The typical owner-occupied home in Redwood County is worth about $158,200, 52% below the Minnesota median of $329,300 and 52% below the national median of $332,700. Owners pay a median $1,581 a year in property taxes, about 1.00% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $67,866 a year, so the median home costs 2.3 times the median income (3.7 times for Minnesota). 78% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Redwood County at a glance
| Redwood County | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $158,200 | $329,300 | $332,700 |
| Median property tax paid per year | $1,581 | $3,357 | $3,119 |
| Property tax as a share of value | 1.00% | 1.02% | 0.94% |
| Median household income | $67,866 | $89,062 | $80,734 |
| Homes lived in by their owners | 78% | 72% | 65% |
| Owner homes with a mortgage | 45% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,318 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.2% | 19.7% | 21.0% |
| Median rent | $757 | $1,280 | $1,413 |
| Rent as a share of renters' income | 28.0% | 29.2% | 30.6% |
| Median year homes were built | 1965 | 1979 | 1980 |
| Vacant homes | 11.5% | 9.3% | 10.1% |
| Population | 15,350 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Redwood County
At this week's average 30-year rate of 7.11%, buying the median Redwood County home of $158,200 with 20% down costs about $1,049 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,313, 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 $44,963 for the 20%-down payment. That payment is 19% of the median Redwood County household income of $67,866; at that income and 20% down, the 28% guideline points to a home of about $239,000.
The median rent here is $757 a month, so owning the median home costs about $292 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $31,640 |
|---|---|
| Loan amount | $126,560 |
| Principal and interest | $851 |
| Property taxes (1.00% a year) | $132 |
| Homeowners insurance (our estimate, 0.5% a year) | $66 |
| PMI | $0 |
| Total per month | $1,049 |
Change the numbers in the calculator
| Down payment | $5,537 |
|---|---|
| Loan amount | $155,335 |
| Principal and interest | $1,045 |
| Property taxes (1.00% a year) | $132 |
| Homeowners insurance (our estimate, 0.5% a year) | $66 |
| FHA mortgage insurance | $70 |
| Total per month | $1,313 |
Change the numbers in the calculator
Questions about home buying in Redwood County
What is the median home value in Redwood County?
About $158,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Redwood County?
Homeowners pay a median $1,581 a year, which is about 1.00% 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 Redwood County?
For the median home with 20% down at 7.11%, the payment is about $1,049 a month. Keeping that under 28% of gross income takes about $44,963 a year.
More about Redwood County
- Mortgage Refinance in Redwood County
- Debt Relief in Redwood County
- Home Equity Loans in Redwood County
- 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