Owatonna in Top 10 For Cheapest Place to Live in MN

No, that is not a typo, Owatonna is one of the most affordable (read cheapest) places to live in Minnesota. Number 10, to be exact. This is from the gang over at homesnacks.net. They looked at data from the US Census, taking into consideration median housing costs, median income, and overall cost of living for cities with over 5,000 residents.

The stats for Owatonna:

Population: 25,656
Home Price To Income Ratio: 2.5x (26th most affordable)
Income To Rent Ratio: 82.4x (36th cheapest)
The median home price in Owatonna is $154,000 and the median income is $60,976.
The median income in Owatonna comes in at $60,976 and the median home value is $154,000 for 2020.

There's also always something going on in town, so there are plenty of things to do, even on a budget. Seems like every weekend throughout the Winter you can go to some sort of pancake breakfast, or check out some local sports throughout the year. The Owatonna Chamber has some great events listed on their website. We're pretty proud of our city here.

The most affordable place to live in Minnesota? Hibbing.

Hibbing's median rent of $548/month, is the lowest price you'll see on this list. But what really moves Hibbing to the top spot is the affordability of its houses. The median income in Hibbing comes in at $46,826 and the median home value is $103,000 for 2020.