Quick facts: Herman, MN

Quick Facts

102.8
Cost of Living
above US average
386
Population
5.18
Crime Rate per 1000
below US average
$60,000
Median Income
below US average
$79,000
Median House Price
above US average
$1560
Average Rent
above US average
Poverty rate Data is updating, will be available soon
3.5%
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 $60,000.

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Income Needed to Buy

βœ“ Affordable
$25k/year
Based on $79,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($60,000) 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 $60,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Herman, MN

Herman is a small city located in Grant County, Minnesota, with a population of around 1,000 residents. Nestled in the picturesque landscape of west-central Minnesota, it offers a quaint and close-knit community ambiance. Established in the late 19th century, Herman is known for its historical significance, with many buildings reflecting its rich heritage. The city serves as a hub for outdoor recreation, with access to various lakes and parks nearby, making it an excellent destination for fishing, boating, and hiking. The surrounding areas are also characterized by beautiful prairies and farmland, providing a serene rural setting. Herman's downtown district features local businesses, including eateries and shops, contributing to the overall charm of the community. The town holds various events and festivals throughout the year, fostering community spirit and attracting visitors. Education in Herman is provided by the West Central Area School District, ensuring that families have access to quality schooling. Overall, Herman, MN, is a peaceful and inviting place, offering a slice of small-town life in a beautiful natural setting.

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