Quick facts: Champlin, MN

Quick Facts

102.8
Cost of Living
above US average
23,112
Population
11.42
Crime Rate per 1000
below US average
$113,570
Median Income
above US average
$372,900
Median House Price
above US average
$2058.25
Average Rent
above US average
5%
Poverty Rate
below US average
3.2%
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 $113,570.

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Income Needed to Buy

βœ— Stretch
$117k/year
Based on $372,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $117k vs median $113,570
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Income Needed to Rent

βœ“ Affordable
$88k/year
Based on $2058.25/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($113,570) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Champlin, MN

Champlin is a vibrant city located in Hennepin County, Minnesota. Situated near the banks of the Mississippi River, it covers a total area of approximately 6.39 square miles, offering a blend of suburban living with easy access to urban amenities. The city, known for its family-friendly atmosphere, features numerous parks, recreational opportunities, and walking trails, making it an ideal place for outdoor enthusiasts. Champlin's population hovers around 24,000 residents, showcasing a diverse community with a strong sense of civic pride. The city's economy is bolstered by a mix of retail, service industries, and a number of small businesses. Families are drawn to Champlin for its highly-rated schools, community events, and safe neighborhoods. In terms of attractions, residents and visitors can enjoy the Champlin Water Park in the summer months, as well as various annual festivals and events that promote community engagement. The proximity to Minneapolis and other Twin Cities provides easy access to a broader range of cultural and recreational activities, making Champlin a desirable place to live and work.

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