Steele County, Minnesota home prices
Typical home $293,327 · +2.1% in a year · property tax 1.21%
The typical home in Steele County is worth $293,327, 16% less than the Minnesota typical home ($348,778). Values changed +2.1% in the past year and +23.2% over five years. Homeowners here pay a median 1.21% of their home's value in property tax each year ($3,543 on the typical home), versus 1.04% statewide.
Mortgage on the typical Steele County home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $58,665 | $234,661 | $1,579 | $0 | $442 | $2,020 | $86,600 |
| 10% down | $29,333 | $263,994 | $1,776 | $110 | $442 | $2,328 | $99,800 |
| 5% down | $14,666 | $278,661 | $1,875 | $116 | $442 | $2,433 | $104,300 |
| 3.5% down (FHA) | $10,266 | $288,014 | $1,937 | $130 | $442 | $2,509 | $107,500 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.21% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
What it takes: see what you can afford by salary in Minnesota · part of the Owatonna metro area.
Minnesota counties with similar prices
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Meeker County | $295,300 | +5.8% | 0.9% |
| McLeod County | $297,246 | +2.3% | 1.15% |
| Sibley County | $297,792 | +5.9% | 1.1% |
| Carlton County | $298,854 | +4.2% | 1.17% |
| Kandiyohi County | $285,215 | +1.9% | 1.02% |
| Blue Earth County | $301,642 | +2.1% | 0.98% |
| Winona County | $282,899 | +3.9% | 0.93% |
| Clay County | $303,991 | +2.5% | 1.13% |
| Fillmore County | $280,947 | +2.3% | 0.94% |
| Mille Lacs County | $309,263 | +1.5% | 1.04% |
Frequently asked questions
What is the average home price in Steele County, MN?
The typical home value in Steele County is $293,327 (Zillow Home Value Index, September 2026).
How much do you need to earn to buy a house in Steele County?
About $86,600 a year for the typical home with 20% down at a 7.11% 30-year rate.
What is the property tax rate in Steele County?
The median effective rate is 1.21% of home value a year (Census ACS 2024 5-year estimates).