The typical owner-occupied home in Erskine is worth about $117,100, 64% below the Minnesota median of $329,300 and 65% below the national median of $332,700. Owners pay a median $1,083 a year in property taxes, about 0.92% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $44,844 a year, so the median home costs 2.6 times the median income (3.7 times for Minnesota). 52% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Erskine at a glance
| Erskine | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $117,100 | $329,300 | $332,700 |
| Median property tax paid per year | $1,083 | $3,357 | $3,119 |
| Property tax as a share of value | 0.92% | 1.02% | 0.94% |
| Median household income | $44,844 | $89,062 | $80,734 |
| Homes lived in by their owners | 52% | 72% | 65% |
| Owner homes with a mortgage | 63% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,176 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 23.0% | 19.7% | 21.0% |
| Median rent | $825 | $1,280 | $1,413 |
| Rent as a share of renters' income | 41.3% | 29.2% | 30.6% |
| Median year homes were built | 1960 | 1979 | 1980 |
| Vacant homes | 17.8% | 9.3% | 10.1% |
| Population | 427 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Erskine
At this week's average 30-year rate of 7.11%, buying the median Erskine home of $117,100 with 20% down costs about $769 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $964, 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 $32,947 for the 20%-down payment. That payment is 21% of the median Erskine household income of $44,844; at that income and 20% down, the 28% guideline points to a home of about $159,000.
The median rent here is $825 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $23,420 |
|---|---|
| Loan amount | $93,680 |
| Principal and interest | $630 |
| Property taxes (0.92% a year) | $90 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| PMI | $0 |
| Total per month | $769 |
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| Down payment | $4,098 |
|---|---|
| Loan amount | $114,979 |
| Principal and interest | $773 |
| Property taxes (0.92% a year) | $90 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| FHA mortgage insurance | $52 |
| Total per month | $964 |
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Questions about home buying in Erskine
What is the median home value in Erskine?
About $117,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Erskine?
Homeowners pay a median $1,083 a year, which is about 0.92% 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 Erskine?
For the median home with 20% down at 7.11%, the payment is about $769 a month. Keeping that under 28% of gross income takes about $32,947 a year.
More about Erskine
- Mortgage Refinance in Erskine
- Debt Relief in Erskine
- Home Equity Loans in Erskine
- 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