North Mankato, MN

Very Low · 73

Minnesota · Population 14,212 · Updated March 2026

$918
Median Rent / Month
$77,571
Median Income
$252,700
Median Home Value
$1,108
Owner Costs / Month

Affordability

How far your income goes in North Mankato

14.2%
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

$11,016
Annual Rent
$7,641
State Income Tax
$2,805
Property Tax (est.)

Cost of Living Overview

North Mankato is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 73 (where 100 equals the national median), North Mankato residents can expect to pay median rent of $918/month while earning a median household income of $77,571/year.

The median home value in North Mankato, MN is $252,700, with typical monthly owner costs around $1,108 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.2% 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 North Mankato.

Frequently Asked Questions

Common questions about living costs in North Mankato

What is the cost of living in North Mankato, MN?
The cost of living index in North Mankato, MN is 73 (US average = 100). Median monthly rent is $918, median household income is $77,571/year, and the median home value is $252,700.
Is North Mankato, MN affordable?
Yes, North Mankato is more affordable than the national average with a cost index of 73. The rent-to-income ratio is 14.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in North Mankato, MN?
The median gross rent in North Mankato, MN is $918 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,016.
What is the median household income in North Mankato?
The median household income in North Mankato, MN is $77,571 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%.