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Norwood Young America Real Estate Market Facts

  • $163,900Median home price
    14% lower than Minnesota
  • $603Median rent asked
    31% lower than Minnesota
  • 65.6%Home owners
    8% lower than Minnesota
  • 2.3People per home
    4% lower than Minnesota
The above shows an overview of the real estate market in Norwood Young America, MN. Note how the median home price for Norwood Young America, MN runs $163,900, which is 14% lower than the average property price for Minnesota. So you’re going to get real estate in Norwood Young America, MN that is on-average more affordable than what you’ll find in the rest of Minnesota. As for rent, the median for Norwood Young America, MN runs $603, which is comparatively 31% lower than the average rent for Minnesota. For Norwood Young America, MN, about 65.6% of the population consist of home owners with about 2.3 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Norwood Young America, MN offers a wide variety of real estate. To find your perfect home in Norwood Young America, MN, filter your choice by price, location, and number of beds and baths using the search area above.

Norwood Young America Home Affordability

  • $163,900Median home price
    14% lower than Minnesota
  • $62,717Median home income
    1% lower than Minnesota
  • 2.6xHome price to income ratio
    14% lower than Minnesota
When deciding where to purchase Norwood Young America, MN real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Norwood Young America, MN the median home price is $163,900 and $62,717 is the median household income. As a result, the home price to income ratio in Norwood Young America, MN is 2.6x, which is 14% lower than the Minnesota average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Norwood Young America, MN the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Norwood Young America, MN.

Norwood Young America Affordability Calculator

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You can afford a home up to:
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  • Monthly payment
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  • Income taxes
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When looking for real estate in Norwood Young America, MN, finding one that won't strain your budget is imperative. That's when the home affordability calculator comes in handy. It allows you to calculate the cost of a property in Norwood Young America, MN, not only by considering your income, but debts and down payment amounts as well. You can personalize the home affordability calculator even further by adding in additional factors like length of mortgage term, property taxes, home insurance costs, mortgage rate, and HOA dues. The calculator will come up with an estimated cost of home ownership and display an amount that would fit within your budget. Knowing this figure will help you find a home that you can afford in Norwood Young America, MN and keep you from looking at places that are out of financial reach. Therefore, you can avoid disappointment and emotional attachment to homes you would not be able to afford. Additionally, this tool allows you to balance your budget because it also calculates the amount of money left over for savings and other expenses.

Norwood Young America Mortgage Calculator

Your monthly payment will be:
Monthly payment breakdown
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  • Mortgage
  • PMI fees
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  • Home insurance
  • HOA dues
If I buy a real estate in Norwood Young America, MN, what can I expect to pay monthly? There are a number of different factors that will go in to determining your monthly cost. While most people understand how significant the overall price of the house goes into determining the payment amount, it's also important to know that there are a variety of other variables to consider. These include things such as property taxes, private mortgage insurance (PMI), home owner's association dues, interest rate, and how much of a down payment has been made on the house. Understanding these is a great way to reduce overall payment. For example, you can reduce the private mortgage insurance by making a down payment of 20%. The mortgage calculator above will have all of these variables already filled out with default data, but you can customize it to give you a much more accurate reading. Generally speaking, you want to keep your debt to income ratio at about 36% when calculating your monthly house payment, which means paying no more than 36% of your monthly salary towards your housing and other debts.

Norwood Young America Demographics

  • 3,655Population
  • 1,553People / sq mile
  • 36.8Median age
  • 1.0:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Gaylord, MN2,072$102,10045%
Arlington, MN2,082$113,00039%
Silver Lake, MN927$115,60037%
Green Isle, MN551$122,00034%
Lester Prairie, MN1,934$123,80033%
Norwood Young America, MN3,655$163,90011%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Mountain View, NC3,655$121,20034%
Armona, CA3,655$117,40036%
Manhasset Hills, NY3,654$821,200345%
Oregon, IL3,657$109,50041%
Gaylord, MI3,652$95,20048%
Norwood Young America, MN3,655$163,90011%
Source: The Norwood Young America, MN housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).
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