States › Minnesota › Redwood Falls

Is Redwood Falls, MN expensive to live in?

CheapRent takes 15 cents of every $1 people earn here.
🏠 Rent per month (2026)$82453% lower than U.S. average
💵 Families earn per year (2026)$66,597about $5,550/month · 24% lower than U.S. average
🔑 House price$162,10051% lower than U.S. average

Rent here is among the lowest 10% of all U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 13.5 minutes.

How much money do I need?

To rent here comfortably, you should earn about $32,960 a year. That is $16 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 8 of 150 cities from cheapest to most expensive.

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

How much do households earn in Redwood Falls?

Under $25k
27.1%
$25k–50k
17.7%
$50k–100k
31.5%
$100k–150k
16.1%
$150k+
4.5%

Share of households by yearly income. 20.6% of households earn $100,000 or more.

Rent by apartment size in Redwood Falls

SizeRedwood FallsU.S. average
1 bedroom$636$1,324
2 bedrooms$846$1,509
3 bedrooms$1,270$1,698
4 bedrooms$1,336$2,098

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

How expensive is Redwood Falls 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 Redwood Falls, so the Minnesota figure is shown.

Taxes and bills in Redwood Falls

🏛️ Property tax$1,838a year · 1.13% of home value · U.S. $3,119
⚡ Electric bill$159a month (typical) · U.S. $156

Life in Redwood Falls

Commute to work13.5 minU.S.: 26.4 min
College degree24.3%U.S.: 35.7%
Own their home68.3%U.S.: 65.2%
Below poverty line17.2%U.S.: 12.5%
Unemployment3.3%U.S.: 5.2%

Is it cheaper to rent or buy in Redwood Falls?

Renting is cheaper right now: about $301 a month less.

Renting
$824
Owning
$1,125

Owning assumes a typical $162,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $16,210 for the down payment.

Frequently asked questions

What is the average rent in Redwood Falls, MN?

Renting in Redwood Falls costs a median of about $824 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Redwood Falls?

To keep rent under 30% of income, you need about $32,960 a year, or $16 an hour at a full-time job.

Is Redwood Falls cheap or expensive?

Redwood Falls is rated Cheap: rent takes 14.8% of the typical household income of $66,597. It ranks 8th cheapest of 150 Minnesota cities we track.

How much are property taxes in Redwood Falls?

The median homeowner in Redwood Falls pays $1,838 a year in property taxes, about 1.13% of the median home value.

Is Redwood Falls 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 Redwood Falls?

The median home value in Redwood Falls is $162,100, about 2.4 times the typical yearly household income.

5,068 people live in Redwood Falls. Numbers are typical (middle) values.