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City · 18,330 residents · Freeborn County, Minnesota

Albert Lea , Minnesota

In Albert Lea, a typical home is worth $157,500 and typical rent is $857 a month. Compared with all of Freeborn County, typical household income is 9% lower, the typical home value is 8% lower, and the share of households that own their home is 5 points lower.

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  • Typical home value

    $157,500

    8% below the county

    52% below Minnesota

    • Albert Lea
    • Freeborn
    • Minnesota

  • Typical rent

    $857a month

    About the same as the county

    33% below Minnesota

    • Albert Lea
    • Freeborn
    • Minnesota

  • Typical household income

    $64,603a year

    9% below the county

    27% below Minnesota

    • Albert Lea
    • Freeborn
    • Minnesota

  • Households that own their home

    74%

    5 points below the county

    2 points above Minnesota

    • Albert Lea
    • Freeborn
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$180,520
4.6% more than 12 months ago
Typical rent
$1,043 a month

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Albert Lea is in Freeborn County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Freeborn County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Albert Lea apart

What this place has that others do not, from public data, most unusual first.

  1. Albert Lea has the 5th lowest typical home value of the 152 cities in Minnesota with more than 5,000 people ($157,500).

  2. Albert Lea has the 12th lowest typical rent of the 148 cities in Minnesota with more than 5,000 people ($857).

  3. 74% of households in Albert Lea own their home, against 80% in Freeborn County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Albert Lea

What homes there are in Albert Lea, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses are the majority in Albert Lea (71%), but less so than in Freeborn County (80%).

Year built

The typical year built in Albert Lea is 1960, about the same as in Freeborn County (1959).

There are fewer big homes in Albert Lea than in Freeborn County: 55% have 3 bedrooms or more, against 63%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA loan limit for Freeborn County is $541,287, and about 97% of owner-occupied homes in Albert Lea are worth less than that.

Monthly rent with utilities

About 65% of rented homes in Albert Lea cost less than HUD's 2-bedroom fair market rent for Freeborn County ($1,033); the rest cost more.

With a mortgage

$1,182 a month

Freeborn County: $1,316 a month

Without a mortgage

$531 a month

Freeborn County: $563 a month

Owners with a mortgage

54%

Freeborn County: 53%

Owning costs less in Albert Lea: with a mortgage, the typical cost is $1,182 a month; in Freeborn County, $1,316. Without one, $531.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Albert Lea rose 62% since 2015–2019, more than in Freeborn County (50%).

The typical rent in Albert Lea rose 25% since 2015–2019, about the same as in Freeborn County (25%).

To compare: typical income in Albert Lea rose 36%; the home, +62%; the rent, +25%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureAlbert LeaFreeborn CountyMinnesotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimate1.8%2.3%3.4%
People per household 2.292.342.432.53
Drive alone 78%79%69%69%
Carpool 9%8%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike 4%3%3%3%
Work from home 7%8%18%15%
Other means Unreliable estimate2%1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

A household in Albert Lea has 2.29 people on average, about the same as in Freeborn County (2.34).

In Albert Lea, 78% of workers drive alone to work; in Freeborn County, 79%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Albert Lea?

A typical home is within reach of the typical income

We start with a typical home in Albert Lea, worth $157,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 25% of the typical household income in Albert Lea, which is $64,603 a year.

The calculator's FHA and conventional loan limits are those of all of Freeborn County.

Your numbers

Local data
$

Starts at the typical home value in Albert Lea. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $5,513 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,333

at 7.18% · 30 years

Loan amount
$154,647
Total interest
$222,500
Paid off in
November 2056

Includes $2,660 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,507 a month

    Your payment · 25%

  • Tight

    $1,507 to $1,938 a month

  • Hard

    more than $1,938 a month

Compared with the typical household income in Albert Lea ($64,603 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,333
Principal & interest$1,048
Property tax$150
Home insurance$66
FHA mortgage insurance (MIP)$70

You need at least $5,513 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Albert Lea and Freeborn County

Albert Lea is in Freeborn County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Albert Lea's own numbers

Typical home value
$157,500
Typical monthly rent
$857
Typical yearly household income
$64,603
Households that own their home
74%
Effective property tax rate
1.14%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Freeborn County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,033
Price change over 5 years (FHFA)
+45%
Homes in a high flood-risk zone
0.4%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Freeborn County.

Everything about Freeborn County

Buying

Buying a home in Albert Lea

A typical home in Albert Lea is worth $157,500: 8% below the county and 52% below Minnesota. With the typical household income in Albert Lea ($64,603 a year), a typical home costs 2.4 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Albert Lea 2.4 years
  • Freeborn 2.4 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Freeborn County

According to FHFA’s house price index, home prices in Freeborn County rose 79% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Freeborn County.

Period County Minnesota U.S.
Last year (2025) +4.4% +2.8% +2.9%
5 years (2020–2025) +45% +37% +47%
10 years (2015–2025) +79% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Albert Lea next to Freeborn County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Albert Lea $157,500
  • Freeborn $171,100
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Albert Lea $857
  • Freeborn $849
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Albert Lea $64,603
  • Freeborn $71,023
  • Minnesota $89,062
  • United States $80,734
See the full table
Albert Lea next to Freeborn County and Minnesota
Measure Albert Lea Freeborn County Minnesota U.S.
Typical home value $157,500 $171,100 $329,300 $332,700
Typical monthly rent $857 $849 $1,280 $1,413
Typical yearly household income $64,603 $71,023 $89,062 $80,734
Households that own their home 74% 80% 72% 65%
Typical yearly property tax $1,803 $1,907 $3,357 $3,119
Effective property tax rate 1.14% 1.11% 1.02% 0.94%
Renters with high rent for their income 49% 45% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Freeborn County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Albert Lea

For a typical $157,500 home in Albert Lea, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Albert Lea's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,333a month

    Least cash to close
    Down payment
    $5,513
    Cash to close
    $10,238
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $70

  • Conventional, 5% down $1,304a month

    Down payment
    $7,875
    Cash to close
    $12,600
    Rate
    7.18%
    Mortgage insurance
    PMI · $75

  • Conventional, 20% down, no PMI $1,069a month

    Down payment
    $31,500
    Cash to close
    $36,225
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,214a month

    Down payment
    $23,625
    Cash to close
    $28,350
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Albert Lea and for Freeborn County.

Property tax

Effective rate in Albert Lea

1.14%of the home’s value each year

$1,803 a year for the typical owner in Albert Lea.

  • Albert Lea 1.14%
  • Freeborn 1.11%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Freeborn County

FEMA does not publish these numbers by city: they are for all of Freeborn County.

Homes in the high-risk zone
0.4%
60
Of those, with NFIP insurance
8.3%
County Minnesota U.S.
Homes in the high-risk zone 0.4% 0.7% 3.5%
Of those, with NFIP insurance 8.3% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Albert Lea

Typical rent in Albert Lea is $857 a month: about the same as the county. In Albert Lea, 49% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Freeborn County, by unit size. To pay the 2-bedroom one ($1,033 a month) without spending more than 30% of your income, you would need to earn $19.87 an hour working full time.

HUD fair market rent for all of Freeborn County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $719 $13.83 $28,760
1 bedroom $790 $15.19 $31,600
2 bedrooms $1,033 $19.87 $41,320
3 bedrooms $1,355 $26.06 $54,200
4 bedrooms $1,555 $29.90 $62,200

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Albert Lea

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Albert Lea is in ZIP code 56007.

For 2 bedrooms it is $1,030: $3 less than the fair market rent for Freeborn County ($1,033).

  • 56007 $1,030$1,350

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Albert Lea when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Albert Lea

HUD lists 8 buildings with rents for lower incomes in Albert Lea. These are the largest.

  • Shadey Oakes 800 S 4th Ave, Albert Lea 56007 179 homes, 176 low-income · Run by Hra in and for the City of Albert Lea, Minnesota · Average payment: $374 a month · Average wait: 6 months · Homes at several sites (507) 377-4375
  • Senior Court-Senior Tower 915 Maplehill Dr, Albert Lea 56007 152 homes, 113 low-income · For older adults (507) 373-5391
  • Trailside Apartments Multiple Building Addresses, Albert Lea 56007 110 homes, 108 low-income · 1 bd: 55 · 2 bd: 43 · 3 bd: 12 · In service since 2007 · For older adults, families
  • TRAILSIDE APARTMENTS aka Channel View 204 E Front St, Albert Lea 56007 110 homes, 80 low-income · For families (507) 373-5533
  • Gray Gables Apartments Multiple Building Addresses, Albert Lea 56007 45 homes, 44 low-income · 1 bd: 8 · 2 bd: 26 · 3 bd: 14 · In service since 1996

See all 8 buildings in Freeborn County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Albert Lea

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Freeborn County. The nearest ones are below; many serve by phone or online.

An older man and his daughter go over papers with a professional.

HUD counseling is free or low-cost

Assistance programs in Albert Lea

No down payment, repair or rent-help program on our list is for Albert Lea or Freeborn County. The ones below are statewide in Minnesota: they work in Albert Lea the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Albert Lea

The HUD-approved agencies closest to the center of Albert Lea, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Southwest Minnesota Housing Partnership Mankato Branch

    140 Homestead Rd, Mankato · 46 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (507) 836-1605

  • Lutheran Social Service of Minnesota

    710 South 2nd Street, Mankato · 47 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (218) 529-2227

  • Three Rivers Community Action, Inc.

    1414 Northstar Dr, Zumbrota · 56 miles away · Spanish

    Also serves in other languages.

    • Pre-purchase counseling
    • Homebuyer education workshops
    (507) 696-4025

All counseling agencies in Minnesota

Help in Spanish near Albert Lea

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Albert Lea

HUD’s record names them for Albert Lea or Freeborn County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Hra in and for the City of Albert Lea, Minnesota Public housing and Section 8 vouchers (507) 377-4375

All housing agencies in Minnesota Source: HUD

Cities

Nearby cities

The cities closest to Albert Lea, with the typical home value.

Everything about Freeborn County Housing in Minnesota

Neighboring counties

If Freeborn County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Albert Lea.

All guides
A father, a mother and their daughter smile among the avocado trees by their home in Somis, California.

Questions

Housing questions about Albert Lea

Short answers with the numbers for Albert Lea and all of Freeborn County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Albert Lea?

The typical home value in Albert Lea is $157,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Freeborn County it is $171,100.

How much does it cost to rent in Albert Lea?

Typical rent in Albert Lea is $857 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Freeborn County is $1,033.

What is the FHA loan limit in Albert Lea?

Albert Lea uses the FHA limit for all of Freeborn County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Albert Lea?

The typical homeowner in Albert Lea pays $1,803 a year, according to the U.S. Census Bureau. That is 1.14% of the home’s value; in Freeborn County, the rate is 1.11%.

Where can I find free help to buy or rent in Albert Lea?

We found no HUD-approved counseling agencies with an office in Freeborn County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).