At $1,081/mo, rent takes about 16% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,081 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 →
12-month history
Last updated: October 17, 2026
What the numbers show
30% of the median household income ($80,750) is $2,019 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,750).
From Zillow's monthly rent index (ZORI) for Owatonna. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Owatonna, MN is majority owner-occupied, 29.3% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Owatonna, MN has changed in 5 years
On the earnings side, the typical household in Owatonna, MN now reports about $80,750, up from $71,450 in 2021. Renters now make up 24.4% of households, compared with 27.1% five years ago.
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Can you afford rent in Owatonna on your salary?
At $1,081/mo, how Owatonna rent compares to typical pay (30% rule).
Owatonna rent by bedroom count
Median rent for each apartment size in Owatonna. Click any size for full breakdown.
Tips for renters in Owatonna
Last updated: October 17, 2026
The median rent in Owatonna is $1,081/mo as of October 2026. A studio apartment averages $730/mo while a 2-bedroom runs $1,040/mo. One-bedroom apartments average $800/mo and 3-bedroom units go for $1,460/mo.
At 16% of local median household income ($80,750/yr), Owatonna ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.
Frequently asked questions
How much income do you need to rent in Owatonna?
Is rent going up or down in Owatonna?
How does Owatonna rent compare to other cities in Minnesota?
Which nearby cities are cheaper to rent in than Owatonna?
At $1,081/mo, rent takes ~16% of Owatonna's median household income ($80,750/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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