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This Is the City with the Lowest Rent in Minnesota

imageForEntry9 y2TU.S. home sales skyrocketed during the COVID-19 pandemic, hitting a 15-year high of 6.1 million in 2021. The spike in demand, coupled with declining inventory, have put upward pressure on housing prices. Renters have not been spared, as housing has become one of the key drivers of surging U.S. inflation.

According to the Economic Policy Institute, a nonprofit think tank, a family of four – two adults and two children – can expect to pay an estimated $15,031 on housing in 2022. This amount varies across the country, however, from state to state and city to city.

Of the five metro areas in Minnesota, St. Cloud has the lowest housing costs. According to the EPI’s Family Budget Calculator, a modest two-bedroom rental in the metro area will cost an estimated $9,852 in 2022, including utilities. For context, the statewide average cost of a comparable apartment is estimated at $13,486.

Rent prices often reflect the overall real estate market in a given area, and this pattern appears to hold in St. Cloud. Just as rents in the area are lower than the statewide average, so too, are home values. According to five-year estimates from the U.S. Census Bureau’s American Community Survey, the typical home in the metro area is worth $192,100, compared to the median home value of $235,700 across the state.

State Metro area with lowest rental cost Est. 2-bedroom rental cost, 2022, metro area ($) Est. 2-bedroom rental cost, 2022, statewide ($) Median home value, metro area ($) Median home value, statewide ($)
Alabama Dothan 8,472 9,784 131,600 149,600
Alaska Anchorage 14,640 14,566 301,100 275,600
Arizona Sierra Vista-Douglas 10,488 13,875 150,100 242,000
Arkansas Fort Smith 8,736 8,993 119,500 133,600
California Visalia 11,508 23,734 223,600 538,500
Colorado Pueblo 10,032 17,157 172,500 369,900
Connecticut Norwich-New London 14,724 17,127 246,800 279,700
Delaware Dover 12,792 14,037 226,600 258,300
Florida Sebring-Avon Park 10,452 15,232 120,500 232,000
Georgia Dalton 9,036 12,152 136,800 190,200
Hawaii Kahului-Wailuku-Lahaina 21,264 23,335 657,400 636,400
Idaho Pocatello 9,384 10,791 165,800 235,600
Illinois Decatur 9,264 13,692 103,100 202,100
Indiana Kokomo 8,784 10,331 113,900 148,900
Iowa Davenport-Moline-Rock Island 9,408 9,802 141,600 153,900
Kansas Topeka 9,612 10,740 137,900 157,600
Kentucky Owensboro 9,852 9,687 139,300 147,100
Louisiana Monroe 9,648 11,046 134,500 168,100
Maine Lewiston-Auburn 11,364 13,104 166,600 198,000
Maryland Cumberland 8,808 17,840 131,300 325,400
Massachusetts Springfield 13,548 22,294 236,200 398,800
Michigan Bay City 9,312 11,467 106,400 162,600
Minnesota St. Cloud 9,852 13,486 192,100 235,700
Mississippi Gulfport-Biloxi 9,720 9,546 153,600 125,500
Missouri Jefferson City 8,136 10,344 162,100 163,600
Montana Great Falls 9,696 10,972 184,400 244,900
Nebraska Lincoln 10,512 10,551 188,700 164,000
Nevada Carson City 12,276 13,543 299,900 290,200
New Hampshire Manchester-Nashua 15,768 15,267 287,900 272,300
New Jersey Vineland-Bridgeton 16,236 19,811 166,400 343,500
New Mexico Las Cruces 8,808 10,784 153,600 175,700
New York Utica-Rome 9,552 20,092 127,000 325,000
North Carolina Hickory-Lenoir-Morganton 8,316 11,360 139,100 182,100
North Dakota Fargo 10,476 10,236 225,600 199,900
Ohio Mansfield 8,808 10,324 115,100 151,400
Oklahoma Lawton 9,072 10,059 121,500 142,400
Oregon Medford 12,468 15,607 294,500 336,700
Pennsylvania Johnstown 8,688 12,412 94,900 187,500
Rhode Island Providence-Warwick 13,776 14,502 290,500 276,600
South Carolina Florence 9,708 11,096 125,100 170,100
South Dakota Sioux Falls 10,488 9,670 208,400 174,600
Tennessee Kingsport-Bristol 8,412 10,906 140,800 177,600
Texas McAllen-Edinburg-Mission 8,868 13,475 90,000 187,200
Utah Logan 9,384 12,508 252,800 305,400
Vermont Burlington-South Burlington 19,536 14,321 285,200 230,900
Virginia Lynchburg 9,408 15,870 173,900 282,800
Washington Spokane-Spokane Valley 12,084 17,824 243,000 366,800
West Virginia Weirton-Steubenville 8,808 9,133 95,400 123,200
Wisconsin Oshkosh-Neenah 9,108 10,970 158,400 189,200
Wyoming Casper 10,416 10,423 215,400 228,000
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