Quick facts: Norwood young america, MN

Quick Facts

102.8
Cost of Living
above US average
3,866
Population
6.47
Crime Rate per 1000
below US average
$76,538
Median Income
below US average
$399,900
Median House Price
above US average
$1560
Average Rent
above US average
5%
Poverty Rate
below US average
4.5%
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 $76,538.

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Income Needed to Buy

βœ— Stretch
$125k/year
Based on $399,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $125k vs median $76,538
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Income Needed to Rent

βœ“ Affordable
$67k/year
Based on $1560/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($76,538) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Norwood young america, MN

Norwood Young America is a charming city located in Carver County, Minnesota. It has a small-town atmosphere with a population of approximately 3,500 residents. Founded in the late 1850s, Norwood Young America boasts a rich history and a tight-knit community spirit. The city is known for its beautiful parks, recreational facilities, and a range of outdoor activities, making it a great place for families and nature enthusiasts. The city is situated near the scenic shores of the Minnesota River, offering residents access to various trails for hiking and biking. Norwood Young America also hosts several annual events, including community festivals that bring locals together to celebrate their heritage and foster camaraderie. Education is a priority in the area, with the local school district providing quality education to its students. Additionally, the city’s close proximity to larger metropolitan areas like Minneapolis and St. Paul allows residents to enjoy a suburban lifestyle while having easy access to the amenities of urban living. Overall, Norwood Young America combines a peaceful community with the conveniences of modern life, making it an ideal place to live, work, and play.

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