The typical owner-occupied home in Elizabeth is worth about $117,500, 64% below the Minnesota median of $329,300 and 65% below the national median of $332,700. Owners pay a median $1,183 a year in property taxes, about 1.01% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $63,333 a year, so the median home costs 1.9 times the median income (3.7 times for Minnesota). 87% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Elizabeth at a glance
| Elizabeth | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $117,500 | $329,300 | $332,700 |
| Median property tax paid per year | $1,183 | $3,357 | $3,119 |
| Property tax as a share of value | 1.01% | 1.02% | 0.94% |
| Median household income | $63,333 | $89,062 | $80,734 |
| Homes lived in by their owners | 87% | 72% | 65% |
| Owner homes with a mortgage | 49% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,425 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1956 | 1979 | 1980 |
| Vacant homes | 26.0% | 9.3% | 10.1% |
| Population | 122 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Elizabeth
At this week's average 30-year rate of 7.11%, buying the median Elizabeth home of $117,500 with 20% down costs about $780 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $976, 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 $33,437 for the 20%-down payment. That payment is 15% of the median Elizabeth household income of $63,333; at that income and 20% down, the 28% guideline points to a home of about $223,000.
| Down payment | $23,500 |
|---|---|
| Loan amount | $94,000 |
| Principal and interest | $632 |
| Property taxes (1.01% a year) | $99 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| PMI | $0 |
| Total per month | $780 |
Change the numbers in the calculator
| Down payment | $4,112 |
|---|---|
| Loan amount | $115,372 |
| Principal and interest | $776 |
| Property taxes (1.01% a year) | $99 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| FHA mortgage insurance | $52 |
| Total per month | $976 |
Change the numbers in the calculator
Questions about home buying in Elizabeth
What is the median home value in Elizabeth?
About $117,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elizabeth?
Homeowners pay a median $1,183 a year, which is about 1.01% 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 Elizabeth?
For the median home with 20% down at 7.11%, the payment is about $780 a month. Keeping that under 28% of gross income takes about $33,437 a year.
More about Elizabeth
- Mortgage Refinance in Elizabeth
- Debt Relief in Elizabeth
- Home Equity Loans in Elizabeth
- 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