The typical owner-occupied home in Ormsby is worth about $75,000, 77% below the Minnesota median of $329,300 and 77% below the national median of $332,700. Owners pay a median $1,111 a year in property taxes, about 1.48% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $80,625 a year, so the median home costs 0.9 times the median income (3.7 times for Minnesota). 93% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Ormsby at a glance
| Ormsby | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $75,000 | $329,300 | $332,700 |
| Median property tax paid per year | $1,111 | $3,357 | $3,119 |
| Property tax as a share of value | 1.48% | 1.02% | 0.94% |
| Median household income | $80,625 | $89,062 | $80,734 |
| Homes lived in by their owners | 93% | 72% | 65% |
| Owner homes with a mortgage | 55% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,025 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 13.8% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1958 | 1979 | 1980 |
| Vacant homes | 1.7% | 9.3% | 10.1% |
| Population | 136 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Ormsby
At this week's average 30-year rate of 7.11%, buying the median Ormsby home of $75,000 with 20% down costs about $527 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $652, 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 $22,602 for the 20%-down payment. That payment is 8% of the median Ormsby household income of $80,625; at that income and 20% down, the 28% guideline points to a home of about $268,000.
| Down payment | $15,000 |
|---|---|
| Loan amount | $60,000 |
| Principal and interest | $404 |
| Property taxes (1.48% a year) | $92 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| PMI | $0 |
| Total per month | $527 |
Change the numbers in the calculator
| Down payment | $2,625 |
|---|---|
| Loan amount | $73,642 |
| Principal and interest | $495 |
| Property taxes (1.48% a year) | $92 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| FHA mortgage insurance | $33 |
| Total per month | $652 |
Change the numbers in the calculator
Questions about home buying in Ormsby
What is the median home value in Ormsby?
About $75,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Ormsby?
Homeowners pay a median $1,111 a year, which is about 1.48% 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 Ormsby?
For the median home with 20% down at 7.11%, the payment is about $527 a month. Keeping that under 28% of gross income takes about $22,602 a year.
More about Ormsby
- Mortgage Refinance in Ormsby
- Debt Relief in Ormsby
- Home Equity Loans in Ormsby
- 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