Key Takeaways
- The cheapest place to live in Minnesota can be found by comparing home values, rent, and overall cost of living
- Hibbing, Albert Lea, and Fairmont often rank among the most affordable options
- Small towns offer big savings, especially for retirees and remote workers
- A cost of living comparison helps you understand where your money goes
- Some affordable towns also have solid schools, job markets, and healthcare access
- Cities like Austin and Crookston blend low costs with job opportunities
- Think about lifestyle needs like weather, outdoor space, and community when choosing a city
What is the Cheapest Place to Live in Minnesota?
If you’ve been dreaming of affordable homes, fresh air, and small-town charm, Minnesota might just surprise you. Known for its lakes and strong communities, this state also offers cities where your dollar stretches further than you think. In this guide, we’ll explore the cheapest place to live in Minnesota and compare other budget-friendly options worth considering.
From Hibbing to Albert Lea, each town offers its own mix of cost savings, quality of life, and housing opportunities. Whether you’re a first-time buyer, retiree, or remote worker looking to cut costs, there’s likely a city here that fits your needs and budget.
What Makes a City the Cheapest Place to Live in Minnesota
When we talk about affordability, we’re not just looking at home prices. The cheapest place to live in Minnesota has to deliver on several fronts. We considered:
- Median home value
- Monthly rent
- Cost of living compared to the national average
- Average income
- Available amenities and job options
While some cities stand out for housing alone, others offer a full package of low-cost living, from groceries to healthcare.
Cities That Rank Among the Cheapest in Minnesota
Here are some of the top contenders for the cheapest place to live in Minnesota, based on recent data:
Hibbing
With a median home value of around $144,834 and rent under $1,000, Hibbing offers one of the lowest cost living environments in the state. This former mining town also features solid schools and a strong sense of local pride.
Albert Lea
Albert Lea’s cost of living is about 25.8% lower than the national average. It’s located near scenic lakes and offers budget-friendly homes starting near $160,000. Many locals love the small-town charm combined with outdoor activities.
Fairmont
Fairmont, also known as the “City of Lakes,” features affordable homes around $156,893. Residents enjoy fishing, boating, and cultural activities like shows at the Fairmont Opera House—all while spending far less than in metro areas.
Austin
Home to Hormel Foods and the SPAM Museum, Austin combines job opportunities with reasonable living costs. The median home price is about $174,182, and rents average below $900.
Crookston
Crookston offers home values around $171,048 and a lower cost of living without sacrificing job opportunities. It’s especially appealing to students and educators, thanks to its university presence.
These cities and others like Worthington, Marshall, Bemidji, and even parts of Duluth and St. Paul also compete for the title of cheapest place to live in Minnesota.
Ready to Find Your Home in Minnesota?
If you’re looking for the cheapest place to live in Minnesota but don’t know where to start, we can help. At First Class Mortgage, our team connects homebuyers with affordable mortgage options and local experts who know the market. Let us guide you toward a home that fits both your budget and your goals.
Contact us today and let’s make your move affordable and easy.
First Class Mortgage
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