Mankato, MN

Below Avg · 78

Minnesota · Population 44,882 · Updated March 2026

$1,089
Median Rent / Month
$64,826
Median Income
$250,600
Median Home Value
$1,130
Owner Costs / Month

Affordability

How far your income goes in Mankato

20.2%
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

$13,068
Annual Rent
$6,385
State Income Tax
$2,782
Property Tax (est.)

Cost of Living Overview

Mankato is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 78 (where 100 equals the national median), Mankato residents can expect to pay median rent of $1,089/month while earning a median household income of $64,826/year.

The median home value in Mankato, MN is $250,600, with typical monthly owner costs around $1,130 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.2% 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 Mankato.

Frequently Asked Questions

Common questions about living costs in Mankato

What is the cost of living in Mankato, MN?
The cost of living index in Mankato, MN is 78 (US average = 100). Median monthly rent is $1,089, median household income is $64,826/year, and the median home value is $250,600.
Is Mankato, MN affordable?
Yes, Mankato is more affordable than the national average with a cost index of 78. The rent-to-income ratio is 20.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Mankato, MN?
The median gross rent in Mankato, MN is $1,089 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,068.
What is the median household income in Mankato?
The median household income in Mankato, MN is $64,826 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%.