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New Prague

Learn about the people, housing, costs and businesses in New Prague, Minnesota

Median Home$382,073
Median Rent$1,435/month
Population8,256
Leading IndustriesPublic Administration · Education · Arts, Food & Hospitality28% public administration
Home Value Growth+4.9% over 2 years
Family-Friendly26% of residentsabove average nationally
Homeowners80% of occupied units
NotableHigh Incomes$115k/year · top 10% nationally
New Prague
MN

Frequently Asked Questions

What are today's mortgage rates in New Prague?

As of today, the 30-year fixed mortgage rate for New Prague is approximately 6.974% (7.013% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in New Prague?

The median home value in New Prague is $382k. The median monthly rent is $1,435. Annual property taxes average $4k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in New Prague?

Home values in New Prague have increased 4.9% over the past two years. This represents moderate growth. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in New Prague?

Based on a typical all-in ownership cost of $1,634/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $70k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in New Prague is $115k/year.

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What industries drive the economy in New Prague?

The largest employment sectors in New Prague are public administration (28%) and retail (12%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.