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City Report · MN

Austin

Pop. 26,358·67th most expensive in Minnesota·Austin rents are up 37.9% over the past year
Median rent (all units)
$1,041/mo
Year-over-Year
+37.9%
Month-over-Month
+9.9%
vs US Median
-$921
Rising (Monthly)
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Most AffordableMost Expensive
Austin · $1,041
More affordable than 97% of US cities · National median $1,962/mo
Affordability
18% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,041/mo, rent takes about 18% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$42,000/yr
Local median income
$68,057/yr
Based on the 30%-of-income rule using Austin's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$720
1 BR
$800
2 BR
$1,050
3 BR
$1,330
4 BR+
$1,400
Fair Market Rent (HUD)
$1,050/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,041 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
$12,492/yr
At $1,041/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 37.9% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+37.9% YoY, +9.9% MoM), not inventory.
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Demographics

Who lives here

Austin, MN is majority owner-occupied, has a large share of families with children, 23.6% of residents hold a bachelor's degree or higher.

Population
26,358
Median income
$68,057
Median age
36.2
Renters
28.5%
Age distribution
27.5%
21.5%
23.6%
17%
Under 1827.5%
18–3421.5%
35–5423.6%
55–6410.5%
65+17%
Gender
49.9%
50.1%
Male49.9%
Female50.1%
Race & ethnicity
65.8%
18.7%
White65.8%
Black5.1%
Hispanic18.7%
Asian9.2%
Other1.2%
Education (25+)
15.2%
31.5%
29.7%
23.6%
No HS diploma15.2%
HS diploma31.5%
Some college29.7%
Bachelor's+23.6%
Housing tenure
71.5%
28.5%
Owner71.5%
Renter28.5%

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

2021 vs 2026

How Austin, MN has changed in 5 years

Income
$54,320 → $68,057
up 25.3%
Population
26,030 → 26,358
up 1.3%
Renter share
31.4% → 28.5%
-2.9 pts
Bachelor's+
23.7% → 23.6%
-0.1 pts
Median age
36.8 → 36.2
-0.6 yrs

Local incomes tracked alongside that move, going from a median of $54,320 in 2021 to $68,057 more recently. The population has grown by 1.3% since 2021, moving from about 26,030 residents to roughly 26,358. Renters now make up 28.5% of households, compared with 31.4% five years ago.

Community

Discussions about Austin

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View Austin rent history (2015–2026) →
Salary vs rent

Can you afford rent in Austin on your salary?

At $1,041/mo, how Austin rent compares to typical pay (30% rule).

By apartment size

Austin rent by bedroom count

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

Local insights

Tips for renters in Austin

About renting in Austin, MN

Last updated: August 17, 2026

The median rent in Austin is $1,041/mo as of August 2026. A studio apartment averages $720/mo while a 2-bedroom runs $1,050/mo. One-bedroom apartments average $800/mo and 3-bedroom units go for $1,330/mo.

At 18% of local median household income ($68,057/yr), Austin ranks as affordable compared to the national benchmark of 30%. Rents have increased 37.9% over the past year.

FAQ

Frequently asked questions

Is Austin an affordable city for renters?

Austin is considered very affordable for renters. At $1,041/mo, rent takes approximately 18% of the local median household income ($68,057/yr). The standard benchmark is 30%. Austin falls comfortably within that range.

How much income do you need to rent in Austin?

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 $1,041/mo in Austin. The local median household income is $68,057/yr, meaning the typical Austin household meets that threshold.

Is rent going up or down in Austin?

Rent in Austin has increased 37.9% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Austin rent compare to other cities in Minnesota?

Austin is one of the more affordable cities in Minnesota for rent, ranking #67 out of 67 tracked cities at $1,041/mo.

Which nearby cities are cheaper to rent in than Austin?

Waseca is nearby and more affordable at $990/mo, which is $51 less than Austin.

What percentage of Austin residents rent vs. own?

According to Census data, approximately 28.5% of Austin households are renters, while 71.5% are owner-occupied. Austin leans toward homeownership, which can mean a smaller rental inventory.

How does Austin rent compare to the national average?

Austin's median rent of $1,041/mo is $921 (47%) below the US national median of $1,962/mo. Within Minnesota, it ranks #67 out of 67 tracked cities.
Income Affordability
18%
VERY AFFORDABLE

At $1,041/mo, rent takes ~18% of Austin's median household income ($68,057/yr). The standard benchmark is 30%.

Austin 18%Benchmark 30%
State income tax5.35–9.85%
Run the Austin affordability calculator →
Lowest-rent ZIP codes in Austin
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Austin, MN

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