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City · 5,068 residents · Redwood County, Minnesota

Redwood Falls , Minnesota

In Redwood Falls, a typical home is worth $162,100 and typical rent is $832 a month. Compared with all of Redwood County, typical rent is 10% higher, typical household income is 9% lower, and the share of households that own their home is 10 points lower.

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  • Typical home value

    $162,100

    2% above the county

    51% below Minnesota

    • Redwood Falls
    • Redwood
    • Minnesota

  • Typical rent

    $832a month

    10% above the county

    35% below Minnesota

    • Redwood Falls
    • Redwood
    • Minnesota

  • Typical household income

    $61,750a year

    9% below the county

    31% below Minnesota

    • Redwood Falls
    • Redwood
    • Minnesota

  • Households that own their home

    68%

    10 points below the county

    4 points below Minnesota

    • Redwood Falls
    • Redwood
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$175,545
4.9% more than 12 months ago

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

Redwood Falls is in Redwood 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 Redwood County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Redwood Falls apart

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

  1. Redwood Falls has the 6th lowest typical home value of the 152 cities in Minnesota with more than 5,000 people ($162,100).

  2. Redwood Falls has the 7th lowest typical rent of the 148 cities in Minnesota with more than 5,000 people ($832).

  3. 68% of households in Redwood Falls own their home, against 78% in Redwood County.

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

The homes here

Housing in Redwood Falls

What homes there are in Redwood Falls, 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

The detached house is still the most common home in Redwood Falls, but it weighs less than in Redwood County: 63% against 78%.

In Redwood Falls there are many mobile homes: 8% of homes; in Redwood County, 5%.

Year built

Homes in Redwood Falls are newer: the typical year built is 1973; in Redwood County, 1965.

Homes in Redwood Falls are smaller: 58% have 3 bedrooms or more; in Redwood County, 67%.

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

With an FHA limit of $541,287, at least 95% of owner-occupied homes in Redwood Falls sit below it: they are worth less than $500,000.

Monthly rent with utilities

With a mortgage

$1,292 a month

Redwood County: $1,318 a month

Without a mortgage

$599 a month

Redwood County: $598 a month

Owners with a mortgage

53%

Redwood County: 45%

In Redwood Falls, 53% of owners have a mortgage; their typical cost is $1,292 a month, about the same as in Redwood 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

From 2015–2019 to 2020–2024, the typical home value in Redwood Falls rose 56%; in Redwood County, it rose 49%.

Rent in Redwood Falls moved so little since 2015–2019 that the Census cannot say whether it rose or fell.

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

MeasureRedwood FallsRedwood CountyMinnesotaUnited States
Rental vacancy Unreliable estimate12.9%5.3%5.5%
Homeowner vacancy Unreliable estimate1.5%0.6%0.9%
More than one person per room Unreliable estimate1.0%2.3%3.4%
People per household 2.222.382.432.53
Drive alone 85%77%69%69%
Carpool Unreliable estimate6%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimate4%3%3%
Work from home Unreliable estimate11%18%15%
Other means Unreliable estimate1%1%2%
Typical commute under 10 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Redwood Falls has 2.22 people, fewer than in Redwood County (2.38).

The car rules in Redwood Falls: 85% of workers drive to work alone, and the typical trip takes under 10 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 Redwood Falls?

A typical home is within reach of the typical income

We start with a typical home in Redwood Falls, worth $162,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 27% of the typical household income in Redwood Falls, which is $61,750 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Redwood Falls. 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 $5,674 (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

$1,370

at 7.18% · 30 years

Loan amount
$159,163
Total interest
$228,999
Paid off in
November 2056

Includes $2,737 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,441 a month

    Your payment · 27%

  • Tight

    $1,441 to $1,852 a month

  • Hard

    more than $1,852 a month

Compared with the typical household income in Redwood Falls ($61,750 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,370
Principal & interest$1,078
Property tax$153
Home insurance$68
FHA mortgage insurance (MIP)$72

You need at least $5,674 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

Redwood Falls and Redwood County

Redwood Falls is in Redwood 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).

Redwood Falls's own numbers

Typical home value
$162,100
Typical monthly rent
$832
Typical yearly household income
$61,750
Households that own their home
68%
Effective property tax rate
1.13%

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

Numbers for all of Redwood County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,014
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 Redwood County.

Everything about Redwood County

Buying

Buying a home in Redwood Falls

A typical home in Redwood Falls is worth $162,100: 2% above the county and 51% below Minnesota. With the typical household income in Redwood Falls ($61,750 a year), a typical home costs 2.6 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.

  • Redwood Falls 2.6 years
  • Redwood 2.3 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Redwood County

According to FHFA’s house price index, home prices in Redwood County rose 80% in the 10 years through 2025.

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

Period County Minnesota U.S.
Last year (2025) +4.7% +2.8% +2.9%
5 years (2020–2025) +45% +37% +47%
10 years (2015–2025) +80% +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

Redwood Falls next to Redwood 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
  • Redwood Falls $162,100
  • Redwood $158,200
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Redwood Falls $832
  • Redwood $757
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Redwood Falls $61,750
  • Redwood $67,866
  • Minnesota $89,062
  • United States $80,734
See the full table
Redwood Falls next to Redwood County and Minnesota
Measure Redwood Falls Redwood County Minnesota U.S.
Typical home value $162,100 $158,200 $329,300 $332,700
Typical monthly rent $832 $757 $1,280 $1,413
Typical yearly household income $61,750 $67,866 $89,062 $80,734
Households that own their home 68% 78% 72% 65%
Typical yearly property tax $1,838 $1,581 $3,357 $3,119
Effective property tax rate 1.13% 1% 1.02% 0.94%
Renters with high rent for their income 47% 48% 48% 51%

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

For a typical $162,100 home in Redwood Falls, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Redwood Falls's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,370a month

    Least cash to close
    Down payment
    $5,674
    Cash to close
    $10,537
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $72

  • Conventional, 5% down $1,340a month

    Down payment
    $8,105
    Cash to close
    $12,968
    Rate
    7.18%
    Mortgage insurance
    PMI · $77

  • Conventional, 20% down, no PMI $1,099a month

    Down payment
    $32,420
    Cash to close
    $37,283
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,249a month

    Down payment
    $24,315
    Cash to close
    $29,178
    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 Redwood Falls and for Redwood County.

Property tax

Effective rate in Redwood Falls

1.13%of the home’s value each year

$1,838 a year for the typical owner in Redwood Falls.

  • Redwood Falls 1.13%
  • Redwood 1%
  • 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 Redwood County

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

Homes in the high-risk zone
0.4%
24
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 Redwood Falls

Typical rent in Redwood Falls is $832 a month: 10% above the county. In Redwood Falls, 47% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Redwood County, by unit size. To pay the 2-bedroom one ($1,014 a month) without spending more than 30% of your income, you would need to earn $19.50 an hour working full time.

HUD fair market rent for all of Redwood 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 $706 $13.58 $28,240
1 bedroom $775 $14.90 $31,000
2 bedrooms $1,014 $19.50 $40,560
3 bedrooms $1,389 $26.71 $55,560
4 bedrooms $1,509 $29.02 $60,360

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 Redwood Falls

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Redwood Falls is in ZIP code 56283.

For 2 bedrooms it is $1,110: $96 more than the fair market rent for Redwood County ($1,014).

  • 56283 $1,110$1,520

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

HUD lists 5 buildings with rents for lower incomes in Redwood Falls. These are the largest.

  • Country Village Apts. 600 E Broadway St, Redwood Falls 56283 60 homes, 55 low-income · For families (507) 637-3930
  • Lakeside Manor 300 S Minnesota St, Redwood Falls 56283 60 homes, 51 low-income · Run by HRA of REDWOOD FALLS, MINNESOTA · Average payment: $389 a month · Average wait: 4 months (507) 637-2221
  • Country Village Apts Multiple Building Addresses, Redwood Falls 56283 60 homes, 45 low-income · 1 bd: 28 · 2 bd: 28 · 3 bd: 4 · In service since 2008 · For families
  • Westfalls 210 Westfalls Dr, Redwood Falls 56283 40 low-income homes · For families (507) 641-5933
  • Parkside Townhomes Multiple Building Addresses, Redwood Falls 56283 30 homes, 29 low-income · 2 bd: 12 · 3 bd: 18 · In service since 1997

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

Free help

Help to buy or rent in Redwood Falls

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 Redwood County. The nearest ones are below; many serve by phone or online.

A man listens closely, seated at a meeting table.

HUD counseling is free or low-cost

Assistance programs in Redwood Falls

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

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

  • Lutheran Social Service of Minnesota

    1601 Hwy 12 E, Willmar · 40 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 1 more
    (888) 577-2227

  • Southwest Minnesota Housing Partnership

    2401 Broadway Ave, Slayton · 50 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 4 more
    (507) 836-1608

  • Lutheran Social Service of Minnesota

    710 South 2nd Street, Mankato · 60 miles away

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

All counseling agencies in Minnesota

Help in Spanish near Redwood Falls

1 of the 3 agencies on this list says it serves 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 Redwood Falls

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

One other authority has an office in Redwood County: see the list Source: HUD

Cities

Nearby cities

The cities closest to Redwood Falls, with the typical home value.

Everything about Redwood County Housing in Minnesota

Neighboring counties

If Redwood 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 Redwood Falls.

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

Questions

Housing questions about Redwood Falls

Short answers with the numbers for Redwood Falls and all of Redwood 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 Redwood Falls?

The typical home value in Redwood Falls is $162,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Redwood County it is $158,200.

How much does it cost to rent in Redwood Falls?

Typical rent in Redwood Falls is $832 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Redwood County is $1,014.

What is the FHA loan limit in Redwood Falls?

Redwood Falls uses the FHA limit for all of Redwood 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 Redwood Falls?

The typical homeowner in Redwood Falls pays $1,838 a year, according to the U.S. Census Bureau. That is 1.13% of the home’s value; in Redwood County, the rate is 1%.

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

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