Albert Lea, MN Cost Of Living
Cost Of Living In Albert Lea, MN Summary
Cost of living in Albert Lea research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Albert Lea is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Albert Lea is 86, with 100 being the average.
The cost of living index in Albert Lea is 0.9x lower than the national average.
Albert Lea ranks as the #2 cheapest in Minnesota out of 148.
Albert Lea ranks as the #639 cheapest out of 6,489 in the US.
The median home value in Albert Lea is $172,895.
The median income in Albert Lea is $62,522.
Table Of Contents
Albert Lea's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Albert Lea, MN?
According to the most recent data on the cost of living, Albert Lea has an overall cost of living index of 86, which is 0.9x lower than the national index of 100.
Compared to Minnesota, Albert Lea has a cost of living index that's 0.9x lower than Minnesota's index of 97.
The standard of living in Albert Lea ranks as #2 most affordable out of the 148 places we measured in Minnesota. By definition, that implies Albert Lea ranks as the #146 most expensive place in the North Star State.
For more reading on life in Albert Lea, check out:
In Minnesota
In America
Albert Lea Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Albert Lea. Here is how it fairs on each of the criteria:
The Services index in Albert Lea is 101.
The Groceries index in Albert Lea is 97.
The Health index in Albert Lea is 101.
The Housing index in Albert Lea is 63.
The Transportation index in Albert Lea is 98.
The Utilities index in Albert Lea is 106.
| Living Expense | Albert Lea | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 86 | 97 | 100 | |
| Services | 101 | 101 | 100 | |
| Groceries | 97 | 99 | 100 | |
| Health | 101 | 110 | 100 | |
| Housing | 63 | 100 | 100 | |
| Transportation | 98 | 95 | 100 | |
| Utilities | 106 | 94 | 100 | |
Albert Lea, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Albert Lea is $172,895.
The Median Rent in Albert Lea is $845.
The Median Income in Albert Lea is $62,522.
The Home Value To Income in Albert Lea is 2.8x.
The Rent To Monthly Income in Albert Lea is 0.16x.
| Statistic | Albert Lea | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $172,895 | $344,484 | $303,400 |
| Median Rent | $845 | $1,235 | $1,348 |
| Median Income | $62,522 | $87,556 | $78,538 |
| Home Value To Income | 2.8x | 3.9x | 3.9x |
| Rent To Monthly Income | 0.16x | 0.17x | 0.21x |
Median Home Value
Median Rent
Median Income
Albert Lea, MN Costs By Category
Detailed Albert Lea Services Costs Vs. Minnesota
| Item | Albert Lea | Minnesota |
|---|---|---|
| Shampoo | $1.24 | $1.28 |
| Movie | $10.32 | $12.13 |
| Bowling | $10.28 | $18 |
| Haircut | $32.91 | $24.26 |
| Beauty Salon | $35.27 | $45.56 |
Detailed Albert Lea Groceries Costs Vs. Minnesota
| Item | Albert Lea | Minnesota |
|---|---|---|
| Ground Beef | $5.27 | $5.84 |
| Fried Chicken | $1.42 | $1.57 |
| Milk | $4.56 | $4.67 |
| Potatoes | $5.01 | $4.93 |
| Pizza | $11.94 | $12.09 |
| Beer | $9.82 | $10.41 |
| Toothpaste | $3.74 | $3.7 |
Detailed Albert Lea Health Costs Vs. Minnesota
| Item | Albert Lea | Minnesota |
|---|---|---|
| Optometrist | $87.93 | $125.68 |
| Doctor | $153.18 | $135.78 |
| Dentist | $105.03 | $113.29 |
Detailed Albert Lea Transportation Costs Vs. Minnesota
| Item | Albert Lea | Minnesota |
|---|---|---|
| Gasoline | $3.39 | $3.46 |
| Tire Balancing | $54.83 | $59.92 |
Detailed Albert Lea Utilities Costs Vs. Minnesota
| Item | Albert Lea | Minnesota |
|---|---|---|
| All Electricity | $209.45 | $193.99 |
| Phone | $187.72 | $192.25 |
Albert Lea SnackAbility
/10
Cost Of Living In Cities Around Albert Lea
The cost of living varies in the cities and towns around Albert Lea. Here's a quick look at the cost of living in the most populous nearby places:
Mankato, MN has a cost of living index of 100, 1.2x Albert Lea.
Owatonna, MN has a cost of living index of 96, 1.1x Albert Lea.
Austin, MN has a cost of living index of 92, 1.1x Albert Lea.
| City | Population | Cost Of Living | Vs. Albert Lea |
|---|---|---|---|
| Mankato, MN | 44,882 | 100 | 1.2x |
| Owatonna, MN | 26,462 | 96 | 1.1x |
| Austin, MN | 26,167 | 92 | 1.1x |
| Faribault, MN | 24,458 | 96 | 1.1x |
| North Mankato, MN | 14,212 | 98 | 1.1x |
| Waseca, MN | 9,209 | 89 | 1.0x |
| Clear Lake, IA | 7,603 | 98 | 1.1x |
| Kasson, MN | 6,964 | 95 | 1.1x |
| Stewartville, MN | 6,754 | 100 | 1.2x |
