Albany, MN vs Waite Park, MN

There is a significant gap in the cost of living between these two cities. Albany is 17.4% cheaper than Waite Park. With a cost index of 67 vs 82, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Albany to Waite Park should plan for substantially higher expenses across most categories.

On the housing front, median rent in Albany is $579/month compared to $1,072/month in Waite Park — a 46% difference. Interestingly, home values tell a different story: while Albany has cheaper rent, Waite Park actually has lower median home values ($217,000 vs $226,000).

Median household income in Albany is $75,417 compared to $56,884 in Waite Park (+32.6%). Albany offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Albany spend roughly 9.2% of their income on rent, less than the 22.6% in Waite Park.