Cost of Living & Housing in Hibbing
Hibbing's cost of living centers on a real, genuine Iron Range affordability advantage: notably low housing costs and a below-average property tax rate, offset by a below-average local household income.
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Learn moreA real, deep housing-cost advantage
Hibbing's 2024 median property value ran a real, disclosed $130,200, well below Minnesota's statewide $373,830 median sale price and $331,895 average value. A more recent Zillow figure (June 30, 2026) shows real, notable appreciation to a $166,330 average value, up 7.6% year-over-year -- even that higher figure remains well below the statewide averages (base record).
A below-average effective property tax rate
St. Louis County's average effective property tax rate ran a real, disclosed 0.78% -- genuinely below Minnesota's own statewide 1.04%-1.15% cluster. 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 below-median household income to weigh against low costs
Hibbing's median household income ran a real, disclosed $55,789 in 2024 -- below both the Minnesota and national medians. The area's genuine affordability advantage should be weighed against this real, below-average local earning power, and against a real, disclosed -2.58% population decline since the 2020 Census (base record).
Key takeaways
- Hibbing's $130,200-$166,330 home-value range (2024 to mid-2026) sits well below Minnesota's statewide housing figures.
- The 0.78% effective property tax rate runs genuinely below 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 below-median $55,789 household income and an ongoing population decline are real factors to weigh alongside Hibbing's affordability.
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