Quick facts: Albert lea, MN

Quick Facts

102.8
Cost of Living
above US average
18,396
Population
19.13
Crime Rate per 1000
below US average
$56,347
Median Income
below US average
$199,900
Median House Price
above US average
$1061.25
Average Rent
below US average
10%
Poverty Rate
below US average
4.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $56,347.

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Income Needed to Buy

βœ— Stretch
$63k/year
Based on $199,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $63k vs median $56,347
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Income Needed to Rent

βœ“ Affordable
$45k/year
Based on $1061.25/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($56,347) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Albert lea, MN

Albert Lea is a charming city located in Freeborn County, Minnesota. It serves as the county seat and is known for its picturesque lakes, parks, and friendly community. The city has a rich history dating back to its founding in the 1850s, with a blend of historical architecture and modern amenities. Nestled between Albert Lea Lake and Fountain Lake, outdoor enthusiasts enjoy activities such as fishing, boating, and hiking in the surrounding parks. The city also boasts several recreational facilities, including sports fields and ice rinks, making it a hub for local sports. Albert Lea is characterized by its vibrant downtown area, featuring a mix of local shops, restaurants, and entertainment options. The city hosts various events throughout the year, fostering a sense of community and attracting visitors. Additionally, Albert Lea is known for its commitment to arts and culture, with galleries and local theater productions. With a population of around 18,000 residents, Albert Lea offers a small-town feel while providing access to essential services and amenities, making it an appealing place to live or visit.

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