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City · 5,315 residents · Chippewa County, Minnesota

Montevideo , Minnesota

In Montevideo, a typical home is worth $141,000 and typical rent is $851 a month. Compared with all of Chippewa County, the typical home value is 10% lower and the share of households that own their home is 7 points lower.

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  • Typical home value

    $141,000

    10% below the county

    57% below Minnesota

    • Montevideo
    • Chippewa
    • Minnesota

  • Typical rent

    $851a month

    2% below the county

    34% below Minnesota

    • Montevideo
    • Chippewa
    • Minnesota

  • Typical household income

    $68,596a year

    4% below the county

    23% below Minnesota

    • Montevideo
    • Chippewa
    • Minnesota

  • Households that own their home

    65%

    7 points below the county

    7 points below Minnesota

    • Montevideo
    • Chippewa
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$210,874
6.2% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Montevideo is in Chippewa County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Chippewa County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Montevideo apart

What this place has that others do not, from public data, most unusual first.

  1. Montevideo has the 4th lowest typical home value of the 152 cities in Minnesota with more than 5,000 people ($141,000).

  2. According to Zillow, in the 12 months to September 2026 the typical home value in Montevideo rose 6.2%; in Minnesota, it rose 2.3%.

  3. Montevideo has the 11th lowest typical rent of the 148 cities in Minnesota with more than 5,000 people ($851).

  4. 65% of households in Montevideo own their home, against 72% in Chippewa County.

Sources: U.S. Census Bureau (Average 2020–2024); Zillow (September 2026 data). Zillow data

The homes here

Housing in Montevideo

What homes there are in Montevideo, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Montevideo, but it weighs less than in Chippewa County: 69% against 79%.

Year built

In Montevideo, half of the homes were built before 1958; in Chippewa County, before 1957.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$1,363 a month

Chippewa County: $1,506 a month

Without a mortgage

$509 a month

Chippewa County: $563 a month

Owners with a mortgage

69%

Chippewa County: 59%

Owning costs less in Montevideo: with a mortgage, the typical cost is $1,363 a month; in Chippewa County, $1,506. Without one, $509.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Montevideo rose 61%; in Chippewa County, it rose 30%.

Rents in Montevideo rose at about the same pace as in Chippewa County: 40% since 2015–2019, against 42%.

To compare: typical income in Montevideo rose 47%; the home, +61%; the rent, +40%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMontevideoChippewa CountyMinnesotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.3%3.4%
People per household 2.252.342.432.53
Drive alone 86%78%69%69%
Carpool 10%12%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimate2%3%3%
Work from home Unreliable estimate9%18%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimate10 to 19 minutes20 to 29 minutes20 to 29 minutes

Much as in Chippewa County, a household in Montevideo has 2.25 people on average.

In Montevideo, 86% of workers drive alone to work; in Chippewa County, 78%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Montevideo?

A typical home is within reach of the typical income

We start with a typical home in Montevideo, worth $141,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 21% of the typical household income in Montevideo, which is $68,596 a year.

The calculator's FHA and conventional loan limits are those of all of Chippewa County.

Your numbers

Local data
$

Starts at the typical home value in Montevideo. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $4,935 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,196

at 7.18% · 30 years

Loan amount
$138,446
Total interest
$199,192
Paid off in
November 2056

Includes $2,381 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,601 a month

    Your payment · 21%

  • Tight

    $1,601 to $2,058 a month

  • Hard

    more than $2,058 a month

Compared with the typical household income in Montevideo ($68,596 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,196
Principal & interest$938
Property tax$138
Home insurance$59
FHA mortgage insurance (MIP)$62

You need at least $4,935 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Montevideo and Chippewa County

Montevideo is in Chippewa County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Montevideo's own numbers

Typical home value
$141,000
Typical monthly rent
$851
Typical yearly household income
$68,596
Households that own their home
65%
Effective property tax rate
1.17%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Chippewa County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,014
Price change over 5 years (FHFA)
+65%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Chippewa County.

Everything about Chippewa County

Buying

Buying a home in Montevideo

A typical home in Montevideo is worth $141,000: 10% below the county and 57% below Minnesota. With the typical household income in Montevideo ($68,596 a year), a typical home costs 2.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Montevideo 2.1 years
  • Chippewa 2.2 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Chippewa County

According to FHFA’s house price index, home prices in Chippewa County rose 95% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Chippewa County.

Period County Minnesota U.S.
Last year (2025) +11.4% +2.8% +2.9%
5 years (2020–2025) +65% +37% +47%
10 years (2015–2025) +95% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Montevideo next to Chippewa County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Montevideo $141,000
  • Chippewa $156,100
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Montevideo $851
  • Chippewa $869
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Montevideo $68,596
  • Chippewa $71,458
  • Minnesota $89,062
  • United States $80,734
See the full table
Montevideo next to Chippewa County and Minnesota
Measure Montevideo Chippewa County Minnesota U.S.
Typical home value $141,000 $156,100 $329,300 $332,700
Typical monthly rent $851 $869 $1,280 $1,413
Typical yearly household income $68,596 $71,458 $89,062 $80,734
Households that own their home 65% 72% 72% 65%
Typical yearly property tax $1,649 $1,711 $3,357 $3,119
Effective property tax rate 1.17% 1.1% 1.02% 0.94%
Renters with high rent for their income 48% 43% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Chippewa County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Montevideo

For a typical $141,000 home in Montevideo, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Montevideo's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,196a month

    Least cash to close
    Down payment
    $4,935
    Cash to close
    $9,165
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $62

  • Conventional, 5% down $1,171a month

    Down payment
    $7,050
    Cash to close
    $11,280
    Rate
    7.18%
    Mortgage insurance
    PMI · $67

  • Conventional, 20% down, no PMI $960a month

    Down payment
    $28,200
    Cash to close
    $32,430
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,091a month

    Down payment
    $21,150
    Cash to close
    $25,380
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Montevideo and for Chippewa County.

Property tax

Effective rate in Montevideo

1.17%of the home’s value each year

$1,649 a year for the typical owner in Montevideo.

  • Montevideo 1.17%
  • Chippewa 1.1%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Chippewa County

FEMA does not publish these numbers by city: they are for all of Chippewa County.

FEMA’s maps count no homes in the high-risk zone in Chippewa County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Montevideo

Typical rent in Montevideo is $851 a month: 2% below the county. In Montevideo, 48% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Chippewa County, by unit size. To pay the 2-bedroom one ($1,014 a month) without spending more than 30% of your income, you would need to earn $19.50 an hour working full time.

HUD fair market rent for all of Chippewa County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $706 $13.58 $28,240
1 bedroom $784 $15.08 $31,360
2 bedrooms $1,014 $19.50 $40,560
3 bedrooms $1,404 $27.00 $56,160
4 bedrooms $1,443 $27.75 $57,720

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Montevideo

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Montevideo is in ZIP code 56265.

For 2 bedrooms it is $1,010: $4 less than the fair market rent for Chippewa County ($1,014).

  • 56265 $1,010$1,410

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Montevideo when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Montevideo

HUD lists 5 buildings with rents for lower incomes in Montevideo. These are the largest.

  • Montevideo Hra 501 N 1st St, Montevideo 56265 81 homes, 58 low-income · Run by HRA of MONTEVIDEO, MINNESOTA · Average payment: $452 a month · Average wait: 10 months (320) 269-6868
  • Eastgate Townhomes 1011 N 11th St, Montevideo 56265 46 low-income homes · For families (320) 226-4886
  • Burnsdale 1 1320 Black Oak Ave, Montevideo 56265 24 low-income homes · For older adults (320) 269-6640
  • Tanglewood Estates Multiple Building Addresses, Montevideo 56265 24 homes, 23 low-income · 2 bd: 2 · 3 bd: 22 · In service since 1998
  • Brookside Senior Living 804 Benson Rd, Montevideo 56265 57 homes, 12 low-income · For older adults (320) 269-6506

See all 6 buildings in Chippewa County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Montevideo

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Chippewa County. The nearest ones are below; many serve by phone or online.

A man shakes hands with the specialist who helped him with his loan, in the kitchen of his new home.

HUD counseling is free or low-cost

Assistance programs in Montevideo

No down payment, repair or rent-help program on our list is for Montevideo or Chippewa County. The ones below are statewide in Minnesota: they work in Montevideo the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Montevideo

The HUD-approved agencies closest to the center of Montevideo, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Lutheran Social Service of Minnesota

    1601 Hwy 12 E, Willmar · 36 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 1 more
    (888) 577-2227

  • Southwest Minnesota Housing Partnership

    2401 Broadway Ave, Slayton · 66 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 4 more
    (507) 836-1608

  • Lutheran Social Service of Minnesota

    710 South 2nd Street, Mankato · 100 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (218) 529-2227

All counseling agencies in Minnesota

Help in Spanish near Montevideo

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Montevideo

HUD’s record names them for Montevideo or Chippewa County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

2 other authorities have an office in Chippewa County: see the list Source: HUD

Cities

Nearby cities

The cities closest to Montevideo, with the typical home value.

Everything about Chippewa County Housing in Minnesota

Neighboring counties

If Chippewa County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Montevideo.

All guides
A father, a mother and their daughter smile among the avocado trees by their home in Somis, California.

Questions

Housing questions about Montevideo

Short answers with the numbers for Montevideo and all of Chippewa County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Montevideo?

The typical home value in Montevideo is $141,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Chippewa County it is $156,100.

How much does it cost to rent in Montevideo?

Typical rent in Montevideo is $851 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Chippewa County is $1,014.

What is the FHA loan limit in Montevideo?

Montevideo uses the FHA limit for all of Chippewa County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Montevideo?

The typical homeowner in Montevideo pays $1,649 a year, according to the U.S. Census Bureau. That is 1.17% of the home’s value; in Chippewa County, the rate is 1.1%.

Where can I find free help to buy or rent in Montevideo?

We found no HUD-approved counseling agencies with an office in Chippewa County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).