The typical owner-occupied home in Pelican Rapids is worth about $174,100, 47% below the Minnesota median of $329,300 and 48% below the national median of $332,700. Owners pay a median $1,866 a year in property taxes, about 1.07% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $63,917 a year, so the median home costs 2.7 times the median income (3.7 times for Minnesota). 64% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Pelican Rapids at a glance
| Pelican Rapids | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $174,100 | $329,300 | $332,700 |
| Median property tax paid per year | $1,866 | $3,357 | $3,119 |
| Property tax as a share of value | 1.07% | 1.02% | 0.94% |
| Median household income | $63,917 | $89,062 | $80,734 |
| Homes lived in by their owners | 64% | 72% | 65% |
| Owner homes with a mortgage | 57% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,571 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Rent as a share of renters' income | 26.8% | 29.2% | 30.6% |
| Median year homes were built | 1975 | 1979 | 1980 |
| Vacant homes | 10.7% | 9.3% | 10.1% |
| Population | 2,586 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Pelican Rapids
At this week's average 30-year rate of 7.11%, buying the median Pelican Rapids home of $174,100 with 20% down costs about $1,165 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,455, 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 $49,917 for the 20%-down payment. That payment is 22% of the median Pelican Rapids household income of $63,917; at that income and 20% down, the 28% guideline points to a home of about $223,000.
| Down payment | $34,820 |
|---|---|
| Loan amount | $139,280 |
| Principal and interest | $937 |
| Property taxes (1.07% a year) | $155 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| PMI | $0 |
| Total per month | $1,165 |
Change the numbers in the calculator
| Down payment | $6,094 |
|---|---|
| Loan amount | $170,947 |
| Principal and interest | $1,150 |
| Property taxes (1.07% a year) | $155 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| FHA mortgage insurance | $77 |
| Total per month | $1,455 |
Change the numbers in the calculator
Questions about home buying in Pelican Rapids
What is the median home value in Pelican Rapids?
About $174,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Pelican Rapids?
Homeowners pay a median $1,866 a year, which is about 1.07% 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 Pelican Rapids?
For the median home with 20% down at 7.11%, the payment is about $1,165 a month. Keeping that under 28% of gross income takes about $49,917 a year.
More about Pelican Rapids
- Mortgage Refinance in Pelican Rapids
- Debt Relief in Pelican Rapids
- Home Equity Loans in Pelican Rapids
- 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