Quick facts: Owatonna, MN

Quick Facts

102.8
Cost of Living
above US average
26,470
Population
12.62
Crime Rate per 1000
below US average
$78,295
Median Income
below US average
$229,900
Median House Price
above US average
$1399.17
Average Rent
below US average
7%
Poverty Rate
below US average
4.2%
Unemployment Rate
above 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 $78,295.

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Income Needed to Buy

βœ“ Affordable
$72k/year
Based on $229,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($78,295) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$60k/year
Based on $1399.17/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($78,295) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Owatonna, MN

Owatonna is a charming city located in southern Minnesota, serving as the county seat of Steele County. Nestled approximately 70 miles south of the state capital, St. Paul, and intersected by the scenic Straight River, Owatonna offers a blend of small-town charm and modern amenities. Founded in the mid-19th century, Owatonna features a rich historical background, evidenced by its well-preserved architecture, including the iconic Steele County Courthouse. The city is home to several parks and recreational facilities, making it a family-friendly destination. The city's vibrant community hosts numerous events throughout the year, including the popular Owatonna Four Seasons Centre and Steele County Free Fair, one of the largest county fairs in the state. Additionally, Owatonna is known for its educational institutions, such as Owatonna High School and the Owatonna Arts Center, which foster a strong sense of community and culture. The city's economy is supported by a mix of manufacturing, retail, and healthcare services, contributing to its overall growth and stability. With its welcoming atmosphere, Owatonna is an appealing place to live, work, and visit.

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