Total monthly cost of ownership
Cost to Own a Home in Albert Lea, Minnesota
A $150,000 home here costs
$1,314per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $771. The real number is $543 higher every month — 70% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Albert Lea against Freeborn County and Minnesota
| Measure | Albert Lea | Freeborn County |
|---|---|---|
| Median home value | $150,400 | $164,900 |
| Median property tax | $1,594 | $1,750 |
| Effective tax rate | 1.060% | 1.061% |
| Median gross rent | $845 | $837 |
| Population | 18,379 | 30,752 |
The weather behind that power bill
Albert Lea sits in Freeborn County, which averages a high of 81.6°F in its hottest month and a low of 5.9°F in its coldest, with 35.77" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 651 cooling and 7,828 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Freeborn County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Freeborn County
No other places of this size are published in Freeborn County.
Full Freeborn County cost breakdown · Every county in Minnesota
Common questions
How much does it cost to own a home in Albert Lea?
A $150,000 home in Albert Lea, Minnesota costs approximately $1,314 per month with 20% down at 6.66%. That is $771 principal and interest, $133 property tax, $65 homeowners insurance, $220 utilities and $125 set aside for maintenance.
What is the property tax rate in Albert Lea?
Albert Lea has an effective property tax rate of 1.060%, based on a median home value of $150,400 and median real estate taxes of $1,594. That is in line with the Freeborn County average of 1.061%.
What is the average home price in Albert Lea?
The median owner-occupied home value in Albert Lea, Minnesota is $150,400, against $164,900 across Freeborn County.
Is it cheaper to rent or buy in Albert Lea?
Median gross rent in Albert Lea is $845 a month, against $1,314 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Albert Lea — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Minnesota.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.