The typical owner-occupied home in Racine is worth about $260,000, 21% below the Minnesota median of $329,300 and 22% below the national median of $332,700. Owners pay a median $2,444 a year in property taxes, about 0.94% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $97,788 a year, so the median home costs 2.7 times the median income (3.7 times for Minnesota). 89% of occupied homes here are lived in by their owners, and 75% of those owners still have a mortgage.
Racine at a glance
| Racine | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $260,000 | $329,300 | $332,700 |
| Median property tax paid per year | $2,444 | $3,357 | $3,119 |
| Property tax as a share of value | 0.94% | 1.02% | 0.94% |
| Median household income | $97,788 | $89,062 | $80,734 |
| Homes lived in by their owners | 89% | 72% | 65% |
| Owner homes with a mortgage | 75% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,787 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 19.7% | 21.0% |
| Median rent | $1,271 | $1,280 | $1,413 |
| Rent as a share of renters' income | 22.5% | 29.2% | 30.6% |
| Median year homes were built | 1980 | 1979 | 1980 |
| Vacant homes | 0.0% | 9.3% | 10.1% |
| Population | 416 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Racine
At this week's average 30-year rate of 7.11%, buying the median Racine home of $260,000 with 20% down costs about $1,711 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,144, 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 $73,338 for the 20%-down payment. That payment is 21% of the median Racine household income of $97,788; at that income and 20% down, the 28% guideline points to a home of about $347,000.
The median rent here is $1,271 a month, so owning the median home costs about $440 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $52,000 |
|---|---|
| Loan amount | $208,000 |
| Principal and interest | $1,399 |
| Property taxes (0.94% a year) | $204 |
| Homeowners insurance (our estimate, 0.5% a year) | $108 |
| PMI | $0 |
| Total per month | $1,711 |
Change the numbers in the calculator
| Down payment | $9,100 |
|---|---|
| Loan amount | $255,291 |
| Principal and interest | $1,717 |
| Property taxes (0.94% a year) | $204 |
| Homeowners insurance (our estimate, 0.5% a year) | $108 |
| FHA mortgage insurance | $115 |
| Total per month | $2,144 |
Change the numbers in the calculator
Questions about home buying in Racine
What is the median home value in Racine?
About $260,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Racine?
Homeowners pay a median $2,444 a year, which is about 0.94% 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 Racine?
For the median home with 20% down at 7.11%, the payment is about $1,711 a month. Keeping that under 28% of gross income takes about $73,338 a year.
More about Racine
- Mortgage Refinance in Racine
- Debt Relief in Racine
- Home Equity Loans in Racine
- 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