The typical owner-occupied home in Plato is worth about $239,700, 27% below the Minnesota median of $329,300 and 28% below the national median of $332,700. Owners pay a median $2,759 a year in property taxes, about 1.15% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $91,250 a year, so the median home costs 2.6 times the median income (3.7 times for Minnesota). 97% of occupied homes here are lived in by their owners, and 51% of those owners still have a mortgage.
Plato at a glance
| Plato | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $239,700 | $329,300 | $332,700 |
| Median property tax paid per year | $2,759 | $3,357 | $3,119 |
| Property tax as a share of value | 1.15% | 1.02% | 0.94% |
| Median household income | $91,250 | $89,062 | $80,734 |
| Homes lived in by their owners | 97% | 72% | 65% |
| Owner homes with a mortgage | 51% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,568 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 18.1% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1972 | 1979 | 1980 |
| Vacant homes | 6.9% | 9.3% | 10.1% |
| Population | 242 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Plato
At this week's average 30-year rate of 7.11%, buying the median Plato home of $239,700 with 20% down costs about $1,620 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,019, 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 $69,410 for the 20%-down payment. That payment is 21% of the median Plato household income of $91,250; at that income and 20% down, the 28% guideline points to a home of about $315,000.
| Down payment | $47,940 |
|---|---|
| Loan amount | $191,760 |
| Principal and interest | $1,290 |
| Property taxes (1.15% a year) | $230 |
| Homeowners insurance (our estimate, 0.5% a year) | $100 |
| PMI | $0 |
| Total per month | $1,620 |
Change the numbers in the calculator
| Down payment | $8,390 |
|---|---|
| Loan amount | $235,358 |
| Principal and interest | $1,583 |
| Property taxes (1.15% a year) | $230 |
| Homeowners insurance (our estimate, 0.5% a year) | $100 |
| FHA mortgage insurance | $106 |
| Total per month | $2,019 |
Change the numbers in the calculator
Questions about home buying in Plato
What is the median home value in Plato?
About $239,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Plato?
Homeowners pay a median $2,759 a year, which is about 1.15% 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 Plato?
For the median home with 20% down at 7.11%, the payment is about $1,620 a month. Keeping that under 28% of gross income takes about $69,410 a year.
More about Plato
- Mortgage Refinance in Plato
- Debt Relief in Plato
- Home Equity Loans in Plato
- 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