Quick facts: Northfield, MN

Quick Facts

98.0
Cost of Living
below US average
20,924
Population
8.6
Crime Rate per 1000
below US average
$83,125
Median Income
above US average
$344,900
Median House Price
above US average
$1625.0
Average Rent
above US average
6%
Poverty Rate
below US average
2.3%
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 $83,125.

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Income Needed to Buy

βœ— Stretch
$108k/year
Based on $344,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $108k vs median $83,125
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Income Needed to Rent

βœ“ Affordable
$70k/year
Based on $1625.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($83,125) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Northfield, MN

Northfield, Minnesota, is a charming and vibrant city located in Rice County. With a rich history dating back to its founding in 1855, Northfield is known for its picturesque settings, small-town atmosphere, and strong community spirit. The city has a population of around 20,000 residents and features a thriving downtown area filled with unique shops, restaurants, and cultural attractions. Northfield is home to two esteemed liberal arts colleges, Carleton College and St. Olaf College, which contribute to the city's youthful energy and intellectual atmosphere. The colleges host various events, performances, and art exhibitions, enriching the community’s cultural landscape. The city is set against the backdrop of the Cannon River, providing ample outdoor recreational opportunities like hiking, biking, and canoeing. Numerous parks and trails are spread throughout the area, making it a haven for nature enthusiasts. Northfield also celebrates its heritage with annual events such as the Defeat of Jesse James Days, commemorating a historic bank robbery attempt, which draws visitors from far and wide. Overall, Northfield blends history, education, and community into a dynamic and inviting place to live and visit.

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