.
Beaver Bay at a glance
| Beaver Bay | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $238,200 | $329,300 | $332,700 |
| Median property tax paid per year | $1,912 | $3,357 | $3,119 |
| Property tax as a share of value | 0.80% | 1.02% | 0.94% |
| Median household income | $36,875 | $89,062 | $80,734 |
| Homes lived in by their owners | 96% | 72% | 65% |
| Owner homes with a mortgage | 24% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,604 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 24.2% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1965 | 1979 | 1980 |
| Vacant homes | 32.4% | 9.3% | 10.1% |
| Population | 82 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Beaver Bay
At this week's average 30-year rate of 7.11%, buying the median Beaver Bay home of $238,200 with 20% down costs about $1,540 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,937, 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 $65,998 for the 20%-down payment. That payment is 50% of the median Beaver Bay household income of $36,875; at that income and 20% down, the 28% guideline points to a home of about $133,000.
| Down payment | $47,640 |
|---|---|
| Loan amount | $190,560 |
| Principal and interest | $1,282 |
| Property taxes (0.80% a year) | $159 |
| Homeowners insurance (our estimate, 0.5% a year) | $99 |
| PMI | $0 |
| Total per month | $1,540 |
Change the numbers in the calculator
| Down payment | $8,337 |
|---|---|
| Loan amount | $233,886 |
| Principal and interest | $1,573 |
| Property taxes (0.80% a year) | $159 |
| Homeowners insurance (our estimate, 0.5% a year) | $99 |
| FHA mortgage insurance | $105 |
| Total per month | $1,937 |
Change the numbers in the calculator
Questions about home buying in Beaver Bay
What is the median home value in Beaver Bay?
About $238,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Beaver Bay?
Homeowners pay a median $1,912 a year, which is about 0.80% 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 Beaver Bay?
For the median home with 20% down at 7.11%, the payment is about $1,540 a month. Keeping that under 28% of gross income takes about $65,998 a year.
More about Beaver Bay
- Mortgage Refinance in Beaver Bay
- Debt Relief in Beaver Bay
- Home Equity Loans in Beaver Bay
- 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