Business & Tech
These Are The 10 Most Affordable Cities in Minnesota: Study
SmartAsset, a financial analysis company, weighed several factors for its study.
MONTEVIDEO, MN — Montevideo is the most affordable city in Minnesota, according to a new report.
SmartAsset, a financial analysis company, weighed several factors for its study. Factors included taxes, homeowners’ insurance, mortgage, and other home costs relative to the local median income.
"Places where home ownership costs were lowest relative to the median income in each location were considered the most affordable," the reported states.
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Here are the top 10 most affordable places to live in Minnesota, according to SmartAsset:
| City | Avg. Closing Costs | Annual Property Tax | Annual Homeowner's Insurance | Avg. Annual Mortgage Payment | Median Income | Affordability Index |
| Montevideo | $2,528 | $1,004 | $589 | $3,664 | $46,781 | 58.33 |
| Redwood Falls | $2,708 | $1,283 | $699 | $4,349 | $51,232 | 53.86 |
| International Falls | $2,523 | $902 | $592 | $3,685 | $45,208 | 53.46 |
| Otsego | $2,497 | $2,798 | $1,756 | $10,930 | $105,290 | 50.37 |
| Hibbing | $2,606 | $964 | $737 | $4,587 | $49,009 | 50.26 |
| Austin | $2,608 | $1,031 | $724 | $4,504 | $48,127 | 49.41 |
| St. Michael | $2,570 | $3,353 | $1,816 | $11,306 | $114,015 | 48.01 |
| Virginia | $2,600 | $943 | $619 | $3,852 | $37,161 | 47.41 |
| Albert Lea | $2,723 | $1,222 | $652 | $4,057 | $47,508 | 47.20 |
| Litchfield | $2,819 | $1,476 | $914 | $5,690 | $56,941 | 45.68 |
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