Housing costs in Red Lake Falls?
A typical home costs
$163,500, which is 51.6% less expensive than the national average of
$338,100 and 47.2% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Red Lake Falls costs
$800 per month, which is 44.1% cheaper than the national average of
$1,430 and 55.0% cheaper than the state average of
$1,240.
Can I afford Red Lake Falls?
To live comfortably in Red Lake Falls (zip 56750), Minnesota, a minimum annual income of
$31,320 for a family, and
$24,400 for a single person is recommended.
What does A.I. say about Red Lake Falls?
The cost of living in 56750 Red Lake Falls, MN is relatively low compared to other parts of the country. The median household income is $42,652 and the median home value is $112,100 which puts it well below the national average. There are also a variety of housing options including single-family homes and apartment complexes that make it easy to find something within your budget. Utility costs are generally low as well, making this a great option for those looking for an affordable place to live. The local economy is supported by several industries such as manufacturing and agriculture which help keep prices down for goods and services.