Quick facts: Plato, MN

Quick Facts

102.8
Cost of Living
above US average
328
Population
6.1
Crime Rate per 1000
below US average
$67,500
Median Income
below US average
$659,900
Median House Price
above US average
$1560
Average Rent
above US average
5%
Poverty Rate
below US average
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 $67,500.

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Income Needed to Buy

βœ— Stretch
$207k/year
Based on $659,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $207k vs median $67,500
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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 ($67,500) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Plato, MN

Plato is a small city located in McLeod County, Minnesota, with a quaint, close-knit community feel. The city has a population of around 200 residents and serves as a peaceful retreat from the hustle and bustle of larger urban areas. Nestled amidst scenic farmland, Plato is characterized by its rural charm, friendly atmosphere, and strong sense of community. The city is situated near larger towns such as Hutchinson and Glencoe, offering residents access to more extensive amenities while maintaining a quiet lifestyle. Outdoor enthusiasts can enjoy local parks and recreational areas, while the nearby Crow River provides opportunities for fishing, kayaking, and exploring nature trails. Plato has a rich history dating back to the late 19th century and features a mix of historical buildings and modern homes. Community events and activities help foster local connections, making it a great place for families and individuals seeking a supportive environment. Overall, Plato embodies the characteristics of a small town in Minnesota, offering a serene lifestyle surrounded by natural beauty.

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