salaryRent is lower than in 88% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 12.1 minutes. Most homes (75.1%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $39,920 a year. That is $19 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 18 of 150 cities from cheapest to most expensive.
How much do households earn in New Ulm?
Share of households by yearly income. 18.1% of households earn $100,000 or more.
Rent by apartment size in New Ulm
| Size | New Ulm | U.S. average |
|---|---|---|
| 1 bedroom | $807 | $1,324 |
| 2 bedrooms | $1,083 | $1,509 |
| 3 bedrooms | $1,252 | $1,698 |
| 4 bedrooms | $1,482 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is New Ulm overall?
Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for New Ulm, so the Minnesota figure is shown.
Taxes and bills in New Ulm
Life in New Ulm
Is it cheaper to rent or buy in New Ulm?
Renting is cheaper right now: about $419 a month less.
Owning assumes a typical $204,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $20,420 for the down payment.
Frequently asked questions
What is the average rent in New Ulm, MN?
Renting in New Ulm costs a median of about $998 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in New Ulm?
To keep rent under 30% of income, you need about $39,920 a year, or $19 an hour at a full-time job.
Is New Ulm cheap or expensive?
New Ulm is rated Cheap: rent takes 17.2% of the typical household income of $69,508. It ranks 18th cheapest of 150 Minnesota cities we track.
How much are property taxes in New Ulm?
The median homeowner in New Ulm pays $2,333 a year in property taxes, about 1.14% of the median home value.
Is New Ulm 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 New Ulm?
The median home value in New Ulm is $204,200, about 2.9 times the typical yearly household income.
14,056 people live in New Ulm. Numbers are typical (middle) values.