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City Report · MN

Albert Lea

Pop. 18,330·66th most expensive in Minnesota·One of the most affordable rental markets in the US
Median rent (all units)
$1,046/mo
Year-over-Year
Stable
Month-over-Month
+9.0%
vs US Median
-$916
Rising (Monthly)
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Most AffordableMost Expensive
Albert Lea · $1,046
More affordable than 97% of US cities · National median $1,962/mo
Affordability
19% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,046/mo, rent takes about 19% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$42,000/yr
Local median income
$64,603/yr
Based on the 30%-of-income rule using Albert Lea's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$640
1 BR
$710
2 BR
$930
3 BR
$1,200
4 BR+
$1,350
Fair Market Rent (HUD)
$930/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,046 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$12,552/yr
At $1,046/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +9.0% MoM), not inventory.
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Demographics

Who lives here

Albert Lea, MN is majority owner-occupied, has a large retiree population, has a median income below the national average, 17.4% of residents hold a bachelor's degree or higher.

Population
18,330
Median income
$64,603
Median age
44.3
Renters
25.9%
Age distribution
21.4%
18%
22.3%
13.1%
25.2%
Under 1821.4%
18–3418%
35–5422.3%
55–6413.1%
65+25.2%
Gender
50.3%
49.7%
Male50.3%
Female49.7%
Race & ethnicity
79.8%
14.7%
White79.8%
Black2.4%
Hispanic14.7%
Asian4.9%
Education (25+)
33.5%
38.6%
17.4%
No HS diploma10.6%
HS diploma33.5%
Some college38.6%
Bachelor's+17.4%
Housing tenure
74.1%
25.9%
Owner74.1%
Renter25.9%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Albert Lea, MN has changed in 5 years

Income
$51,047 → $64,603
up 26.6%
Population
18,433 → 18,330
down 0.6%
Renter share
28% → 25.9%
-2.1 pts
Bachelor's+
16.1% → 17.4%
+1.3 pts
Median age
43.6 → 44.3
+0.7 yrs

On the earnings side, the typical household in Albert Lea, MN now reports about $64,603, up from $51,047 in 2021. About 25.9% of households rent today, against 28% in 2021.

Community

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View Albert Lea rent history (2015–2026) →
Salary vs rent

Can you afford rent in Albert Lea on your salary?

At $1,046/mo, how Albert Lea rent compares to typical pay (30% rule).

By apartment size

Albert Lea rent by bedroom count

Median rent for each apartment size in Albert Lea. Click any size for full breakdown.

Local insights

Tips for renters in Albert Lea

About renting in Albert Lea, MN

Last updated: August 17, 2026

The median rent in Albert Lea is $1,046/mo as of August 2026. A studio apartment averages $640/mo while a 2-bedroom runs $930/mo. One-bedroom apartments average $710/mo and 3-bedroom units go for $1,200/mo.

At 19% of local median household income ($64,603/yr), Albert Lea ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Albert Lea an affordable city for renters?

Albert Lea is considered very affordable for renters. At $1,046/mo, rent takes approximately 19% of the local median household income ($64,603/yr). The standard benchmark is 30%. Albert Lea falls comfortably within that range.

How much income do you need to rent in Albert Lea?

To keep rent at or below 30% of gross income, you would need to earn at least $42,000/year (~$20/hour full-time) to afford the median rent of $1,046/mo in Albert Lea. The local median household income is $64,603/yr, meaning the typical Albert Lea household meets that threshold.

Is rent going up or down in Albert Lea?

Rent in Albert Lea has been relatively stable over the past year, with a 0.0% change year over year as of August 2026.

How does Albert Lea rent compare to other cities in Minnesota?

Albert Lea is one of the more affordable cities in Minnesota for rent, ranking #66 out of 67 tracked cities at $1,046/mo.

Which nearby cities are cheaper to rent in than Albert Lea?

Several nearby cities have lower median rents than Albert Lea ($1,046/mo): Waseca ($990/mo), Austin ($1,041/mo).

What percentage of Albert Lea residents rent vs. own?

According to Census data, approximately 25.9% of Albert Lea households are renters, while 74.1% are owner-occupied. Albert Lea leans toward homeownership, which can mean a smaller rental inventory.

How does Albert Lea rent compare to the national average?

Albert Lea's median rent of $1,046/mo is $916 (47%) below the US national median of $1,962/mo. Within Minnesota, it ranks #66 out of 67 tracked cities.
Income Affordability
19%
VERY AFFORDABLE

At $1,046/mo, rent takes ~19% of Albert Lea's median household income ($64,603/yr). The standard benchmark is 30%.

Albert Lea 19%Benchmark 30%
State income tax5.35–9.85%
Run the Albert Lea affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Albert Lea, MN

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