Owatonna, MN home prices
Typical home $293,320 · +2.1% in a year · income needed $86,600
The Owatonna, MN metro area ranks 333 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +2.1% in a year and +23.2% over five years. With 20% down at 7.11%, the typical home costs about $2,020 a month including 1.21% property tax (Steele County rate).
Mortgage on the typical Owatonna home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $58,664 | $234,656 | $1,579 | $0 | $442 | $2,020 | $86,600 |
| 10% down | $29,332 | $263,988 | $1,776 | $110 | $442 | $2,328 | $99,800 |
| 5% down | $14,666 | $278,654 | $1,875 | $116 | $442 | $2,433 | $104,300 |
| 3.5% down (FHA) | $10,266 | $288,007 | $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.
Counties in the Owatonna area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Steele County, MN | $293,327 | +2.1% | 1.21% |
What can you afford in Minnesota on your salary? · Minnesota home prices · Salaries in Minnesota
Frequently asked questions
How much is a house in Owatonna?
The typical home in the Owatonna, MN metro area is worth $293,320 (Zillow, September 2026).
What salary do you need to buy a house in Owatonna?
About $86,600 a year for the typical home with 20% down at 7.11%.