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City · 14,211 residents · Nicollet County, Minnesota

North Mankato , Minnesota

In North Mankato, a typical home is worth $262,100 and typical rent is $973 a month. Home values, rent and income are very close to those of all of Nicollet County.

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  • Typical home value

    $262,100

    3% below the county

    20% below Minnesota

    • North Mankato
    • Nicollet
    • Minnesota

  • Typical rent

    $973a month

    About the same as the county

    24% below Minnesota

    • North Mankato
    • Nicollet
    • Minnesota

  • Typical household income

    $80,791a year

    About the same as the county

    9% below Minnesota

    • North Mankato
    • Nicollet
    • Minnesota

  • Households that own their home

    70%

    2 points below the county

    2 points below Minnesota

    • North Mankato
    • Nicollet
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$309,901
2.4% more than 12 months ago
Typical rent
$1,304 a month

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

North Mankato is in Nicollet 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 Nicollet County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets North Mankato apart

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

  1. North Mankato has the 2nd smallest share of rent-burdened renters of the 139 cities in Minnesota with more than 5,000 people (30%).

  2. Nearby, in Waseca, the typical home value is $189,200: 28% less than in North Mankato ($262,100).

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

The homes here

Housing in North Mankato

What homes there are in North 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 North Mankato, 6 in 10 homes are single-family detached houses; in Nicollet County, 7.

Year built

In North Mankato, half of the homes were built before 1982; in Nicollet County, before 1979.

By size, homes in North Mankato look like those in Nicollet County: 62% have 3 bedrooms or more.

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 90% of owner-occupied homes in North Mankato are worth less than the FHA loan limit for Nicollet County ($541,287).

Monthly rent with utilities

With a mortgage

$1,678 a month

Nicollet County: $1,707 a month

Without a mortgage

$702 a month

Nicollet County: $691 a month

Owners with a mortgage

66%

Nicollet County: 62%

The typical cost for an owner with a mortgage in North Mankato is $1,678 a month, near the figure in Nicollet County ($1,707).

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

From 2015–2019 to 2020–2024, the typical home value in North Mankato rose 36%; in Nicollet County, it rose 41%.

Since 2015–2019, the typical rent in North Mankato rose 19%, more than in Nicollet County (16%).

While home values in North Mankato changed +36% and rent +19%, the typical household income rose 20%.

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

MeasureNorth MankatoNicollet 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 estimate2.3%2.3%3.4%
People per household 2.372.402.432.53
Drive alone 75%70%69%69%
Carpool 7%8%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimate7%3%3%
Work from home 10%13%18%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

By size, households in North Mankato look like those in Nicollet County: 2.37 people on average.

In North Mankato, 75% of workers drive alone to work; in Nicollet County, 70%.

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 North Mankato?

A typical home is tight for the typical income

We start with a typical home in North Mankato, worth $262,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in North Mankato, which is $80,791 a year. For that payment to be 28% of income, a household would need to earn about $95,692 a year.

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

Your numbers

Local data
$

Starts at the typical home value in North 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 $9,174 (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

$2,233

at 7.18% · 30 years

Loan amount
$257,352
Total interest
$370,269
Paid off in
November 2056

Includes $4,426 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,885 a month

  • Tight

    $1,885 to $2,424 a month

    Your payment · 33%

  • Hard

    more than $2,424 a month

Compared with the typical household income in North Mankato ($80,791 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,233
Principal & interest$1,743
Property tax$264
Home insurance$109
FHA mortgage insurance (MIP)$116

You need at least $9,174 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

North Mankato and Nicollet County

North Mankato is in Nicollet 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).

North Mankato's own numbers

Typical home value
$262,100
Typical monthly rent
$973
Typical yearly household income
$80,791
Households that own their home
70%
Effective property tax rate
1.21%

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

Numbers for all of Nicollet 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 Nicollet County.

Everything about Nicollet County

Buying

Buying a home in North Mankato

A typical home in North Mankato is worth $262,100: 3% below the county and 20% below Minnesota. With the typical household income in North Mankato ($80,791 a year), a typical home costs 3.2 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.

  • North Mankato 3.2 years
  • Nicollet 3.4 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Nicollet County

According to FHFA’s house price index, home prices in Nicollet County rose 64% in the 10 years through 2025.

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

Period County Minnesota U.S.
Last year (2025) +3.3% +2.8% +2.9%
5 years (2020–2025) +39% +37% +47%
10 years (2015–2025) +64% +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

North Mankato next to Nicollet 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
  • North Mankato $262,100
  • Nicollet $270,300
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • North Mankato $973
  • Nicollet $970
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • North Mankato $80,791
  • Nicollet $79,756
  • Minnesota $89,062
  • United States $80,734
See the full table
North Mankato next to Nicollet County and Minnesota
Measure North Mankato Nicollet County Minnesota U.S.
Typical home value $262,100 $270,300 $329,300 $332,700
Typical monthly rent $973 $970 $1,280 $1,413
Typical yearly household income $80,791 $79,756 $89,062 $80,734
Households that own their home 70% 72% 72% 65%
Typical yearly property tax $3,161 $3,046 $3,357 $3,119
Effective property tax rate 1.21% 1.13% 1.02% 0.94%
Renters with high rent for their income 30% 40% 48% 51%

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

For a typical $262,100 home in North Mankato, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, North Mankato's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,233a month

    Least cash to close
    Down payment
    $9,174
    Cash to close
    $17,037
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $116

  • Conventional, 5% down $2,185a month

    Down payment
    $13,105
    Cash to close
    $20,968
    Rate
    7.18%
    Mortgage insurance
    PMI · $124

  • Conventional, 20% down, no PMI $1,794a month

    Down payment
    $52,420
    Cash to close
    $60,283
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,036a month

    Down payment
    $39,315
    Cash to close
    $47,178
    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 North Mankato and for Nicollet County.

Property tax

Effective rate in North Mankato

1.21%of the home’s value each year

$3,161 a year for the typical owner in North Mankato.

  • North Mankato 1.21%
  • Nicollet 1.13%
  • 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 Nicollet County

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

FEMA’s maps count no homes in the high-risk zone in Nicollet 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 North Mankato

Typical rent in North Mankato is $973 a month: about the same as the county. In North Mankato, 30% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Nicollet 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 Nicollet 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 North Mankato

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). North Mankato is in ZIP code 56003.

For 2 bedrooms it is $1,070: $160 less than the fair market rent for Nicollet County ($1,230).

  • 56003 $1,070$1,480

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

HUD lists 2 buildings with rents for lower incomes in North Mankato. These are the largest.

  • Colony Apartments Multiple Building Addresses, North Mankato 56003 120 homes, 97 low-income · 1 bd: 20 · 2 bd: 100 · In service since 2000
  • North Mankato Hra 615 Nicollet Ave, North Mankato 56003 76 homes, 73 low-income · Run by North Mankato Housing and Redevelopment Autho · Average payment: $388 a month · Average wait: 13 months (507) 388-3202

See all 10 buildings in Nicollet County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in North 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.

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

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in North Mankato

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

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

  • 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

  • Southwest Minnesota Housing Partnership Mankato Branch

    140 Homestead Rd, Mankato · 3 miles away · Spanish

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

  • Scott County Community Development Agency

    100 5th Ave E, Shakopee · 49 miles away · Spanish

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

All counseling agencies in Minnesota

Help in Spanish near North 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 North Mankato

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

  • North Mankato Housing and Redevelopment Autho Public housing (507) 388-3202

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

Cities

Other cities in Nicollet County

These cities are also in Nicollet County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Nicollet County Housing in Minnesota

Nearby cities

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

Neighboring counties

If Nicollet 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 North Mankato.

All guides
A family roasts marshmallows over a campfire at a forest campsite.

Questions

Housing questions about North Mankato

Short answers with the numbers for North Mankato and all of Nicollet 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 North Mankato?

The typical home value in North Mankato is $262,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Nicollet County it is $270,300.

How much does it cost to rent in North Mankato?

Typical rent in North Mankato is $973 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Nicollet County is $1,230.

What is the FHA loan limit in North Mankato?

North Mankato uses the FHA limit for all of Nicollet 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 North Mankato?

The typical homeowner in North Mankato pays $3,161 a year, according to the U.S. Census Bureau. That is 1.21% of the home’s value; in Nicollet County, the rate is 1.13%.

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

We found no HUD-approved counseling agencies with an office in Nicollet 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).