The typical owner-occupied home in Morristown is worth about $184,800, 44% below the Minnesota median of $329,300 and 44% below the national median of $332,700. Owners pay a median $2,385 a year in property taxes, about 1.29% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $83,059 a year, so the median home costs 2.2 times the median income (3.7 times for Minnesota). 77% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Morristown at a glance
| Morristown | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $184,800 | $329,300 | $332,700 |
| Median property tax paid per year | $2,385 | $3,357 | $3,119 |
| Property tax as a share of value | 1.29% | 1.02% | 0.94% |
| Median household income | $83,059 | $89,062 | $80,734 |
| Homes lived in by their owners | 77% | 72% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,526 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.7% | 19.7% | 21.0% |
| Median rent | $1,018 | $1,280 | $1,413 |
| Rent as a share of renters' income | 22.4% | 29.2% | 30.6% |
| Median year homes were built | 1960 | 1979 | 1980 |
| Vacant homes | 8.8% | 9.3% | 10.1% |
| Population | 1,265 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Morristown
At this week's average 30-year rate of 7.11%, buying the median Morristown home of $184,800 with 20% down costs about $1,270 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,578, 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 $54,437 for the 20%-down payment. That payment is 18% of the median Morristown household income of $83,059; at that income and 20% down, the 28% guideline points to a home of about $282,000.
The median rent here is $1,018 a month, so owning the median home costs about $252 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $36,960 |
|---|---|
| Loan amount | $147,840 |
| Principal and interest | $995 |
| Property taxes (1.29% a year) | $199 |
| Homeowners insurance (our estimate, 0.5% a year) | $77 |
| PMI | $0 |
| Total per month | $1,270 |
Change the numbers in the calculator
| Down payment | $6,468 |
|---|---|
| Loan amount | $181,453 |
| Principal and interest | $1,221 |
| Property taxes (1.29% a year) | $199 |
| Homeowners insurance (our estimate, 0.5% a year) | $77 |
| FHA mortgage insurance | $82 |
| Total per month | $1,578 |
Change the numbers in the calculator
Questions about home buying in Morristown
What is the median home value in Morristown?
About $184,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morristown?
Homeowners pay a median $2,385 a year, which is about 1.29% 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 Morristown?
For the median home with 20% down at 7.11%, the payment is about $1,270 a month. Keeping that under 28% of gross income takes about $54,437 a year.
More about Morristown
- Mortgage Refinance in Morristown
- Debt Relief in Morristown
- Home Equity Loans in Morristown
- 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