Cost of Living in Albert lea, MN

Housing

The housing market plays a significant role in determining the cost of living in Albert lea, MN.

• Housing Index: 90.0 / 100
• Median Home Price is: $225000
• Average Rent (2 BR Apartment): $1050 per month
• Average Rent (2 BR House): $1200 per month

Considering a move to Albert lea, MN? With a housing index of 90.0, the market is relatively affordable compared to the national average. The median home price stands at 225000, making homeownership within reach for many. Renting a two-bedroom apartment costs about 1050 monthly, while a two-bedroom house averages 1200. If you're seeking reasonable living costs and the potential for future equity, Albert lea can be a solid choice. However, always consider local amenities, job opportunities, and community vibe before making your decision.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Albert lea, MN.

• Electricity Price: 16.38 USD (median by state)
• Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Albert lea, MN could entail higher utility costs. Electricity costs sit at 16.38, while natural gas is priced at 14.87 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 95.3

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $56347

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Albert lea, MN, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.