| Index | Albert Lea | Minnesota | National |
| Cost of living | 89 | 100 | 100 |
| Groceries | 100 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 62 | 100 | 100 |
| Transportation | 97 | 100 | 100 |
| Utilities | 106 | 104 | 100 |
| Lifestyle & Entertainment | 99 | 100 | 100 |
| Household Items | 97 | 100 | 100 |
| Education & Childcare | 104 | 99 | 100 |
The cost of living in Albert Lea affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Albert Lea is 89, which is 11% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
The most insightful perspective on a city comes from its residents. We recently surveyed 6 locals to gauge their perception of the cost of living in Albert Lea. The feedback revealed that 33% of respondents found the cost of living to be reasonable, with prices on the decline, while 67% regarded it as notably expensive with prices that continue to rise.
Is Albert Lea an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Albert Lea, the median home price is 43.2% lower than what most folks pay across the country, and monthly rent prices are 24.7% lower than the usual rates. Income levels in Albert Lea come in at $69,176, which is 14.9% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Albert Lea, the housing index is 37.6% lower than the national average.
Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Albert Lea, the prevailing sales tax rate starts at 6.875%, and income tax rates kick off at 5.35%.
The cost of living estimates displayed for Albert Lea are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $84,007 | $7,001 | $1,960 | $2,520 |
| Renters | $44,784 | $3,732 | $1,045 | $1,344 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| Scarville, IA | 54 | 77 | 23.2% |
| Myrtle, MN | 71 | 78 | 21.6% |
| Conger, MN | 133 | 82 | 17.8% |
| Hayward, MN | 233 | 84 | 16.0% |
| Hartland, MN | 429 | 85 | 15.3% |
| Albert Lea, MN | 18,460 | 89 | 11.0% |
| City | Population | Cost of Living Index | National Avg. |
| El Dorado, AR | 18,461 | 85 | 14.5% |
| Jenison, MI | 18,457 | 103 | 2.9% |
| Melville, NY | 18,448 | 178 | 77.6% |
| Gibsonton, FL | 18,477 | 105 | 5.3% |
| Arroyo Grande, CA | 18,441 | 166 | 66.0% |
| Albert Lea, MN | 18,460 | 89 | 11.0% |
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