Do you want to move to Minnesota and experience everything the state has to offer but aren’t sure you can afford it? You can expect to enjoy great weather, plenty of jobs, and more reasonable housing prices than you might expect. To make your search easier, here are the five most affordable places to live in Minnesota.
Do you love the outdoors, great food, and a state with small-town charm? From friendly people to a growing amount of job opportunities, there are many reasons why people choose to move to Minnesota. And as if it couldn't get any better, Minnesota has an abundance of affordable real estate in desirable locations.
Each city in Minnesota is unique and offers something that other places don't. Whether you want to live in a lively city with a nightlife or enjoy the peace and quiet of living close to nature, there is something for everybody. The good news is you don't have to sacrifice quality houses and neighborhoods for affordable prices. Here are the five most affordable places to live in Minnesota.
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Rochester is a city in southern Minnesota with a population of around 214,000. You might recognize this city’s name because it’s the birthplace of the renowned healthcare organization, the Mayo Clinic. Here, residents enjoy a nice median household income of $69,000, which is predicted to rise another 4.16% during 2019. The largest job industries are health care, social assistance, retail trade, and manufacturing.
The median home value in Rochester is $225,100. Rochester home values have gone up 7.2% since 2018 and Zillow predicts they will rise by 4.3% during 2019. The median price of homes currently listed in Rochester is $276,900 while the median price of homes that sold is $217,400. If you prefer renting, the median rent price in Rochester is $1,350.
Owatonna is a smaller city in Minnesota with a population of 36,600. Here you can find many hiking and biking trails, and cross country skiing depending on the season. The most popular and high paying industries in Owatonna are utilities, insurance, and finance. These jobs pay as much as $76,000, but the median household annual income sits at $56,289. However, these numbers are rising 0.49% every year.
The median home value in Owatonna is $173,500. Owatonna home values have gone up 4.6% since 2018 and Zillow predicts they will rise by 1.9% throughout 2019. The median price of homes currently listed in Owatonna is $179,945 while the median price of homes that sold is $176,800.
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Hastings is known as Minnesota's river town due to its proximity to the Mississippi River and St. Croix rivers. Most of their history is centered on the railroads and boat ports, which explains why the top job industries are manufacturing and oil extraction.
According to 97% of Hastings residents, their quality of life was good or excellent during a 2014 survey conducted by the Morris Leatherman Company. Hastings has a strong arts community as well as an endless amount of nature-related activities, probably due to the fact that it has 400 acres of open space in 33 parks and 28-miles of trails.
The median household income here is $66,403, which pairs nicely with the relatively low housing costs. The median home value in Hastings is $236,900. Hastings’ home values have gone up 3.4% since 2018 and Zillow predicts they will rise by 1.1% throughout 2019. The median price of homes currently listed in Hastings is $249,900 while the median price of homes that sold is $226,900.
Woodbury is a city near downtown but has been able to maintain its small-town feel. Despite its smaller population size of 67,000, there is plenty of room for growth. Residents who enjoy participating in sports won't be able to resist visiting the Bielenberg Sports Center that's over 90,000 square feet of ice rinks, athletic fields, and a splash pad.
Some of their highest paying industries are the management of mining companies, quarrying, agriculture, and fishing. Employees in these top Woodbury industries enjoy salaries as much as $133,000. The median home value in Woodbury is $341,000, which might seem steep for Minnesota, but the median income is $103,000. On top of the rising number of new jobs, residents can expect the median household income to rise by 1.36% throughout 2019.
The real estate market here is growing and Woodbury home values have gone up 4.7% since 2018 and Zillow predicts they will rise by 2.4% during 2019. The median price of homes currently listed in Woodbury is $389,900 while the median price of homes that sold is $349,000.
Mankato is known for being a great place to raise kids. One of the popular attractions is Sibley Park, which is a combination of a petting zoo and barnyard themed playground. The Children's Museum of Southern Minnesota is also here. Mountain biking is also a very popular activity in Mankato, thanks to the Red Jacket Bike Trail and the Minnesota River Trail.
Mankato has a fairly small population of 41,241 and a median household income of $45,035, which is expected to rise by 5.67% during 2019. Some of their top paying industries are educational services, utilities, and public administration.
Right now, Mankato’s real estate market is in favor of the buyer, which makes it a great time to take advantage of affordable housing. The median home value in Mankato is $198,300. Mankato home values have gone up 5.4% since 2018 and Zillow predicts they will rise by 1.3% during 2019. The median price of homes currently listed in Mankato is $259,900 while the median price of homes that sold is $191,300.
As you can see, there certainly isn't a shortage of affordable houses in Minnesota. Each of the listed cities has its own advantages, so you'll want to pick one that fits what you're looking for.
If you're considering purchasing a property in one of these cities, we recommend that you work with a top-rated real estate agent. A Clever Partner Agent can be your greatest resource and will help you navigate the home buying process and uncover additional cost-saving opportunities, so you can purchase an affordable home in Minnesota.