Austin, MN

Very Low · 58

Minnesota · Population 26,167 · Updated March 2026

$860
Median Rent / Month
$66,488
Median Income
$155,100
Median Home Value
$939
Owner Costs / Month

Affordability

How far your income goes in Austin

15.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$10,320
Annual Rent
$6,549
State Income Tax
$1,722
Property Tax (est.)

Cost of Living Overview

Austin is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 58 (where 100 equals the national median), Austin residents can expect to pay median rent of $860/month while earning a median household income of $66,488/year.

The median home value in Austin, MN is $155,100, with typical monthly owner costs around $939 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Austin.

Frequently Asked Questions

Common questions about living costs in Austin

What is the cost of living in Austin, MN?
The cost of living index in Austin, MN is 58 (US average = 100). Median monthly rent is $860, median household income is $66,488/year, and the median home value is $155,100.
Is Austin, MN affordable?
Yes, Austin is more affordable than the national average with a cost index of 58. The rent-to-income ratio is 15.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Austin, MN?
The median gross rent in Austin, MN is $860 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,320.
What is the median household income in Austin?
The median household income in Austin, MN is $66,488 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.