The typical owner-occupied home in Babbitt is worth about $102,300, 69% below the Minnesota median of $329,300 and 69% below the national median of $332,700. Owners pay a median $879 a year in property taxes, about 0.86% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $55,875 a year, so the median home costs 1.8 times the median income (3.7 times for Minnesota). 87% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Babbitt at a glance
| Babbitt | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $102,300 | $329,300 | $332,700 |
| Median property tax paid per year | $879 | $3,357 | $3,119 |
| Property tax as a share of value | 0.86% | 1.02% | 0.94% |
| Median household income | $55,875 | $89,062 | $80,734 |
| Homes lived in by their owners | 87% | 72% | 65% |
| Owner homes with a mortgage | 47% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,085 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 19.7% | 21.0% |
| Median rent | $737 | $1,280 | $1,413 |
| Rent as a share of renters' income | 14.7% | 29.2% | 30.6% |
| Median year homes were built | 1959 | 1979 | 1980 |
| Vacant homes | 21.1% | 9.3% | 10.1% |
| Population | 1,393 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Babbitt
At this week's average 30-year rate of 7.11%, buying the median Babbitt home of $102,300 with 20% down costs about $666 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $837, 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 $28,563 for the 20%-down payment. That payment is 14% of the median Babbitt household income of $55,875; at that income and 20% down, the 28% guideline points to a home of about $200,000.
The median rent here is $737 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $20,460 |
|---|---|
| Loan amount | $81,840 |
| Principal and interest | $551 |
| Property taxes (0.86% a year) | $73 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| PMI | $0 |
| Total per month | $666 |
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| Down payment | $3,580 |
|---|---|
| Loan amount | $100,447 |
| Principal and interest | $676 |
| Property taxes (0.86% a year) | $73 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| FHA mortgage insurance | $45 |
| Total per month | $837 |
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Questions about home buying in Babbitt
What is the median home value in Babbitt?
About $102,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Babbitt?
Homeowners pay a median $879 a year, which is about 0.86% 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 Babbitt?
For the median home with 20% down at 7.11%, the payment is about $666 a month. Keeping that under 28% of gross income takes about $28,563 a year.
More about Babbitt
- Mortgage Refinance in Babbitt
- Debt Relief in Babbitt
- Home Equity Loans in Babbitt
- 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