New Ulm, MN

Very Low · 66

Minnesota · Population 14,066 · Updated March 2026

$974
Median Rent / Month
$63,984
Median Income
$192,700
Median Home Value
$951
Owner Costs / Month

Affordability

How far your income goes in New Ulm

18.3%
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

$11,688
Annual Rent
$6,302
State Income Tax
$2,139
Property Tax (est.)

Cost of Living Overview

New Ulm is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 66 (where 100 equals the national median), New Ulm residents can expect to pay median rent of $974/month while earning a median household income of $63,984/year.

The median home value in New Ulm, MN is $192,700, with typical monthly owner costs around $951 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.3% 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 New Ulm.

Frequently Asked Questions

Common questions about living costs in New Ulm

What is the cost of living in New Ulm, MN?
The cost of living index in New Ulm, MN is 66 (US average = 100). Median monthly rent is $974, median household income is $63,984/year, and the median home value is $192,700.
Is New Ulm, MN affordable?
Yes, New Ulm is more affordable than the national average with a cost index of 66. The rent-to-income ratio is 18.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New Ulm, MN?
The median gross rent in New Ulm, MN is $974 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,688.
What is the median household income in New Ulm?
The median household income in New Ulm, MN is $63,984 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%.