Red Wing, MN

Very Low · 70

Minnesota · Population 16,660 · Updated March 2026

$954
Median Rent / Month
$65,259
Median Income
$224,800
Median Home Value
$1,022
Owner Costs / Month

Affordability

How far your income goes in Red Wing

17.5%
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

$11,448
Annual Rent
$6,428
State Income Tax
$2,495
Property Tax (est.)

Cost of Living Overview

Red Wing is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 70 (where 100 equals the national median), Red Wing residents can expect to pay median rent of $954/month while earning a median household income of $65,259/year.

The median home value in Red Wing, MN is $224,800, with typical monthly owner costs around $1,022 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.5% 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 Red Wing.

Frequently Asked Questions

Common questions about living costs in Red Wing

What is the cost of living in Red Wing, MN?
The cost of living index in Red Wing, MN is 70 (US average = 100). Median monthly rent is $954, median household income is $65,259/year, and the median home value is $224,800.
Is Red Wing, MN affordable?
Yes, Red Wing is more affordable than the national average with a cost index of 70. The rent-to-income ratio is 17.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Red Wing, MN?
The median gross rent in Red Wing, MN is $954 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,448.
What is the median household income in Red Wing?
The median household income in Red Wing, MN is $65,259 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%.