Quick facts: Rochester, MN

Quick Facts

110.3
Cost of Living
above US average
121,878
Population
20.9
Crime Rate per 1000
below US average
$83,973
Median Income
above US average
$349,900
Median House Price
above US average
$1922.08
Average Rent
above US average
11%
Poverty Rate
above US average
2.8%
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 $83,973.

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Income Needed to Buy

βœ— Stretch
$110k/year
Based on $349,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $110k vs median $83,973
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Income Needed to Rent

βœ“ Affordable
$82k/year
Based on $1922.08/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($83,973) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Rochester, MN

Rochester, Minnesota, is a vibrant city located in the southeastern part of the state, known for its rich history, diverse culture, and medical advancements. With a population of around 120,000 residents, Rochester is most famous for being home to the Mayo Clinic, one of the world’s leading medical centers. This institution attracts patients and professionals from all over the globe, shaping the city's economy and fostering a strong healthcare community. The city boasts a variety of recreational parks, trails, and cultural attractions. The Zumbro River runs through Rochester, providing scenic views and outdoor activities. The downtown area features an array of dining, shopping, and entertainment options, alongside art galleries and museums such as the Rochester Art Center. Rochester is also celebrating its commitment to education, home to several universities and community colleges. The city features a strong sense of community and hosts various events throughout the year, including the annual Rochesterfest, which showcases local talent, food, and family-friendly activities. With its blend of urban and natural experiences, Rochester, MN, stands out as a welcoming and progressive city.

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