Quick facts: Delavan, MN

Quick Facts

102.8
Cost of Living
above US average
171
Population
11.7
Crime Rate per 1000
below US average
$66,667
Median Income
below US average
$279,900
Median House Price
above US average
$1560
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 $66,667.

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Income Needed to Buy

βœ— Stretch
$88k/year
Based on $279,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $88k vs median $66,667
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Income Needed to Rent

⚠ Stretch
$67k/year
Based on $1560/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $67k vs median $66,667
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Delavan, MN

Delavan is a charming small town located in Faribault County, Minnesota. With a population of around 400 residents, Delavan offers a close-knit community atmosphere ideal for those seeking a quiet lifestyle. The town is situated conveniently along the banks of the picturesque Delavan Lake, which provides numerous recreational opportunities such as fishing, boating, and picnicking. Delavan's historical roots date back to the 19th century, and visitors can explore its quaint streets lined with a mix of historic and modern buildings. The town hosts various community events throughout the year, fostering local engagement and an inviting spirit. The surrounding Faribault County is rich in agriculture, contributing to the area's economy. Delavan is also located near larger towns like Blue Earth and Fairmont, offering residents access to a broader range of amenities, including shopping, dining, and entertainment. Overall, Delavan is perfect for those looking for a peaceful rural life with a strong sense of community.

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