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City · 45,473 residents · Blue Earth County, Minnesota

Mankato , Minnesota

In Mankato, a typical home is worth $261,700 and typical rent is $1,132 a month. Compared with all of Blue Earth County, typical household income is 10% lower and the share of households that own their home is 11 points lower.

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  • Typical home value

    $261,700

    About the same as the county

    21% below Minnesota

    • Mankato
    • Blue Earth
    • Minnesota

  • Typical rent

    $1,132a month

    About the same as the county

    12% below Minnesota

    • Mankato
    • Blue Earth
    • Minnesota

  • Typical household income

    $66,873a year

    10% below the county

    25% below Minnesota

    • Mankato
    • Blue Earth
    • Minnesota

  • Households that own their home

    50%

    11 points below the county

    22 points below Minnesota

    • Mankato
    • Blue Earth
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$303,583
1.3% more than 12 months ago
Typical rent
$1,257 a month
7.2% more than 12 months ago

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

Mankato is in Blue Earth 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 Blue Earth County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Mankato apart

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

  1. Mankato has the 6th lowest homeownership rate of the 152 cities in Minnesota with more than 5,000 people (50%).

  2. Nearby, in Waseca, the typical home value is $189,200: 28% less than in Mankato ($261,700).

  3. Nearby, in Waseca, the typical rent is $903: 20% less than in Mankato ($1,132).

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

The homes here

Housing in Mankato

What homes there are in Mankato, 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

In Mankato there is a bit of everything: no kind of home reaches half. The most common are detached houses (44%); in Blue Earth County, 58%.

Year built

The typical home in Mankato was built in 1982, 4 years after the typical one in Blue Earth County.

Homes in Mankato are smaller: 57% have 3 bedrooms or more; in Blue Earth County, 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

About 92% of owner-occupied homes in Mankato are worth less than the FHA loan limit for Blue Earth County ($541,287).

Monthly rent with utilities

Measured against HUD's 2-bedroom fair market rent ($1,230), about 55% of rented homes in Mankato cost less.

With a mortgage

$1,624 a month

Blue Earth County: $1,662 a month

Without a mortgage

$662 a month

Blue Earth County: $660 a month

Owners with a mortgage

60%

Blue Earth County: 60%

In Mankato, 60% of owners have a mortgage; their typical cost is $1,624 a month, about the same as in Blue Earth County.

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

Much as in Blue Earth County, the typical home value in Mankato rose 46% since 2015–2019.

Rents in Mankato rose at about the same pace as in Blue Earth County: 26% since 2015–2019, against 27%.

To compare: typical income in Mankato rose 40%; the home, +46%; the rent, +26%.

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

MeasureMankatoBlue Earth CountyMinnesotaUnited States
Rental vacancy 6.3%5.7%5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room 3.6%2.5%2.3%3.4%
People per household 2.292.372.432.53
Drive alone 73%76%69%69%
Carpool 13%11%8%9%
Public transit 2%1%2%3%
Walk or bike 4%3%3%3%
Work from home 8%9%18%15%
Other means Unreliable estimate1%1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

In Mankato, the rental vacancy rate is 6.3%, about the same as in Blue Earth County.

In Mankato, 3.6% of households live with more than one person per room, against 2.5% in Blue Earth County.

A household in Mankato has 2.29 people on average, about the same as in Blue Earth County (2.37).

The car rules in Mankato: 73% of workers drive to work alone, and the typical trip takes 10 to 19 minutes.

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 Mankato?

A typical home costs more than the typical income allows

We start with a typical home in Mankato, worth $261,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 39% of the typical household income in Mankato, which is $66,873 a year. For that payment to be 28% of income, a household would need to earn about $93,303 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Mankato. 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 $9,160 (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

$2,177

at 7.18% · 30 years

Loan amount
$256,959
Total interest
$369,704
Paid off in
November 2056

Includes $4,419 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,560 a month

  • Tight

    $1,560 to $2,006 a month

  • Hard

    more than $2,006 a month

    Your payment · 39%

Compared with the typical household income in Mankato ($66,873 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,177
Principal & interest$1,741
Property tax$212
Home insurance$109
FHA mortgage insurance (MIP)$116

You need at least $9,160 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

Mankato and Blue Earth County

Mankato is in Blue Earth 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).

Mankato's own numbers

Typical home value
$261,700
Typical monthly rent
$1,132
Typical yearly household income
$66,873
Households that own their home
50%
Effective property tax rate
0.97%

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

Numbers for all of Blue Earth County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,230
Price change over 5 years (FHFA)
+39%

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 Blue Earth County.

Everything about Blue Earth County

Buying

Buying a home in Mankato

A typical home in Mankato is worth $261,700: about the same as the county and 21% below Minnesota. With the typical household income in Mankato ($66,873 a year), a typical home costs 3.9 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.

  • Mankato 3.9 years
  • Blue Earth 3.6 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Blue Earth County

According to FHFA’s house price index, home prices in Blue Earth County rose 69% in the 10 years through 2025.

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

Period County Minnesota U.S.
Last year (2025) +4.7% +2.8% +2.9%
5 years (2020–2025) +39% +37% +47%
10 years (2015–2025) +69% +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

Mankato next to Blue Earth 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
  • Mankato $261,700
  • Blue Earth $266,700
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Mankato $1,132
  • Blue Earth $1,123
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Mankato $66,873
  • Blue Earth $74,477
  • Minnesota $89,062
  • United States $80,734
See the full table
Mankato next to Blue Earth County and Minnesota
Measure Mankato Blue Earth County Minnesota U.S.
Typical home value $261,700 $266,700 $329,300 $332,700
Typical monthly rent $1,132 $1,123 $1,280 $1,413
Typical yearly household income $66,873 $74,477 $89,062 $80,734
Households that own their home 50% 61% 72% 65%
Typical yearly property tax $2,551 $2,601 $3,357 $3,119
Effective property tax rate 0.97% 0.98% 1.02% 0.94%
Renters with high rent for their income 50% 48% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Blue Earth 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 Mankato

For a typical $261,700 home in Mankato, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Mankato's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,177a month

    Least cash to close
    Down payment
    $9,160
    Cash to close
    $17,011
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $116

  • Conventional, 5% down $2,129a month

    Down payment
    $13,085
    Cash to close
    $20,936
    Rate
    7.18%
    Mortgage insurance
    PMI · $124

  • Conventional, 20% down, no PMI $1,739a month

    Down payment
    $52,340
    Cash to close
    $60,191
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,981a month

    Down payment
    $39,255
    Cash to close
    $47,106
    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 Mankato and for Blue Earth County.

Property tax

Effective rate in Mankato

0.97%of the home’s value each year

$2,551 a year for the typical owner in Mankato.

  • Mankato 0.97%
  • Blue Earth 0.98%
  • 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 Blue Earth County

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

FEMA’s maps count no homes in the high-risk zone in Blue Earth County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Mankato

Typical rent in Mankato is $1,132 a month: about the same as the county. In Mankato, 50% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Blue Earth County, by unit size. To pay the 2-bedroom one ($1,230 a month) without spending more than 30% of your income, you would need to earn $23.65 an hour working full time.

HUD fair market rent for all of Blue Earth 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 $1,016 $19.54 $40,640
1 bedroom $1,023 $19.67 $40,920
2 bedrooms $1,230 $23.65 $49,200
3 bedrooms $1,703 $32.75 $68,120
4 bedrooms $1,744 $33.54 $69,760

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 Mankato

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Mankato is in ZIP code 56001.

For 2 bedrooms it is $1,350: $120 more than the fair market rent for Blue Earth County ($1,230).

  • 56001 $1,350$1,870

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Mankato 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 Mankato

HUD lists 16 buildings with rents for lower incomes in Mankato. These are the largest.

  • ORNESS PLAZA and SCATTERED FAMILY SITE 900 Hope St, Mankato 56001 130 low-income homes · Run by Mankato Eda · Average payment: $488 a month · Average wait: 17 months · Homes at several sites (507) 387-8623
  • Gus Johnson Plaza 413 N 4th St, Mankato 56001 108 low-income homes · 1 bd: 107 · 2 bd: 1 · In service since 2015 · For older adults (507) 345-1497
  • Homestead Apartments Multiple Building Addresses, Mankato 56001 120 homes, 96 low-income · 1 bd: 40 · 2 bd: 64 · 3 bd: 16 · In service since 2000
  • Walnut Towers Aka the Alma 105 E Walnut St, Mankato 56001 86 low-income homes · For older adults (507) 388-8764
  • Eastport 1001 Eastport Dr, Mankato 56001 78 low-income homes · For families (507) 345-5141

See all 21 buildings in Blue Earth County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Mankato

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.

There are 2 HUD-approved agencies with an office in Blue Earth County; 1 says it serves in Spanish.

A grandmother smiles, seated at home.

HUD counseling is free or low-cost

Assistance programs in Mankato

No down payment, repair or rent-help program on our list is for Mankato or Blue Earth County. The ones below are statewide in Minnesota: they work in Mankato 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 Mankato

The HUD-approved agencies closest to the center of Mankato, 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 · 2 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 · 2 miles away

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

  • Scott County Community Development Agency

    100 5th Ave E, Shakopee · 48 miles away · Spanish

    • Mortgage delinquency and default
    • Pre-purchase counseling
    • and 1 more
    (952) 402-9022

Every agency in Blue Earth County All counseling agencies in Minnesota

Help in Spanish near Mankato

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 Mankato

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

  • Mankato Eda Public housing and Section 8 vouchers (507) 387-8623
  • Blue Earth County Eda Public housing and Section 8 vouchers (507) 387-8623

2 other authorities have an office in Blue Earth County: see the list Source: HUD

Cities

Nearby cities

The cities closest to Mankato, with the typical home value.

Everything about Blue Earth County Housing in Minnesota

Neighboring counties

If Blue Earth 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 Mankato.

All guides
A father holds his baby and his young son by a white picket fence.

Questions

Housing questions about Mankato

Short answers with the numbers for Mankato and all of Blue Earth 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 Mankato?

The typical home value in Mankato is $261,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Blue Earth County it is $266,700.

How much does it cost to rent in Mankato?

Typical rent in Mankato is $1,132 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Blue Earth County is $1,230.

What is the FHA loan limit in Mankato?

Mankato uses the FHA limit for all of Blue Earth 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 Mankato?

The typical homeowner in Mankato pays $2,551 a year, according to the U.S. Census Bureau. That is 0.97% of the home’s value; in Blue Earth County, the rate is 0.98%.

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

There are 2 HUD-approved counseling agencies with an office in Blue Earth County. 1 says it serves in Spanish. 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).