Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$305,707+2.5% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 20% have cut their price
Income needed to buy, per year$66,271About 0.9× the local median income ($75,630): affordable for a typical household
Days on market59 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+3.4%Zillow expects prices to rise slightly
The typical home in Mankato, MN is worth $305,707, up 2.5% from a year ago. That is well above what local incomes have historically supported: fair value is about $267,237, so the area is 14.4% overvalued. It is a buyer's market: homes take about 59 days to sell, listings are up 34% from a year ago, 20% of listings have had a price cut. Zillow expects prices to rise about 3.4% over the next year. A household needs about $66,271 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $75,630. Typical rent is $1,236 a month, or $1,824 for a house. In the latest IRS figures, 602 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$305,707
Change in 1 year
+2.5%
Overvalued %
+14.4%
Show 7 more
Fair home value
$267,237
Change in 5 years
+24.8%
Zillow forecast, next 12 months
+3.4%
Home value to income
4.0×
Monthly mortgage payment (20% down)
$1,657
Income needed to afford it
$66,271
Property tax rate
1.02%
Rent and investing
Typical rent
$1,236
Typical rent for houses
$1,824
Price-to-rent ratio
20.6×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,230
Gross rental yield
4.85%
Cap rate (estimate)
3.15%
Market activity
Listings vs a year ago
+33.8%
Days on market
59
Listings with a price cut
20.3%
Show 3 more
Homes for sale
317
Pending sales per 100 listings
31
Asking price per sq ft
$153
People and jobs
Median household income
$75,630
Population change (1 year)
+0.4%
Unemployment rate
4.0%
Show 4 more
Population
104,907
Income adjusted for cost of living
$83,110
Net moves in (IRS)
−602
Cost of living (US = 100)
91.0
Schools, risk and environment
School rating (1 to 10)
7.2
FEMA hazard risk score (0 to 100)
63.4
Unhealthy air days a year
14
Show 4 more
Flood risk score
60.8
Wildfire risk score
27.1
Walkability (1 to 20)
7.0
Road, rail and air noise
53 dB
Questions people ask
Is Mankato, MN overvalued?
Home prices in Mankato, MN are well above what local incomes have historically supported: fair value is about $267,237, so the area is 14.4% overvalued.
Is Mankato, MN a buyer's or seller's market?
Mankato, MN is a buyer's market: homes take about 59 days to sell, listings are up 34% from a year ago, 20% of listings have had a price cut.
Are home prices going down in Mankato, MN?
Home values in Mankato, MN are up 2.5% over the last year. Zillow's forecast for the next 12 months is +3.4%.
How much do you need to earn to buy a home in Mankato, MN?
A household needs about $66,271 a year to afford the typical home in Mankato, MN at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $75,630.