The typical owner-occupied home in Newport is worth about $378,100, 15% above the Minnesota median of $329,300 and 14% above the national median of $332,700. Owners pay a median $3,974 a year in property taxes, about 1.05% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $71,979 a year, so the median home costs 5.3 times the median income (3.7 times for Minnesota). 67% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Newport at a glance
| Newport | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $378,100 | $329,300 | $332,700 |
| Median property tax paid per year | $3,974 | $3,357 | $3,119 |
| Property tax as a share of value | 1.05% | 1.02% | 0.94% |
| Median household income | $71,979 | $89,062 | $80,734 |
| Homes lived in by their owners | 67% | 72% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,054 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 23.4% | 19.7% | 21.0% |
| Median rent | $1,122 | $1,280 | $1,413 |
| Rent as a share of renters' income | 30.1% | 29.2% | 30.6% |
| Median year homes were built | 1976 | 1979 | 1980 |
| Vacant homes | 0.0% | 9.3% | 10.1% |
| Population | 4,754 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Newport
At this week's average 30-year rate of 7.11%, buying the median Newport home of $378,100 with 20% down costs about $2,523 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,153, 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 $108,136 for the 20%-down payment. That payment is 42% of the median Newport household income of $71,979; at that income and 20% down, the 28% guideline points to a home of about $252,000.
The median rent here is $1,122 a month, so owning the median home costs about $1,401 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $75,620 |
|---|---|
| Loan amount | $302,480 |
| Principal and interest | $2,035 |
| Property taxes (1.05% a year) | $331 |
| Homeowners insurance (our estimate, 0.5% a year) | $158 |
| PMI | $0 |
| Total per month | $2,523 |
Change the numbers in the calculator
| Down payment | $13,234 |
|---|---|
| Loan amount | $371,252 |
| Principal and interest | $2,497 |
| Property taxes (1.05% a year) | $331 |
| Homeowners insurance (our estimate, 0.5% a year) | $158 |
| FHA mortgage insurance | $167 |
| Total per month | $3,153 |
Change the numbers in the calculator
Questions about home buying in Newport
What is the median home value in Newport?
About $378,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Newport?
Homeowners pay a median $3,974 a year, which is about 1.05% 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 Newport?
For the median home with 20% down at 7.11%, the payment is about $2,523 a month. Keeping that under 28% of gross income takes about $108,136 a year.
More about Newport
- Mortgage Refinance in Newport
- Debt Relief in Newport
- Home Equity Loans in Newport
- 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