Owatonna, MN

Below Avg · 75

Minnesota · Population 26,462 · Updated March 2026

$1,010
Median Rent / Month
$81,276
Median Income
$234,600
Median Home Value
$1,191
Owner Costs / Month

Affordability

How far your income goes in Owatonna

14.9%
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

$12,120
Annual Rent
$8,006
State Income Tax
$2,604
Property Tax (est.)

Cost of Living Overview

Owatonna is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 75 (where 100 equals the national median), Owatonna residents can expect to pay median rent of $1,010/month while earning a median household income of $81,276/year.

The median home value in Owatonna, MN is $234,600, with typical monthly owner costs around $1,191 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.9% 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 Owatonna.

Frequently Asked Questions

Common questions about living costs in Owatonna

What is the cost of living in Owatonna, MN?
The cost of living index in Owatonna, MN is 75 (US average = 100). Median monthly rent is $1,010, median household income is $81,276/year, and the median home value is $234,600.
Is Owatonna, MN affordable?
Yes, Owatonna is more affordable than the national average with a cost index of 75. The rent-to-income ratio is 14.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Owatonna, MN?
The median gross rent in Owatonna, MN is $1,010 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,120.
What is the median household income in Owatonna?
The median household income in Owatonna, MN is $81,276 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%.