Cost of Living in Owatonna, MN

With a cost of living index of 83, Owatonna, MN is a very affordable place to live. Living here is 17% cheaper than the national average and in line with the Minnesota state average. With a population of 26,462, Owatonna is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Owatonna's cost of living. The median monthly rent is $1,010 (23% below the US median of $1,319), and the median home value sits at $234,600 (23% below the national median of $304,900). At current prices, the median home costs roughly 2.9x the median household income — well within traditional affordability guidelines.

The median household income in Owatonna is $81,276, which is 8% higher than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Owatonna. The area sees an average annual temperature of 44.8°F, with summers averaging 69°F and winters around 18°F. Annual rainfall totals 34.7 inches spread over roughly 124 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.