The 56701 zip code in Thief River Falls tops our ranking of the most affordable places to live in Minnesota.
We looked at 161 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in Minnesota
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Thief River Falls 🥇 | 100.0 | $187,024 | $1,040 |
| 2 | South Saint Paul 🥈 | 85.1 | $295,887 | $1,322 |
| 3 | Brooklyn Park 🥉 | 85.0 | $334,975 | $1,653 |
| 4 | Big Lake | 84.8 | $368,491 | $1,605 |
| 5 | Minneapolis | 84.4 | $301,803 | $1,828 |
| 6 | Austin | 83.5 | $186,936 | $821 |
| 7 | Coon Rapids | 81.5 | $338,499 | $1,741 |
| 8 | Saint Paul | 80.2 | $299,086 | $1,332 |
| 9 | Hastings | 80.0 | $380,689 | $1,388 |
| 10 | Inver Grove Heights | 79.8 | $327,014 | $1,653 |
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1. Thief River Falls
Here's why the 56701 zip code in Thief River Falls is Minnesota's most affordable place to live.
🔎 Key data about Thief River Falls
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $187,024[1] | No. 4 | -$184,401.62 |
| Home affordability ratio | 2.4 | No. 1 | -1.4 |
| Home value five-year change | 19.7%[2] | No. 77 | 0.0% |
| Home value one-year forecast | -1.2%[3] | No. 120 | 0.0% |
| Rental costs | $1,040[4] | No. 4 | -$613 |
| Rent affordability ratio | 1.32% | No. 15 | -0.4% |
| Median household income | $78,599[5] | No. 112 | -$18,917 |
| Property taxes | $2,424[6] | No. 18 | -$1,405 |
| Energy costs | $0.11 kWh[7] | No. 1 | -$0.05 |
Thief River Falls's 56701 zip code is the cheapest place to live in Minnesota, leading the 161 markets we evaluated.
The median home value is $187,024, making it the 4th-cheapest housing market in the state. Forecasts project a -1.2% change in home values in the next year. Rent in the zip code averages $1,040 per month, which is the 15th cheapest amount in Minnesota.
The median property tax for homeowners in Thief River Falls is $2,424 per household, the No. 18 ranked market in Minnesota.
Residents pay $0.11 per kWh of electricity, which ranks No. 1 among Minnesota markets.
2. South Saint Paul
The 55075 zip code is the 2nd-cheapest place to live in Minnesota.
🔎 Key data about South Saint Paul
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 85.1 | No. 2 | N/A |
| Median home value | $295,887[8] | No. 38 | -$75,539.16 |
| Home affordability ratio | 3.3 | No. 25 | -0.5 |
| Home value five-year change | 19.1%[9] | No. 68 | -0.6% |
| Home value one-year forecast | -1.8%[10] | No. 15 | -0.6% |
| Rental costs | $1,322[11] | No. 17 | -$331 |
| Rent affordability ratio | 1.50% | No. 33 | -0.2% |
| Median household income | $88,386[12] | No. 91 | -$9,130 |
| Property taxes | $3,329[13] | No. 58 | -$500 |
| Energy costs | $0.17 kWh[14] | No. 78 | $0.01 |
South Saint Paul's 55075 zip code has a median home value of $295,887, which is the 15th-cheapest housing market in Minnesota. You can rent for an average of $1,322 per month. That's the 17th-cheapest price in the state.
The average household income in the zip code is $88,386, which ranks 91st-highest in the state.
Homeowners in South Saint Paul pay a median property tax of $3,329 per year, making it the 58th-most affordable market in Minnesota.
South Saint Paul ranks No. 78 among Minnesota energy markets. You'll pay $0.17 per kWh of electricity.
3. Brooklyn Park
The 3rd-cheapest place to live in Minnesota is Brooklyn Park's 55444 zip code.
🔎 Key data about Brooklyn Park
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 85.0 | No. 3 | N/A |
| Median home value | $334,975[15] | No. 62 | -$36,450.91 |
| Home affordability ratio | 2.9 | No. 7 | -1.0 |
| Home value five-year change | 18.0%[16] | No. 57 | -1.7% |
| Home value one-year forecast | -1.7%[17] | No. 55 | -0.5% |
| Rental costs | $1,653[18] | No. 65 | $0 |
| Rent affordability ratio | 1.70% | No. 69 | 0.0% |
| Median household income | $117,198[19] | No. 36 | $19,682 |
| Property taxes | $3,395[20] | No. 63 | -$434 |
| Energy costs | $0.17 kWh[21] | No. 78 | $0.01 |
The No. 62 cheapest housing market in Minnesota is Brooklyn Park's 55444 zip code, with a median home value of $334,975. Rents in the market average $1,653 per month, making it the 65th-most affordable rental market in the state.
The median property tax for households in Brooklyn Park is $3,395, which makes it the 63rd-cheapest place in Minnesota. Brooklyn Park ranks No. 78 among Minnesota markets by energy costs. Residents pay $0.17 per kWh of electricity.
4. Big Lake
The 55309 zip code in Big Lake comes in at No. 4 on our list of the cheapest places to live in Minnesota.
🔎 Key data about Big Lake
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 84.8 | No. 4 | N/A |
| Median home value | $368,491[22] | No. 89 | -$2,935.19 |
| Home affordability ratio | 3.0 | No. 10 | -0.8 |
| Home value five-year change | 21.9%[23] | No. 102 | 2.2% |
| Home value one-year forecast | -1.6%[24] | No. 92 | -0.4% |
| Rental costs | $1,605[25] | No. 58 | -$48 |
| Rent affordability ratio | 1.32% | No. 13 | -0.4% |
| Median household income | $121,711[26] | No. 30 | $24,195 |
| Property taxes | $3,771[27] | No. 84 | -$58 |
| Energy costs | $0.15 kWh[28] | No. 21 | -$0.01 |
The No. 89 cheapest housing market in Minnesota is Big Lake's 55309 zip code, where the median home value is $368,491. Renters here pay an average of $1,605 per month.
When it comes to energy costs, Big Lake ranks 21st among Minnesota markets. Residents pay $0.15 per kWh of electricity.
The median property tax for households in the zip code is $3,771, which makes it the 84th-cheapest market in Minnesota.
5. Minneapolis
The 55401 zip code in Minneapolis ranks No. 5 among Minnesota's most affordable places to live.
🔎 Key data about Minneapolis
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 84.4 | No. 5 | N/A |
| Median home value | $301,803[29] | No. 45 | -$69,622.99 |
| Home affordability ratio | 2.7 | No. 3 | -1.2 |
| Home value five-year change | 19.7%[30] | No. 77 | 0.0% |
| Home value one-year forecast | -1.2%[31] | No. 127 | 0.0% |
| Rental costs | $1,828[32] | No. 130 | $175 |
| Rent affordability ratio | 1.61% | No. 50 | -0.1% |
| Median household income | $113,522[33] | No. 42 | $16,006 |
| Property taxes | $4,668[34] | No. 129 | $839 |
| Energy costs | $0.17 kWh[35] | No. 78 | $0.01 |
Minneapolis's 55401 zip code has a median home value of $301,803, the 45th-cheapest market in the state. Forecasts project a -1.2% change in home values in the next year.
The median property tax per household in Minneapolis is $4,668. It's the 129th-cheapest market by tax rate in Minnesota.
6. Austin
The No. 6 most affordable place to live in Minnesota is the 55912 zip code.
🔎 Key data about Austin
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 83.5 | No. 6 | N/A |
| Median home value | $186,936[36] | No. 3 | -$184,489.63 |
| Home affordability ratio | 2.7 | No. 4 | -1.1 |
| Home value five-year change | 38.8%[37] | No. 159 | 19.2% |
| Home value one-year forecast | 1.3%[38] | No. 151 | 2.5% |
| Rental costs | $821[39] | No. 1 | -$832 |
| Rent affordability ratio | 1.17% | No. 6 | -0.5% |
| Median household income | $70,177[40] | No. 139 | -$27,339 |
| Property taxes | $1,737[41] | No. 2 | -$2,092 |
| Energy costs | $0.16 kWh[42] | No. 59 | $0.00 |
The back half of our top 10 kicks off with Austin's 55912 zip code, which has the 3rd-cheapest home values in Minnesota. The median home value is $186,936. Rents average $821 per month, making it the 1st-most affordable rental market in the state.
Residents pay $0.16 per kWh of electricity. It's the 59th-cheapest energy market.
7. Coon Rapids
Coon Rapids's 55448 zip code is the 7th-cheapest place to live in Minnesota.
🔎 Key data about Coon Rapids
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 81.5 | No. 7 | N/A |
| Median home value | $338,499[43] | No. 65 | -$32,926.35 |
| Home affordability ratio | 3.3 | No. 20 | -0.5 |
| Home value five-year change | 19.3%[44] | No. 71 | -0.4% |
| Home value one-year forecast | -1.7%[45] | No. 55 | -0.5% |
| Rental costs | $1,741[46] | No. 115 | $87 |
| Rent affordability ratio | 1.68% | No. 65 | 0.0% |
| Median household income | $103,461[47] | No. 59 | $5,945 |
| Property taxes | $2,941[48] | No. 37 | -$888 |
| Energy costs | $0.16 kWh[49] | No. 48 | -$0.01 |
You'll find the 65th-cheapest home values in Minnesota in Coon Rapids's 55448 zip code. The median value: $338,499. Renters in Coon Rapids pay an average of $1,741 per month.
Homeowners in Coon Rapids pay a median property tax of $2,941 per year, which is Minnesota's 37th-most affordable market.
The average household income is $103,461, which ranks 59th-highest in the state.
8. Saint Paul
The 8th-cheapest place to live in Minnesota is Saint Paul's 55119 zip code.
🔎 Key data about Saint Paul
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 80.2 | No. 8 | N/A |
| Median home value | $299,086[50] | No. 43 | -$72,339.58 |
| Home affordability ratio | 3.7 | No. 58 | -0.2 |
| Home value five-year change | 16.4%[51] | No. 30 | -3.3% |
| Home value one-year forecast | -1.8%[52] | No. 15 | -0.6% |
| Rental costs | $1,332[53] | No. 20 | -$321 |
| Rent affordability ratio | 1.63% | No. 51 | -0.1% |
| Median household income | $81,865[54] | No. 105 | -$15,651 |
| Property taxes | $3,625[55] | No. 75 | -$204 |
| Energy costs | $0.17 kWh[56] | No. 78 | $0.01 |
The 43rd-cheapest housing market in Minnesota is Saint Paul's 55119 zip code, with a median home value of $299,086. Renters pay an average of $1,332 per month, the No. 20 rental market in the state.
The median property tax for households in Saint Paul is $3,625, which makes it the 75th-cheapest place in Minnesota. The average household income of $81,865 ranks 105th.
9. Hastings
Hastings's 55033 zip code sneaks into the top ten of Minnesota's most affordable places to live.
🔎 Key data about Hastings
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 80.0 | No. 9 | N/A |
| Median home value | $380,689[57] | No. 103 | $9,263.54 |
| Home affordability ratio | 3.7 | No. 60 | -0.1 |
| Home value five-year change | 21.2%[58] | No. 98 | 1.5% |
| Home value one-year forecast | -1.7%[59] | No. 55 | -0.5% |
| Rental costs | $1,388[60] | No. 24 | -$266 |
| Rent affordability ratio | 1.33% | No. 16 | -0.4% |
| Median household income | $103,988[61] | No. 57 | $6,472 |
| Property taxes | $3,258[62] | No. 52 | -$571 |
| Energy costs | $0.15 kWh[63] | No. 42 | -$0.01 |
The 103rd-cheapest housing market in Minnesota is Hastings's 55033 zip code, where the median home value is $380,689. Renters pay an average of $1,388 per month. It's the state's 24th-cheapest rental market.
The median property tax for households within the zip code is $3,258, which makes it the 52nd-cheapest property tax rate in Minnesota.
10. Inver Grove Heights
The final spot on our list of the most affordable places to live in Minnesota goes to the 55076 zip code in Inver Grove Heights.
🔎 Key data about Inver Grove Heights
| Data point | Value | Rank (out of 161 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 79.8 | No. 10 | N/A |
| Median home value | $327,014[64] | No. 58 | -$44,411.81 |
| Home affordability ratio | 3.5 | No. 38 | -0.3 |
| Home value five-year change | 14.0%[65] | No. 17 | -5.7% |
| Home value one-year forecast | -1.6%[66] | No. 92 | -0.4% |
| Rental costs | $1,653[67] | No. 65 | $0 |
| Rent affordability ratio | 1.70% | No. 69 | 0.0% |
| Median household income | $93,847[68] | No. 79 | -$3,669 |
| Property taxes | $3,035[69] | No. 40 | -$794 |
| Energy costs | $0.17 kWh[70] | No. 78 | $0.01 |
The 58th-most affordable market in Minnesota is Inver Grove Heights's 55076 zip code. The median home value is $327,014. Rent in the market costs $1,653 per month on average, making it the 65th-most affordable rental market in Minnesota.
The median property tax for households in Inver Grove Heights is $3,035, which is the 40th-cheapest property tax rate in the state.
Inver Grove Heights ranks No. 78 among Minnesota markets by energy costs, with households paying $0.17 per kWh of electricity.
How we ranked the most affordable places in Minnesota
We evaluated 161 zip codes in Minnesota with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Minnesota, the higher our score on this component. We assign a weight of 13.0% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 28.0% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 10.0% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 8.0% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 7.0% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 5.0% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 17.0% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Minnesota average, the higher our score on this component. We assign a weight of 8.0% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Minnesota average, the higher our score on this component. We assign a weight of 4.0% to energy costs.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
