The typical owner-occupied home in Verndale is worth about $104,600, 68% below the Minnesota median of $329,300 and 69% below the national median of $332,700. Owners pay a median $1,298 a year in property taxes, about 1.24% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $49,063 a year, so the median home costs 2.1 times the median income (3.7 times for Minnesota). 89% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Verndale at a glance
| Verndale | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $104,600 | $329,300 | $332,700 |
| Median property tax paid per year | $1,298 | $3,357 | $3,119 |
| Property tax as a share of value | 1.24% | 1.02% | 0.94% |
| Median household income | $49,063 | $89,062 | $80,734 |
| Homes lived in by their owners | 89% | 72% | 65% |
| Owner homes with a mortgage | 55% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,143 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 19.7% | 21.0% |
| Median rent | $708 | $1,280 | $1,413 |
| Rent as a share of renters' income | 13.3% | 29.2% | 30.6% |
| Median year homes were built | 1957 | 1979 | 1980 |
| Vacant homes | 10.5% | 9.3% | 10.1% |
| Population | 452 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Verndale
At this week's average 30-year rate of 7.11%, buying the median Verndale home of $104,600 with 20% down costs about $715 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $889, 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 $30,625 for the 20%-down payment. That payment is 17% of the median Verndale household income of $49,063; at that income and 20% down, the 28% guideline points to a home of about $168,000.
The median rent here is $708 a month, so owning the median home costs about $7 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $20,920 |
|---|---|
| Loan amount | $83,680 |
| Principal and interest | $563 |
| Property taxes (1.24% a year) | $108 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| PMI | $0 |
| Total per month | $715 |
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| Down payment | $3,661 |
|---|---|
| Loan amount | $102,705 |
| Principal and interest | $691 |
| Property taxes (1.24% a year) | $108 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| FHA mortgage insurance | $46 |
| Total per month | $889 |
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Questions about home buying in Verndale
What is the median home value in Verndale?
About $104,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Verndale?
Homeowners pay a median $1,298 a year, which is about 1.24% 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 Verndale?
For the median home with 20% down at 7.11%, the payment is about $715 a month. Keeping that under 28% of gross income takes about $30,625 a year.
More about Verndale
- Mortgage Refinance in Verndale
- Debt Relief in Verndale
- Home Equity Loans in Verndale
- 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