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These days, finding an affordable place to live in the Albert Lea area can be challenging. Home prices in Albert Lea are now at a median cost of $163,599, lower than the Minnesota average of $345,793.
The average cost of rent is $1,015/mo in Albert Lea, primarily driven by the current value of real estate in the Albert Lea area. In Albert Lea, 24.89% of households rent, and 46.63% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Albert Lea is $5,820 per month. Households that rent pay about 17.43% of their income on rent here. Albert Lea’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Oakland, MN: higher priced homes
- Bancroft, MN: higher priced homes
- Twin Lakes, MN: higher priced homes
- Hayward, MN: higher priced homes
- Conger, MN: higher priced homes
- Glenville, MN: equally priced homes
- Manchester, MN: higher priced homes
- Clarks Grove, MN: higher priced homes
- Petran, MN: higher priced homes
- Armstrong, MN: higher priced homes
Cities with Similar Populations
- Douglas, AZ: equally priced homes
- Winthrop Town, MA: higher priced homes
- Bethel, CT: higher priced homes
- Clarksville, IN: equally priced homes
- Mesquite, NV: higher priced homes
- Washington Court House, OH: higher priced homes
- Havelock, NC: higher priced homes
- Baldwin, PA: higher priced homes
- Lackawanna, NY: less expensive homes
- Brigham City, UT: higher priced homes
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