The typical owner-occupied home in Park Falls is worth about $84,800, 68% below the Wisconsin median of $266,500 and 75% below the national median of $332,700. Owners pay a median $1,703 a year in property taxes, about 2.01% of their home's value, higher than the Wisconsin rate of 1.42%. The median household earns $54,643 a year, so the median home costs 1.6 times the median income (3.4 times for Wisconsin). 67% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Park Falls at a glance
| Park Falls | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $84,800 | $266,500 | $332,700 |
| Median property tax paid per year | $1,703 | $3,792 | $3,119 |
| Property tax as a share of value | 2.01% | 1.42% | 0.94% |
| Median household income | $54,643 | $77,485 | $80,734 |
| Homes lived in by their owners | 67% | 68% | 65% |
| Owner homes with a mortgage | 53% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,124 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 21.1% | 19.5% | 21.0% |
| Median rent | $832 | $1,087 | $1,413 |
| Rent as a share of renters' income | 22.6% | 27.2% | 30.6% |
| Median year homes were built | 1957 | 1975 | 1980 |
| Vacant homes | 13.3% | 10.8% | 10.1% |
| Population | 2,318 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Park Falls
At this week's average 30-year rate of 7.11%, buying the median Park Falls home of $84,800 with 20% down costs about $634 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $775, 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 $27,160 for the 20%-down payment. That payment is 14% of the median Park Falls household income of $54,643; at that income and 20% down, the 28% guideline points to a home of about $171,000.
The median rent here is $832 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,960 |
|---|---|
| Loan amount | $67,840 |
| Principal and interest | $456 |
| Property taxes (2.01% a year) | $142 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $634 |
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| Down payment | $2,968 |
|---|---|
| Loan amount | $83,264 |
| Principal and interest | $560 |
| Property taxes (2.01% a year) | $142 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $38 |
| Total per month | $775 |
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Questions about home buying in Park Falls
What is the median home value in Park Falls?
About $84,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Park Falls?
Homeowners pay a median $1,703 a year, which is about 2.01% 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 Park Falls?
For the median home with 20% down at 7.11%, the payment is about $634 a month. Keeping that under 28% of gross income takes about $27,160 a year.
More about Park Falls
- Mortgage Refinance in Park Falls
- Debt Relief in Park Falls
- Home Equity Loans in Park 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