Cost of Living in Albert Lea, MN
Cost of Living in Albert Lea, MN has an overall index of 75, 25% below the U.S. baseline of 100. The typical home value is $150,400; typical monthly rent is $845; and median household income is $62,522.
Cost index: committed city housing/rent inputs and BEA 2024 state nonmetro price parities. Home value: Census ACS 2023 fallback place estimate. Rent: Census ACS 2023 fallback place estimate. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
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Frequently asked questions about Albert Lea
Living in Albert Lea
Is Albert Lea, MN an affordable place to live?+
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 $845, versus $1,348 nationally.
How does Albert Lea fit a household housing budget?+
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. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Albert Lea, MN?+
Minnesota uses a progressive model; 9.85% is top marginal-rate context. Applying the 1.11% state-level effective owner-occupied proxy to a home worth $150,400 gives a planning estimate near $1,669 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 7.54%.
How much does it cost to rent in Albert Lea, MN?+
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.
How much does a house cost in Albert Lea, MN?+
The typical home value in Albert Lea is $150,400. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $730/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 74% of residents here own their homes.
Are groceries and utilities expensive in Albert Lea?+
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.
What is Albert Lea, MN like to live in?+
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%.