Mortgage payment estimates, closing cost breakdowns, and homebuying data for Owatonna, Minnesota.
Pre-filled with Owatonna median home price and Minnesota tax/insurance rates. Adjust for your property.
Estimated closing costs based on Minnesota rates and fees applied to Owatonna prices.
The median home price in Owatonna is $245,000, 27% below the Minnesota state median of $335,000. With a population of 25,599, Owatonna is a smaller market where home prices tend to be more accessible than in many parts of Minnesota.
Property taxes in Minnesota average 1.12% annually. This moderate property tax rate means a $245,000 home in Owatonna would carry roughly $229/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Owatonna is $1,020/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Owatonna offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Minnesota's Minnesota Housing Start Up program.