Albert Lea, MN

Yes — everyday expenses in Albert Lea run about 25% below the US average (Cost Index: 75). Housing is especially affordable: the median home is valued around $150,400, compared to the $303,400 national median. Monthly rent is typically around $845, versus $1,348 nationally.

Start with housing. Typical monthly rent is $845, while local median household income is $62,522. That implies a rent-burden proxy of about 16% before utilities and other costs. For a specific job offer, filing status, or take-home pay scenario, use salary.city.

Minnesota has a progressive state income tax with a top rate of 9.85%. The effective property tax rate is 1.11%. On a home worth $150,400, that translates to roughly $1,669 per year in property taxes. Sales tax (state + local) averages around 7.54% on everyday purchases.

The typical monthly rent in Albert Lea is around $845. That's roughly 37% lower than the $1,348 national median. For comparison, the median home value here is $150,400, so buyers should also factor in mortgage payments, property taxes, and insurance.

The median home in Albert Lea is valued at $150,400. With 20% down and a 6.5% mortgage rate, you'd be looking at roughly $761/month for principal and interest alone — before property taxes and insurance. About 74% of residents here own their homes.

Grocery prices in Albert Lea are about average compared to the rest of the US (index: 96, where 100 is the national average). Utility bills (electricity, gas, water) are below average (index: 88). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.

Albert Lea is a small town with a population of about 18,379. The median age of residents is 44.3, skewing somewhat older — common in established suburban communities. The local poverty rate is 11.47%, near the national average of 12.4%.