Fergus Falls, MN

Very Low · 59

Minnesota · Population 14,138 · Updated March 2026

$839
Median Rent / Month
$50,865
Median Income
$173,300
Median Home Value
$891
Owner Costs / Month

Affordability

How far your income goes in Fergus Falls

19.8%
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

$10,068
Annual Rent
$5,010
State Income Tax
$1,924
Property Tax (est.)

Cost of Living Overview

Fergus Falls is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 59 (where 100 equals the national median), Fergus Falls residents can expect to pay median rent of $839/month while earning a median household income of $50,865/year.

The median home value in Fergus Falls, MN is $173,300, with typical monthly owner costs around $891 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.8% 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 Fergus Falls.

Frequently Asked Questions

Common questions about living costs in Fergus Falls

What is the cost of living in Fergus Falls, MN?
The cost of living index in Fergus Falls, MN is 59 (US average = 100). Median monthly rent is $839, median household income is $50,865/year, and the median home value is $173,300.
Is Fergus Falls, MN affordable?
Yes, Fergus Falls is more affordable than the national average with a cost index of 59. The rent-to-income ratio is 19.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Fergus Falls, MN?
The median gross rent in Fergus Falls, MN is $839 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,068.
What is the median household income in Fergus Falls?
The median household income in Fergus Falls, MN is $50,865 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%.