The typical owner-occupied home in Savage is worth about $432,300, 31% above the Minnesota median of $329,300 and 30% above the national median of $332,700. Owners pay a median $4,458 a year in property taxes, about 1.03% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $125,513 a year, so the median home costs 3.4 times the median income (3.7 times for Minnesota). 86% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Savage at a glance
| Savage | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $432,300 | $329,300 | $332,700 |
| Median property tax paid per year | $4,458 | $3,357 | $3,119 |
| Property tax as a share of value | 1.03% | 1.02% | 0.94% |
| Median household income | $125,513 | $89,062 | $80,734 |
| Homes lived in by their owners | 86% | 72% | 65% |
| Owner homes with a mortgage | 73% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,312 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 19.7% | 21.0% |
| Median rent | $1,766 | $1,280 | $1,413 |
| Rent as a share of renters' income | 32.1% | 29.2% | 30.6% |
| Median year homes were built | 1997 | 1979 | 1980 |
| Vacant homes | 1.5% | 9.3% | 10.1% |
| Population | 32,889 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Savage
At this week's average 30-year rate of 7.11%, buying the median Savage home of $432,300 with 20% down costs about $2,878 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,598, 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 $123,329 for the 20%-down payment. That payment is 28% of the median Savage household income of $125,513; at that income and 20% down, the 28% guideline points to a home of about $440,000.
The median rent here is $1,766 a month, so owning the median home costs about $1,112 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $86,460 |
|---|---|
| Loan amount | $345,840 |
| Principal and interest | $2,326 |
| Property taxes (1.03% a year) | $371 |
| Homeowners insurance (our estimate, 0.5% a year) | $180 |
| PMI | $0 |
| Total per month | $2,878 |
Change the numbers in the calculator
| Down payment | $15,130 |
|---|---|
| Loan amount | $424,470 |
| Principal and interest | $2,855 |
| Property taxes (1.03% a year) | $371 |
| Homeowners insurance (our estimate, 0.5% a year) | $180 |
| FHA mortgage insurance | $191 |
| Total per month | $3,598 |
Change the numbers in the calculator
Questions about home buying in Savage
What is the median home value in Savage?
About $432,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Savage?
Homeowners pay a median $4,458 a year, which is about 1.03% 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 Savage?
For the median home with 20% down at 7.11%, the payment is about $2,878 a month. Keeping that under 28% of gross income takes about $123,329 a year.
More about Savage
- Mortgage Refinance in Savage
- Debt Relief in Savage
- Home Equity Loans in Savage
- 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