The typical owner-occupied home in Saint Michael is worth about $390,100, 18% above the Minnesota median of $329,300 and 17% above the national median of $332,700. Owners pay a median $4,205 a year in property taxes, about 1.08% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $131,274 a year, so the median home costs 3.0 times the median income (3.7 times for Minnesota). 90% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Saint Michael at a glance
| Saint Michael | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $390,100 | $329,300 | $332,700 |
| Median property tax paid per year | $4,205 | $3,357 | $3,119 |
| Property tax as a share of value | 1.08% | 1.02% | 0.94% |
| Median household income | $131,274 | $89,062 | $80,734 |
| Homes lived in by their owners | 90% | 72% | 65% |
| Owner homes with a mortgage | 74% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,233 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 19.2% | 19.7% | 21.0% |
| Median rent | $1,483 | $1,280 | $1,413 |
| Rent as a share of renters' income | 23.2% | 29.2% | 30.6% |
| Median year homes were built | 1998 | 1979 | 1980 |
| Vacant homes | 1.6% | 9.3% | 10.1% |
| Population | 20,010 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Saint Michael
At this week's average 30-year rate of 7.11%, buying the median Saint Michael home of $390,100 with 20% down costs about $2,613 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,263, 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 $111,986 for the 20%-down payment. That payment is 24% of the median Saint Michael household income of $131,274; at that income and 20% down, the 28% guideline points to a home of about $457,000.
The median rent here is $1,483 a month, so owning the median home costs about $1,130 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $78,020 |
|---|---|
| Loan amount | $312,080 |
| Principal and interest | $2,099 |
| Property taxes (1.08% a year) | $351 |
| Homeowners insurance (our estimate, 0.5% a year) | $163 |
| PMI | $0 |
| Total per month | $2,613 |
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| Down payment | $13,654 |
|---|---|
| Loan amount | $383,034 |
| Principal and interest | $2,577 |
| Property taxes (1.08% a year) | $351 |
| Homeowners insurance (our estimate, 0.5% a year) | $163 |
| FHA mortgage insurance | $173 |
| Total per month | $3,263 |
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Questions about home buying in Saint Michael
What is the median home value in Saint Michael?
About $390,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Saint Michael?
Homeowners pay a median $4,205 a year, which is about 1.08% 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 Saint Michael?
For the median home with 20% down at 7.11%, the payment is about $2,613 a month. Keeping that under 28% of gross income takes about $111,986 a year.
More about Saint Michael
- Mortgage Refinance in Saint Michael
- Debt Relief in Saint Michael
- Home Equity Loans in Saint Michael
- 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