The typical owner-occupied home in Balaton is worth about $94,000, 71% below the Minnesota median of $329,300 and 72% below the national median of $332,700. Owners pay a median $1,281 a year in property taxes, about 1.36% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $54,688 a year, so the median home costs 1.7 times the median income (3.7 times for Minnesota). 75% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Balaton at a glance
| Balaton | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $94,000 | $329,300 | $332,700 |
| Median property tax paid per year | $1,281 | $3,357 | $3,119 |
| Property tax as a share of value | 1.36% | 1.02% | 0.94% |
| Median household income | $54,688 | $89,062 | $80,734 |
| Homes lived in by their owners | 75% | 72% | 65% |
| Owner homes with a mortgage | 56% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,324 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 27.5% | 19.7% | 21.0% |
| Median rent | $1,138 | $1,280 | $1,413 |
| Rent as a share of renters' income | 31.3% | 29.2% | 30.6% |
| Median year homes were built | 1951 | 1979 | 1980 |
| Vacant homes | 7.2% | 9.3% | 10.1% |
| Population | 551 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Balaton
At this week's average 30-year rate of 7.11%, buying the median Balaton home of $94,000 with 20% down costs about $652 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $808, 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 $27,925 for the 20%-down payment. That payment is 14% of the median Balaton household income of $54,688; at that income and 20% down, the 28% guideline points to a home of about $184,000.
The median rent here is $1,138 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,800 |
|---|---|
| Loan amount | $75,200 |
| Principal and interest | $506 |
| Property taxes (1.36% a year) | $107 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| PMI | $0 |
| Total per month | $652 |
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| Down payment | $3,290 |
|---|---|
| Loan amount | $92,297 |
| Principal and interest | $621 |
| Property taxes (1.36% a year) | $107 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| FHA mortgage insurance | $42 |
| Total per month | $808 |
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Questions about home buying in Balaton
What is the median home value in Balaton?
About $94,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Balaton?
Homeowners pay a median $1,281 a year, which is about 1.36% 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 Balaton?
For the median home with 20% down at 7.11%, the payment is about $652 a month. Keeping that under 28% of gross income takes about $27,925 a year.
More about Balaton
- Mortgage Refinance in Balaton
- Debt Relief in Balaton
- Home Equity Loans in Balaton
- 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