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City · 9,164 residents · Waseca County, Minnesota

Waseca , Minnesota

In Waseca, a typical home is worth $189,200 and typical rent is $903 a month. Compared with all of Waseca County, typical household income is 16% lower, the typical home value is 14% lower, and the share of households that own their home is 9 points lower.

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  • Typical home value

    $189,200

    14% below the county

    43% below Minnesota

    • Waseca
    • County
    • Minnesota

  • Typical rent

    $903a month

    2% above the county

    29% below Minnesota

    • Waseca
    • County
    • Minnesota

  • Typical household income

    $64,074a year

    16% below the county

    28% below Minnesota

    • Waseca
    • County
    • Minnesota

  • Households that own their home

    72%

    9 points below the county

    About the same as Minnesota

    • Waseca
    • County
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$251,687
1.6% more than 12 months ago

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

Waseca is in Waseca 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 Waseca County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Waseca apart

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

  1. The typical household income in Waseca is $64,074, 16% less than in Waseca County as a whole ($76,261).

  2. 72% of households in Waseca own their home, against 81% in Waseca County.

  3. Waseca has the 12th lowest typical home value of the 152 cities in Minnesota with more than 5,000 people ($189,200).

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

The homes here

Housing in Waseca

What homes there are in Waseca, 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 Waseca (71%), but less so than in Waseca County (81%).

Year built

By age, homes in Waseca look like those in Waseca County: the typical year built is 1970.

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

At least 100% of owner-occupied homes in Waseca are worth less than $500,000, below the FHA loan limit for Waseca County ($541,287).

Monthly rent with utilities

With a mortgage

$1,469 a month

Waseca County: $1,503 a month

Without a mortgage

$644 a month

Waseca County: $640 a month

Owners with a mortgage

68%

Waseca County: 60%

Owning costs about the same in Waseca as in Waseca County: with a mortgage, $1,469 a month; without one, $644.

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

Since 2015–2019, homes in Waseca gained value faster than in Waseca County: 49% against 39%.

Rents in Waseca rose faster than in Waseca County: 38% since 2015–2019, against 32%.

To compare: typical income in Waseca rose 41%; the home, +49%; the rent, +38%.

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

MeasureWasecaWaseca 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 estimateUnreliable estimate2.3%3.4%
People per household 2.332.392.432.53
Drive alone 85%81%69%69%
Carpool 9%9%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimate3%3%3%
Work from home Unreliable estimate7%18%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimateUnreliable estimate20 to 29 minutes20 to 29 minutes

Much as in Waseca County, a household in Waseca has 2.33 people on average.

In Waseca, 85% of workers drive alone to work; in Waseca County, 81%.

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 Waseca?

A typical home is tight for the typical income

We start with a typical home in Waseca, worth $189,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 31% of the typical household income in Waseca, which is $64,074 a year. For that payment to be 28% of income, a household would need to earn about $70,360 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Waseca. 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 $6,622 (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

$1,642

at 7.18% · 30 years

Loan amount
$185,773
Total interest
$267,284
Paid off in
November 2056

Includes $3,195 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,495 a month

  • Tight

    $1,495 to $1,922 a month

    Your payment · 31%

  • Hard

    more than $1,922 a month

Compared with the typical household income in Waseca ($64,074 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,642
Principal & interest$1,258
Property tax$221
Home insurance$79
FHA mortgage insurance (MIP)$84

You need at least $6,622 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

Waseca and Waseca County

Waseca is in Waseca 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).

Waseca's own numbers

Typical home value
$189,200
Typical monthly rent
$903
Typical yearly household income
$64,074
Households that own their home
72%
Effective property tax rate
1.4%

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

Numbers for all of Waseca County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,030
Price change over 5 years (FHFA)
+47%

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 Waseca County.

Everything about Waseca County

Buying

Buying a home in Waseca

A typical home in Waseca is worth $189,200: 14% below the county and 43% below Minnesota. With the typical household income in Waseca ($64,074 a year), a typical home costs 3.0 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.

  • Waseca 3.0 years
  • County 2.9 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Waseca County

According to FHFA’s house price index, home prices in Waseca County rose 75% in the 10 years through 2025.

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

Period County Minnesota U.S.
Last year (2025) −1.0% +2.8% +2.9%
5 years (2020–2025) +47% +37% +47%
10 years (2015–2025) +75% +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

Waseca next to Waseca 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
  • Waseca $189,200
  • County $220,800
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Waseca $903
  • County $883
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Waseca $64,074
  • County $76,261
  • Minnesota $89,062
  • United States $80,734
See the full table
Waseca next to Waseca County and Minnesota
Measure Waseca Waseca County Minnesota U.S.
Typical home value $189,200 $220,800 $329,300 $332,700
Typical monthly rent $903 $883 $1,280 $1,413
Typical yearly household income $64,074 $76,261 $89,062 $80,734
Households that own their home 72% 81% 72% 65%
Typical yearly property tax $2,644 $2,603 $3,357 $3,119
Effective property tax rate 1.4% 1.18% 1.02% 0.94%
Renters with high rent for their income 43% 38% 48% 51%

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

For a typical $189,200 home in Waseca, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Waseca's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,642a month

    Least cash to close
    Down payment
    $6,622
    Cash to close
    $12,298
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $84

  • Conventional, 5% down $1,607a month

    Down payment
    $9,460
    Cash to close
    $15,136
    Rate
    7.18%
    Mortgage insurance
    PMI · $90

  • Conventional, 20% down, no PMI $1,325a month

    Down payment
    $37,840
    Cash to close
    $43,516
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,500a month

    Down payment
    $28,380
    Cash to close
    $34,056
    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 Waseca and for Waseca County.

Property tax

Effective rate in Waseca

1.4%of the home’s value each year

$2,644 a year for the typical owner in Waseca.

  • Waseca 1.4%
  • County 1.18%
  • 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 Waseca County

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

FEMA’s maps count no homes in the high-risk zone in Waseca 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 Waseca

Typical rent in Waseca is $903 a month: 2% above the county. In Waseca, 43% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Waseca County, by unit size. To pay the 2-bedroom one ($1,030 a month) without spending more than 30% of your income, you would need to earn $19.81 an hour working full time.

HUD fair market rent for all of Waseca 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 $717 $13.79 $28,680
1 bedroom $787 $15.13 $31,480
2 bedrooms $1,030 $19.81 $41,200
3 bedrooms $1,349 $25.94 $53,960
4 bedrooms $1,354 $26.04 $54,160

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 Waseca

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Waseca is in ZIP code 56093.

For 2 bedrooms it is $1,070: $40 more than the fair market rent for Waseca County ($1,030).

  • 56093 $1,070$1,400

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

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

  • Maple Terrace 308 2nd Ave NW, Waseca 56093 60 low-income homes · Run by Hra of Waseca, Minnesota · Average payment: $446 a month (507) 835-1753
  • Northridge Plaza 300 15th Ave NE, Waseca 56093 48 low-income homes · For families (507) 333-5943
  • Summit on Second 1301 2nd St NW, Waseca 56093 48 low-income homes · 1 bd: 12 · 2 bd: 30 · 3 bd: 6 · In service since 2002 · For families (507) 835-4810
  • Charter Oaks Multiple Building Addresses, Waseca 56093 33 low-income homes · 2 bd: 20 · 3 bd: 13 · In service since 2001
  • Parkview Estates Multiple Building Addresses, Waseca 56093 38 homes, 28 low-income · 2 bd: 28 · 3 bd: 10 · In service since 1998

See all 7 buildings in Waseca County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Waseca

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 Waseca 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 Waseca

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

The HUD-approved agencies closest to the center of Waseca, 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 · 24 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 · 26 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 · 43 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 Waseca

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 Waseca

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

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

Cities

Nearby cities

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

Everything about Waseca County Housing in Minnesota

Neighboring counties

If Waseca 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 Waseca.

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

Questions

Housing questions about Waseca

Short answers with the numbers for Waseca and all of Waseca 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 Waseca?

The typical home value in Waseca is $189,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Waseca County it is $220,800.

How much does it cost to rent in Waseca?

Typical rent in Waseca is $903 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Waseca County is $1,030.

What is the FHA loan limit in Waseca?

Waseca uses the FHA limit for all of Waseca 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 Waseca?

The typical homeowner in Waseca pays $2,644 a year, according to the U.S. Census Bureau. That is 1.4% of the home’s value; in Waseca County, the rate is 1.18%.

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

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