The typical owner-occupied home in Hanley Falls is worth about $75,300, 77% below the Minnesota median of $329,300 and 77% below the national median of $332,700. Owners pay a median $1,241 a year in property taxes, about 1.65% of their home's value, higher than the Minnesota rate of 1.02%. The median household earns $61,563 a year, so the median home costs 1.2 times the median income (3.7 times for Minnesota). 50% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Hanley Falls at a glance
| Hanley Falls | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $75,300 | $329,300 | $332,700 |
| Median property tax paid per year | $1,241 | $3,357 | $3,119 |
| Property tax as a share of value | 1.65% | 1.02% | 0.94% |
| Median household income | $61,563 | $89,062 | $80,734 |
| Homes lived in by their owners | 50% | 72% | 65% |
| Owner homes with a mortgage | 64% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,363 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 10.7% | 19.7% | 21.0% |
| Median rent | $630 | $1,280 | $1,413 |
| Rent as a share of renters' income | 18.6% | 29.2% | 30.6% |
| Median year homes were built | 1955 | 1979 | 1980 |
| Vacant homes | 6.2% | 9.3% | 10.1% |
| Population | 248 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Hanley Falls
At this week's average 30-year rate of 7.11%, buying the median Hanley Falls home of $75,300 with 20% down costs about $540 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $666, 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 $23,149 for the 20%-down payment. That payment is 11% of the median Hanley Falls household income of $61,563; at that income and 20% down, the 28% guideline points to a home of about $200,000.
The median rent here is $630 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $15,060 |
|---|---|
| Loan amount | $60,240 |
| Principal and interest | $405 |
| Property taxes (1.65% a year) | $104 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| PMI | $0 |
| Total per month | $540 |
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| Down payment | $2,636 |
|---|---|
| Loan amount | $73,936 |
| Principal and interest | $497 |
| Property taxes (1.65% a year) | $104 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| FHA mortgage insurance | $33 |
| Total per month | $666 |
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Questions about home buying in Hanley Falls
What is the median home value in Hanley Falls?
About $75,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hanley Falls?
Homeowners pay a median $1,241 a year, which is about 1.65% 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 Hanley Falls?
For the median home with 20% down at 7.11%, the payment is about $540 a month. Keeping that under 28% of gross income takes about $23,149 a year.
More about Hanley Falls
- Mortgage Refinance in Hanley Falls
- Debt Relief in Hanley Falls
- Home Equity Loans in Hanley Falls
- 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