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These days, finding an affordable place to live in the Owatonna area can be challenging. Home prices in Owatonna are now at a median cost of $248,397, lower than the Minnesota average of $345,793.
The average cost of rent is $1,214/mo in Owatonna, primarily driven by the current value of real estate in the Owatonna area. In Owatonna, 23.56% of households rent, and 39.05% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Owatonna is $7,098 per month. Households that rent pay about 17.10% of their income on rent here. Owatonna’s most expensive areas are in the northeastern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Havana, MN: higher priced homes
- Steele Center, MN: higher priced homes
- Medford, MN: equally priced homes
- Merton, MN: higher priced homes
- Pratt, MN: higher priced homes
- Meriden, MN: higher priced homes
- Hope, MN: equally priced homes
- Litomysl, MN: higher priced homes
- Claremont, MN: equally priced homes
- Ruskin, MN: higher priced homes
Cities with Similar Populations
- Pacific Palisades, CA: higher priced homes
- New London, CT: equally priced homes
- Norco, CA: higher priced homes
- North Attleboro, MA: higher priced homes
- North Platte, NE: less expensive homes
- North Wales, PA: higher priced homes
- Oak Forest, IL: equally priced homes
- Oakdale, MN: higher priced homes
- Olney, MD: higher priced homes
- Orchards, WA: higher priced homes
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