Quick facts: Granada, MN

Quick Facts

102.8
Cost of Living
above US average
283
Population
35.34
Crime Rate per 1000
above US average
$53,438
Median Income
below US average
$139,900
Median House Price
above US average
$1560
Average Rent
above US average
8%
Poverty Rate
below US average
4.0%
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 $53,438.

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Income Needed to Buy

βœ“ Affordable
$44k/year
Based on $139,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($53,438) exceeds requirement
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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 $53,438
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Granada, MN

Granada is a small village located in Martin County, Minnesota. With a population of around 350 residents, it embodies the charm of rural small-town life. Nestled in the heart of southern Minnesota, Granada covers a modest area and is surrounded by picturesque farmland and natural landscapes. The village offers a close-knit community atmosphere where neighbors know each other, fostering a friendly and welcoming environment. Local attractions include a few parks and recreational spaces, perfect for enjoying outdoor activities. The nearby city of Fairmont provides additional amenities and services, including shopping, dining, and cultural events. Granada is primarily residential, making it an ideal spot for those seeking a quiet lifestyle away from the hustle and bustle of larger cities. The area is characterized by its seasonal weather, with warm summers and cold winters typical to the Midwest. Overall, Granada is a peaceful retreat that celebrates community and simplicity, making it a charming destination for anyone interested in experiencing a slice of rural Minnesota life.

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