The typical owner-occupied home in Cold Spring is worth about $280,400, 15% below the Minnesota median of $329,300 and 16% below the national median of $332,700. Owners pay a median $2,723 a year in property taxes, about 0.97% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $72,228 a year, so the median home costs 3.9 times the median income (3.7 times for Minnesota). 67% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Cold Spring at a glance
| Cold Spring | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $280,400 | $329,300 | $332,700 |
| Median property tax paid per year | $2,723 | $3,357 | $3,119 |
| Property tax as a share of value | 0.97% | 1.02% | 0.94% |
| Median household income | $72,228 | $89,062 | $80,734 |
| Homes lived in by their owners | 67% | 72% | 65% |
| Owner homes with a mortgage | 64% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,770 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 22.0% | 19.7% | 21.0% |
| Median rent | $1,424 | $1,280 | $1,413 |
| Rent as a share of renters' income | 37.4% | 29.2% | 30.6% |
| Median year homes were built | 1992 | 1979 | 1980 |
| Vacant homes | 1.2% | 9.3% | 10.1% |
| Population | 4,249 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Cold Spring
At this week's average 30-year rate of 7.11%, buying the median Cold Spring home of $280,400 with 20% down costs about $1,852 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,320, 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 $79,393 for the 20%-down payment. That payment is 31% of the median Cold Spring household income of $72,228; at that income and 20% down, the 28% guideline points to a home of about $255,000.
The median rent here is $1,424 a month, so owning the median home costs about $428 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $56,080 |
|---|---|
| Loan amount | $224,320 |
| Principal and interest | $1,509 |
| Property taxes (0.97% a year) | $227 |
| Homeowners insurance (our estimate, 0.5% a year) | $117 |
| PMI | $0 |
| Total per month | $1,852 |
Change the numbers in the calculator
| Down payment | $9,814 |
|---|---|
| Loan amount | $275,321 |
| Principal and interest | $1,852 |
| Property taxes (0.97% a year) | $227 |
| Homeowners insurance (our estimate, 0.5% a year) | $117 |
| FHA mortgage insurance | $124 |
| Total per month | $2,320 |
Change the numbers in the calculator
Questions about home buying in Cold Spring
What is the median home value in Cold Spring?
About $280,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cold Spring?
Homeowners pay a median $2,723 a year, which is about 0.97% 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 Cold Spring?
For the median home with 20% down at 7.11%, the payment is about $1,852 a month. Keeping that under 28% of gross income takes about $79,393 a year.
More about Cold Spring
- Mortgage Refinance in Cold Spring
- Debt Relief in Cold Spring
- Home Equity Loans in Cold Spring
- 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