Savage is younger than most of the metro, which means a slightly different mortgage conversation, more first-time buyers, more move-up families, more construction loans. But there's also a growing pocket of long-tenured owners from the first wave of 1990s and early-2000s development who are now looking at reverse mortgage options.
The Savage housing market
Median home values in Savage sit in the low-$400s, with newer construction and lake-adjacent homes climbing higher. Scott County property taxes are among the most reasonable in the metro.
Reverse mortgages in Savage
Long-term Savage homeowners with paid-down mortgages can use a HECM line of credit as a stand-by retirement bucket, a resource that grows tax-free and stays available without required monthly repayment.
For the statewide rules, counseling requirements and 2026 lending limits, read the Minnesota reverse mortgage guide, or see the Scott County reverse mortgage guide. New to the program? Start with what is a reverse mortgage.
Neighborhoods
- Prior Lake Border
- Boone Avenue Corridor
- Hidden Valley
- Dan Patch
- O'Connell
Loan options for Savage
- Conventional Move-Up
- First-Time Buyer
- Reverse Mortgage (HECM)
- HECM for Purchase
- VA & FHA
- Refinance
Attractions & landmarks
- Hidden Valley Sports Complex
- Murphy-Hanrehan Park Reserve
- Community Park
- Prior Lake (nearby)
Schools
Primarily served by ISD 191 (Burnsville-Eagan-Savage), with parts of the city zoned into Prior Lake–Savage Area Schools (ISD 719).