Mankato, MN
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.41×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Minnesota
- 3.36×
- vs U.S.
- 3.43×-0.02
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
18.8%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Minnesota
- 19.1%-0.3
- vs U.S.
- 23.3%-4.5
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.58%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Minnesota
- 3.76%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.30%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Minnesota
- -0.20%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
4.79
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Minnesota
- 3.30+1.49
- vs U.S.
- 3.53+1.26
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.5%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Minnesota
- 4.8%-0.3
- vs U.S.
- 4.5%=
Benchmark
BLS LAUS, latest month
balanced buyer mix
Investor loan share
8.5%
992 purchase loans · 16.1% denial rate · 2024
Share of financed home purchases going to investors. Above ~15% means landlords are outbidding owner-occupants; below ~8% is owner-dominated.
Benchmark
Investor purchase loans ÷ all purchase loans (CFPB HMDA LAR, annual)
Where prices are and where they've been
5-year price appreciation
+39.9%
homeValues.yearOverYear
+3.0%
Median home value
$255,000
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $977 | $11,724 | 15.7% |
| 2 BR | $1,171 | $14,052 | 18.8% |
| 3 BR | $1,629 | $19,548 | 26.2% |
Labor market direction
Unemployment
4.5%
Median household income
$74,722
What's being built
Total TTM
497
+81.9% YoY
Single-family
235
2–4 unit
53
5+ unit
209
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Blue Earth County | 69,022 | $252,800 | $72,623 | 407 | +100.5% |
| Nicollet County | 34,380 | $258,500 | $80,362 | 90 | -2.2% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Mankato | 103,402 | $74,722 | 3.41× | 3.58% | +39.9% | 4.79 | 4.5% |
| Fond du Lac, WI | 104,027 | $73,154 | — | — | +63.7% | — | 2.7% |
| Ithaca, NY | 102,555 | $73,012 | — | — | +52.0% | — | 3.4% |
| Dubuque, IA | 98,812 | $75,919 | — | — | +47.6% | — | 3.4% |
| Cheyenne, WY | 100,316 | $77,884 | — | — | +39.9% | — | 3.8% |
| Longview, WA | 110,621 | $72,932 | — | — | +42.7% | — | 6.2% |
Where people are moving in from
Net migration
-308
-0.30% of population
| Origin county | Tax returns |
|---|---|
| Blue Earth County, MN | 468 |
| Nicollet County, MN | 386 |
| Hennepin County, MN | 202 |
| Le Sueur County, MN | 191 |
| Waseca County, MN | 118 |
| Brown County, MN | 106 |
Who lives in Mankato
- Median age
- 34
- Bachelor's+
- 34.9%
- Owner-occupancy
- 65.1%
- Vacancy rate
- 6.7%
- Rent burdened (30%+)
- 43.0%
- Median household income
- $74,722
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.
Data sources
| Metric | Source | Vintage |
|---|---|---|
| rent vs buy | HUD FMR + Census ACS + FRED MORTGAGE30US | current FY |