Quick facts: New richland, MN

Quick Facts

102.8
Cost of Living
above US average
1,216
Population
16.45
Crime Rate per 1000
below US average
$54,464
Median Income
below US average
$229,900
Median House Price
above US average
$2000.0
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 $54,464.

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Income Needed to Buy

βœ— Stretch
$72k/year
Based on $229,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $72k vs median $54,464
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Income Needed to Rent

⚠ Stretch
$86k/year
Based on $2000.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $86k vs median $54,464
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for New richland, MN

New Richland is a small city located in Waseca County, Minnesota, with a population of around 1,200 residents. Situated in the south-central part of the state, it is known for its friendly community and small-town charm. Established in the late 19th century, New Richland has retained its agricultural roots, featuring various farms and open spaces surrounding the area. The city offers essential amenities, including local shops, schools, and parks, making it a pleasant place for families. New Richland boasts a close-knit community, hosting several annual events that bring residents together, such as the Heritage Day celebration, which highlights the city's history and culture. The nearby Rice Lake State Park offers opportunities for outdoor recreational activities like hiking, fishing, and bird-watching. With its combination of rural beauty and community spirit, New Richland presents a welcoming environment for those looking to escape the hustle and bustle of larger cities. Overall, it’s an ideal spot for anyone seeking a quiet, friendly place to live or visit.

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