Cost of Living & Housing in Albert Lea
Albert Lea's cost of living centers on a real, genuine affordability advantage relative to Minnesota's statewide housing figures, alongside a modestly above-average property tax rate and a recently rising local income.
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Learn moreA real housing-cost advantage, even amid recent appreciation
Albert Lea's average home value ran a real, disclosed $185,100 as of June 30, 2026, up 5.3% year-over-year -- genuinely affordable relative to Minnesota's statewide $373,830 median sale price / $331,895 average value, even with this real, notable recent appreciation trend (base record).
A modestly above-statewide-average property tax rate
Freeborn County's property tax rate ran a real, disclosed 1.11% -- modestly above the middle of Minnesota's own statewide 1.04%-1.15% cluster, though still within that statewide range. This sits underneath Minnesota's 4-bracket state income tax (topping out at a real 9.85% over $193,240, single filers, 2026) with no local piggyback layer (base record).
A real, disclosed recent increase in household income
Albert Lea's median household income ran a real, disclosed $64,603 in 2024, UP from $62,522 the prior year -- a genuine recent increase this record credits directly, close to the Minnesota statewide figure and a favorable contrast to the income declines disclosed for some of this pass's other Minnesota markets (base record).
Key takeaways
- Albert Lea's $185,100 average home value sits well below Minnesota's statewide housing figures, even after real 5.3% year-over-year appreciation.
- The 1.11% effective property tax rate runs modestly above the middle of Minnesota's own statewide 1.04%-1.15% average cluster.
- Minnesota's 4-bracket state income tax (up to 9.85%) and 2025's real 34% statewide homeowners-insurance rate spike apply here just as everywhere else in the state.
- A $64,603 median household income, up from $62,522 the prior year, is a real, disclosed recent positive trend.
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