States › Minnesota › Falcon Heights

Is Falcon Heights, MN expensive to live in?

CheapRent takes 15 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,29826% lower than U.S. average
💵 Families earn per year (2026)$104,105about $8,675/month · 20% higher than U.S. average
🔑 House price$384,50016% higher than U.S. average

Rent is lower than in 69% of U.S. cities. A typical house costs about 3.7 years of household income. It is a highly educated city: 72.9% of adults have a college degree.

How much money do I need?

To rent here comfortably, you should earn about $51,920 a year. That is $25 an hour at a full-time job.

Is rent cheaper than other Minnesota cities?

Yes. Rent here is cheaper than in most of Minnesota. It is number 43 of 150 cities from cheapest to most expensive.

Falcon Heights
$1,298
Redwood Falls
$824
Morris
$1,083
Becker
$983
Lake City
$594
Elko New Market
$2,433
North Oaks
$3,500+

How much do households earn in Falcon Heights?

Under $25k
9.7%
$25k–50k
19.4%
$50k–100k
26.9%
$100k–150k
23.4%
$150k+
19.3%

Share of households by yearly income. 42.7% of households earn $100,000 or more.

Rent by apartment size in Falcon Heights

SizeFalcon HeightsU.S. average
Studio$1,140$1,338
1 bedroom$1,213$1,324
2 bedrooms$1,416$1,509
3 bedrooms$1,581$1,698
4 bedrooms$2,454$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Falcon Heights overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Falcon Heights, so the Minnesota figure is shown.

Taxes and bills in Falcon Heights

🏛️ Property tax$4,691a year · 1.22% of home value · U.S. $3,119
⚡ Electric bill$159a month (typical) · U.S. $156

Life in Falcon Heights

Commute to work21.6 minU.S.: 26.4 min
College degree72.9%U.S.: 35.7%
Own their home57.4%U.S.: 65.2%
Below poverty line7.5%U.S.: 12.5%
Unemployment4.8%U.S.: 5.2%

Is it cheaper to rent or buy in Falcon Heights?

Renting is cheaper right now: about $1,370 a month less.

Renting
$1,298
Owning
$2,668

Owning assumes a typical $384,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $38,450 for the down payment.

Frequently asked questions

What is the average rent in Falcon Heights, MN?

Renting in Falcon Heights costs a median of about $1,298 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Falcon Heights?

To keep rent under 30% of income, you need about $51,920 a year, or $25 an hour at a full-time job.

Is Falcon Heights cheap or expensive?

Falcon Heights is rated Cheap: rent takes 15.0% of the typical household income of $104,105. It ranks 43rd cheapest of 150 Minnesota cities we track.

How much are property taxes in Falcon Heights?

The median homeowner in Falcon Heights pays $4,691 a year in property taxes, about 1.22% of the median home value.

Is Falcon Heights more expensive than the national average?

Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Falcon Heights?

The median home value in Falcon Heights is $384,500, about 3.7 times the typical yearly household income.

5,085 people live in Falcon Heights. Numbers are typical (middle) values.