The typical owner-occupied home in Magnolia is worth about $98,300, 70% below the Minnesota median of $329,300 and 70% below the national median of $332,700. Owners pay a median $667 a year in property taxes, about 0.68% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $53,594 a year, so the median home costs 1.8 times the median income (3.7 times for Minnesota). 71% of occupied homes here are lived in by their owners, and 38% of those owners still have a mortgage.
Magnolia at a glance
| Magnolia | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $98,300 | $329,300 | $332,700 |
| Median property tax paid per year | $667 | $3,357 | $3,119 |
| Property tax as a share of value | 0.68% | 1.02% | 0.94% |
| Median household income | $53,594 | $89,062 | $80,734 |
| Homes lived in by their owners | 71% | 72% | 65% |
| Owner homes with a mortgage | 38% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $983 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 18.1% | 19.7% | 21.0% |
| Median rent | $715 | $1,280 | $1,413 |
| Rent as a share of renters' income | 9.0% | 29.2% | 30.6% |
| Median year homes were built | 1950 | 1979 | 1980 |
| Vacant homes | 8.8% | 9.3% | 10.1% |
| Population | 215 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Magnolia
At this week's average 30-year rate of 7.11%, buying the median Magnolia home of $98,300 with 20% down costs about $626 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $789, 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 $26,815 for the 20%-down payment. That payment is 14% of the median Magnolia household income of $53,594; at that income and 20% down, the 28% guideline points to a home of about $196,000.
The median rent here is $715 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,660 |
|---|---|
| Loan amount | $78,640 |
| Principal and interest | $529 |
| Property taxes (0.68% a year) | $56 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| PMI | $0 |
| Total per month | $626 |
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| Down payment | $3,440 |
|---|---|
| Loan amount | $96,520 |
| Principal and interest | $649 |
| Property taxes (0.68% a year) | $56 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| FHA mortgage insurance | $43 |
| Total per month | $789 |
Change the numbers in the calculator
Questions about home buying in Magnolia
What is the median home value in Magnolia?
About $98,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Magnolia?
Homeowners pay a median $667 a year, which is about 0.68% 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 Magnolia?
For the median home with 20% down at 7.11%, the payment is about $626 a month. Keeping that under 28% of gross income takes about $26,815 a year.
More about Magnolia
- Mortgage Refinance in Magnolia
- Debt Relief in Magnolia
- Home Equity Loans in Magnolia
- 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