Quick facts: Mankato, MN

Quick Facts

102.8
Cost of Living
above US average
45,140
Population
27.49
Crime Rate per 1000
above US average
$61,726
Median Income
below US average
$131,000
Median House Price
above US average
$1534.61
Average Rent
above US average
10%
Poverty Rate
below US average
3.4%
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 $61,726.

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Income Needed to Buy

βœ“ Affordable
$41k/year
Based on $131,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($61,726) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$66k/year
Based on $1534.61/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $66k vs median $61,726
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Mankato, MN

Mankato, located in southern Minnesota, is a vibrant city known for its rich history and natural beauty. Nestled at the confluence of the Blue Earth and Minnesota Rivers, it serves as a cultural and economic hub for the region. The city boasts a diverse economy, with sectors such as education, healthcare, and manufacturing playing significant roles. Mankato is home to Minnesota State University, which adds a youthful energy and a variety of cultural and academic events to the community. The city offers numerous recreational opportunities, including scenic parks, hiking trails, and the picturesque Minneopa State Park, famous for its beautiful waterfalls and bison herd. Culturally, Mankato features a range of art galleries, theaters, and festivals that celebrate the local heritage. The annual River Ramble and the Mankato Renaissance Festival draw residents and visitors alike, showcasing local talent and crafts. With a friendly atmosphere and a strong sense of community, Mankato is an appealing place for families, students, and outdoor enthusiasts. Overall, it combines a small-town feel with the amenities of a larger city, making it a unique destination in Minnesota.

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