Quick facts: Red lake falls, MN

Quick Facts

102.8
Cost of Living
above US average
1,327
Population
15.07
Crime Rate per 1000
below US average
$58,239
Median Income
below US average
$138,900
Median House Price
above US average
$1560
Average Rent
above US average
10%
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 $58,239.

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Income Needed to Buy

βœ“ Affordable
$44k/year
Based on $138,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($58,239) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$67k/year
Based on $1560/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $67k vs median $58,239
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Red lake falls, MN

Red Lake Falls is a charming city located in Red Lake County, Minnesota. Known for its picturesque landscapes and small-town charm, Red Lake Falls is situated near the banks of the Red Lake River, which offers various recreational activities such as fishing and boating. The city has a rich history, with roots dating back to farming communities and has maintained its agricultural essence. The local economy is supported largely by agriculture, with farms surrounding the area providing a strong sense of community. Key attractions include the beautiful Red Lake Falls area parks, which are perfect for family outings, picnics, and enjoying the outdoors. The historic downtown area features local shops and eateries, enhancing the small-town experience. In terms of community events, the city hosts various gatherings throughout the year that foster local culture and pride, making it a welcoming place for residents and visitors alike. Overall, Red Lake Falls offers a peaceful rural lifestyle with the benefits of a close-knit community. The natural beauty and recreational opportunities make it a great place for outdoor enthusiasts and families seeking a tranquil environment.

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