Albert Lea, MN home prices
Typical home $197,426 · +5.5% in a year · income needed $57,600
The Albert Lea, MN metro area ranks 651 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +5.5% in a year and +28.0% over five years. With 20% down at 7.11%, the typical home costs about $1,345 a month including 1.11% property tax (Freeborn County rate).
Mortgage on the typical Albert Lea home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $39,485 | $157,941 | $1,062 | $0 | $282 | $1,345 | $57,600 |
| 10% down | $19,743 | $177,684 | $1,195 | $74 | $282 | $1,551 | $66,500 |
| 5% down | $9,871 | $187,555 | $1,262 | $78 | $282 | $1,622 | $69,500 |
| 3.5% down (FHA) | $6,910 | $193,850 | $1,304 | $87 | $282 | $1,673 | $71,700 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.11% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Albert Lea area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Freeborn County, MN | $197,437 | +5.5% | 1.11% |
What can you afford in Minnesota on your salary? · Minnesota home prices · Salaries in Minnesota
Frequently asked questions
How much is a house in Albert Lea?
The typical home in the Albert Lea, MN metro area is worth $197,426 (Zillow, September 2026).
What salary do you need to buy a house in Albert Lea?
About $57,600 a year for the typical home with 20% down at 7.11%.