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City Report · MN

Owatonna

Pop. 26,498·65th most expensive in Minnesota·One of the most affordable rental markets in the US
Median rent (all units)
$1,168/mo
Year-over-Year
Stable
Month-over-Month
-1.3%
vs US Median
-$794
Falling (Monthly)
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Most AffordableMost Expensive
Owatonna · $1,168
More affordable than 93% of US cities · National median $1,962/mo
Affordability
17% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,168/mo, rent takes about 17% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$47,000/yr
Local median income
$80,750/yr
Based on the 30%-of-income rule using Owatonna's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$730
1 BR
$800
2 BR
$1,040
3 BR
$1,460
4 BR+
$1,750
Fair Market Rent (HUD)
$1,040/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,168 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
$14,016/yr
At $1,168/mo median
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 0.0% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+0.0% YoY, -1.3% MoM), not inventory.
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Demographics

Who lives here

Owatonna, MN is majority owner-occupied, 29.3% of residents hold a bachelor's degree or higher.

Population
26,498
Median income
$80,750
Median age
40.4
Renters
24.4%
Age distribution
23.9%
19.1%
25%
12.4%
19.5%
Under 1823.9%
18–3419.1%
35–5425%
55–6412.4%
65+19.5%
Gender
49.6%
50.4%
Male49.6%
Female50.4%
Race & ethnicity
84.3%
White84.3%
Black4.6%
Hispanic8.6%
Asian0.7%
Other1.8%
Education (25+)
29.6%
35.4%
29.3%
No HS diploma5.7%
HS diploma29.6%
Some college35.4%
Bachelor's+29.3%
Housing tenure
75.6%
24.4%
Owner75.6%
Renter24.4%

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

2021 vs 2026

How Owatonna, MN has changed in 5 years

Income
$71,450 → $80,750
up 13.0%
Population
26,366 → 26,498
up 0.5%
Renter share
27.1% → 24.4%
-2.7 pts
Bachelor's+
30.3% → 29.3%
-1.0 pts
Median age
39.5 → 40.4
+0.9 yrs

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.

Community

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

Can you afford rent in Owatonna on your salary?

At $1,168/mo, how Owatonna rent compares to typical pay (30% rule).

By apartment size

Owatonna rent by bedroom count

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

Local insights

Tips for renters in Owatonna

About renting in Owatonna, MN

Last updated: August 17, 2026

The median rent in Owatonna is $1,168/mo as of August 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 17% 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.

FAQ

Frequently asked questions

Is Owatonna an affordable city for renters?

Owatonna is considered very affordable for renters. At $1,168/mo, rent takes approximately 17% of the local median household income ($80,750/yr). The standard benchmark is 30%. Owatonna falls comfortably within that range.

How much income do you need to rent in Owatonna?

To keep rent at or below 30% of gross income, you would need to earn at least $47,000/year (~$23/hour full-time) to afford the median rent of $1,168/mo in Owatonna. The local median household income is $80,750/yr, meaning the typical Owatonna household meets that threshold.

Is rent going up or down in Owatonna?

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

How does Owatonna rent compare to other cities in Minnesota?

Owatonna is one of the more affordable cities in Minnesota for rent, ranking #65 out of 67 tracked cities at $1,168/mo.

Which nearby cities are cheaper to rent in than Owatonna?

Several nearby cities have lower median rents than Owatonna ($1,168/mo): Waseca ($990/mo), Austin ($1,041/mo), Albert Lea ($1,046/mo).

What percentage of Owatonna residents rent vs. own?

According to Census data, approximately 24.4% of Owatonna households are renters, while 75.6% are owner-occupied. Owatonna leans toward homeownership, which can mean a smaller rental inventory.

How does Owatonna rent compare to the national average?

Owatonna's median rent of $1,168/mo is $794 (40%) below the US national median of $1,962/mo. Within Minnesota, it ranks #65 out of 67 tracked cities.
Income Affordability
17%
VERY AFFORDABLE

At $1,168/mo, rent takes ~17% of Owatonna's median household income ($80,750/yr). The standard benchmark is 30%.

Owatonna 17%Benchmark 30%
State income tax5.35–9.85%
Run the Owatonna affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Owatonna, MN

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