Quick facts: Little falls, MN

Quick Facts

102.8
Cost of Living
above US average
9,094
Population
22.43
Crime Rate per 1000
below US average
$44,455
Median Income
below US average
$230,000
Median House Price
above US average
$1350.0
Average Rent
below US average
11%
Poverty Rate
above US average
4.2%
Unemployment Rate
above 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 $44,455.

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Income Needed to Buy

βœ— Stretch
$72k/year
Based on $230,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $72k vs median $44,455
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Income Needed to Rent

⚠ Stretch
$58k/year
Based on $1350.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $58k vs median $44,455
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Little falls, MN

Little Falls, Minnesota, is a charming city located in Morrison County. It serves as the county seat and is known for its rich history and vibrant community. Nestled along the banks of the Mississippi River, Little Falls offers a picturesque setting with beautiful parks and outdoor recreational opportunities. The city's history dates back to the late 19th century, and it features several historical sites, including the Charles A. Lindbergh Historic Site, honoring the famous aviator who spent part of his childhood here. Little Falls also has a vibrant arts scene and hosts various cultural events throughout the year, such as the Pine Grove Zoo and the annual Arts & Crafts Festival. With a population of around 8,000 residents, Little Falls maintains a small-town feel while offering modern amenities. The local economy is supported by healthcare, manufacturing, and retail sectors, ensuring a diverse job market. Overall, Little Falls is a welcoming community that offers a blend of history, nature, and small-town charm, making it a lovely place to live or visit.

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