ZIP Code · MN

ZIP 55060

Part of Owatonna, MN

Pop. 29,599·Steele County·119th most expensive ZIP in Minnesota

Median rent (all units)

$1,081/mo

Year-over-Year

Stable

Month-over-Month

+1.1%

vs US Median

-$851

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 55060 · $1,081

More affordable than 96% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$790

1 BR

$880

2 BR

$1,150

3 BR

$1,560

4 BR+

$1,830

Research median

$1,150/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($84,906) is $2,123 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,830).

From Zillow's monthly rent index (ZORI) for ZIP 55060. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$12,972/yr

At $1,081/mo median

Location

CityOwatonna

StateMN

CountySteele County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +1.1% MoM), not inventory.

Demographics

Who lives here

ZIP 55060 (Owatonna, MN) is majority owner-occupied, 28.7% of residents hold a bachelor's degree or higher.

Population

29,599

Median income

$84,906

Median age

40.6

Renters

22.8%

Age distribution

23.9%

18.9%

24.9%

12.7%

19.6%

Under 1823.9%

18–3418.9%

35–5424.9%

55–6412.7%

65+19.6%

Gender

50%

Male50%

Female50%

Race & ethnicity

85.3%

White85.3%

Black4.2%

Hispanic8.1%

Asian0.8%

Other1.7%

Education (25+)

30.2%

35.4%

28.7%

No HS diploma5.6%

HS diploma30.2%

Some college35.4%

Bachelor's+28.7%

Housing tenure

77.2%

22.8%

Owner77.2%

Renter22.8%

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

2021 vs 2026

How ZIP 55060 in Owatonna, MN has changed in 5 years

Income

$74,049 → $84,906

up 14.7%

Population

29,651 → 29,599

down 0.2%

Renter share

25.2% → 22.8%

-2.4 pts

Bachelor's+

29.5% → 28.7%

-0.8 pts

Median age

40.1 → 40.6

+0.5 yrs

Census figures show median household income at $84,906 today, compared with $74,049 five years earlier. Renters now make up 22.8% of households, compared with 25.2% five years ago.

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Local insights

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About renting in ZIP 55060

Last updated: October 17, 2026

ZIP code 55060 covers Owatonna, MN. The median rent here is $1,081/mo as of October 2026. A 1-bedroom rents for a median of $880/mo. A 2-bedroom rents for a median of $1,150/mo.

At 15% of local median household income ($84,906/yr), ZIP 55060 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55060?

To keep rent at or below 30% of gross income, you would need to earn at least $43,000/year (about $21/hour full-time) to afford the median rent of $1,081/mo in ZIP 55060. The local median household income is $84,906/yr, so the typical household meets that bar.