Albert Lea Minnesota Area Home Supply Charts

This page looks at a variety of Albert Lea Minnesota housing market data taken from the most recent 2020 American Community Survey census data. Housing units are structures such as a single family home, apartment community, mobile home park, public housing, etc. where a person or family live and live separately from other residents of the building. Figure 1 shows the total number of housing units for each city. Albert Lea depicts it has a Housing Units of 8,580 which is at the top of all other places in the greater Albert Lea region.

Figure 2 illustrates the housing density in the Albert Lea housing market as measured by housing units per square land mile (includes single family homes, apartments, etc.) Albert Lea depicts it has a Housing Density of 655.1 which is the highest of all places in the greater Albert Lea region. Comparing housing density to the United States average of 38.9, Albert Lea is substantially bigger. Also, benchmarked against the state of Minnesota, housing density of 30.7, Albert Lea is markedly bigger.

In Figure 4, Albert Lea area change in the number of housing units and is a forward gauge (along with population change) for any potential housing shortage. Albert Lea shows it has a Housing Unit Change of 2.0% which is the third most housing units of all other places in the greater Albert Lea region. The city with the highest change in the housing units in the area is Clarks Grove which shows a housing units of 10.3% ( very much bigger). Comparing change in the housing units to the United States average of 5.7%, Albert Lea is approximately a third the size. Also, in contrast to the state of Minnesota, change in the housing units of 3.9%, Albert Lea is approximately half the size.

Figure 5 shows the percentage of rental property based on that they are occupied by renters as a percent of the total number of households in the community (including homes, apartments, etc.) Albert Lea shows it has a Renter Percent of 30.9% which is at the top of all other places in the greater region. Figure 6 illustrates the total number of housing units that are occupied by owners. it has a Owner Percent of 69.1% which is the smallest in terms of owner percent of all the other places in the metro area.

Albert Lea Minnesota Home Cost Charts

Looking at the housing data provided in Figure 7, the average Albert Lea home price is illustrated for this community and a useful analysis of affordable housing. Albert Lea shows it has a Median Home Value of $97,100 which is the largest of all places in the greater Albert Lea region. Figure 8 provides aggregate comparative data for the Albert Lea Minnesota metro area in terms of the median housing rental rate, apartment rent, etc. Albert Lea shows it has a Median Gross Rent of $687 which is the third most rental rates of all other places in the greater Albert Lea region. The city with the highest rental rates in the area is Conger which shows a rental rates of $700 ( only slightly larger). Comparing rental rates to the United States average of $1,062, Albert Lea is approximately three-fourths the size. Also, compared with the state of Minnesota, rental rates of $977, Albert Lea is approximately three-fourths the size.

Figure 9 provides the frequency distribution of home prices for the area and is useful for understanding affordable housing fund. Albert Lea has the percentage of home price worth less than $50,000 in the mid range of other places in the local area at 39% of the total. Second, it has one of the largest proportions of home price worth between $50,000 to $100,000 at 33% of the total and is ranked #3. Only #2 Glenville (37%), and #1 Clarks Grove (41%) are larger. Third, it has the largest proportion of home price worth between $100,000 to $200,000 at 10% of the total and is ranked #1. Also, it has the largest proportion of home price worth between $200,000 to $300,000 at 3% of the total and is ranked #1. In addition, it has the largest proportion of home price worth between $300,000 to $400,000 at 1% of the total and is ranked #1. Furthermore, it has the largest proportion of home price worth between $400,000 to $500,000 at 0% of the total and is ranked #1.

Median owner costs for the real estate market are shown in Figure 10 and include the costs associated with any mortgage, utility expenses, insurance, and other miscellaneous costs. Albert Lea indicates it has a Median Owner Cost of $690 which is the second most median ownership cost of all the places in the greater Albert Lea region. Figure 11 shows the median amount of cost as a percent of total household income for people who own homes in the Albert Lea metro area. it has a Owner Cost as % of HH Income of 16% which is the third most cost as a percent of household income of all other places in the greater Albert Lea region.

The next chart, Figure 12, provides a comparison chart of the median home cost as a percent of a median worker take home earnings and is thus a valuable measure of affordable housing. Albert Lea shows it has a Median Home Value as Percent of Median Earnings of 242% which is the second most median home value as a percent of median worker earnings of all the places in the greater Albert Lea region.

Figure 14 depicts the median cost of housing for owners with also have a mortgages (versus those who do not have a mortgage because mortgage cost is included.) Albert Lea shows it has a Median Owner Costs-With Mortgage of $976 which is the second most median housing cost of all the places in the greater Albert Lea region. Figure 15 is a chart that shows the median housing costs for owners who do not have mortgages (and therefore the cost of home ownership does not include mortgage cost.) it has a Median Owner Costs-Without Mortgage of $391 which is less than most other places in the local area.

Figure 16 shows the distribution in total housing cost for owners of property (so not renters.) This cost includes mortgages, lines of credit interest, utilities, taxes, insurance, etc. Albert Lea has one of the largest proportions of owner cost less than $300 at 27% of the total and is ranked #2. The only larger city being Glenville with 40%. Second, it has in the mid range of other places in the local area in terms of owner cost between $300 and $500 at 16% of the total. Third, it has one of the largest proportions of owner cost between $700 and $1,000 at 17% of the total and is ranked #2. The only larger city being Hayward with 18%. Also, it has the largest proportion of owner cost between $1,000 and $1,500 at 5% of the total and is ranked #1. In addition, it has the largest proportion of owner cost between $2,000 and $2,500 at 0% of the total and is ranked #1. Furthermore, it has the largest proportion of owner cost between $2,500 and $3,000 at 1% of the total and is ranked #1. Next it has the largest proportion of owner cost between $3,000 and $3,500 at 0% of the total and is ranked #1. Additionally, it has the largest proportion of owner cost between $3,500 and $4,000 at 0% of the total and is ranked #1.

Next shown in Figure 17 is the housing cost as a percent of household income for people who own their homes and have a mortgages (thus the cost of financing the home is included.) Albert Lea shows it has a % of Income Owner Costs-With Mortgage of 19% which is the third most cost as a percent of household income of all other places in the greater Albert Lea region. The city with the highest cost as a percent of household income in the area is Manchester which shows a cost as a percent of household income of 24% (27.3% larger). Housing cost as a percent of household income for owners who do not have a mortgage is shown in Figure 18. This analysis can be useful for understanding the affordable housing for home ownership excluding any financing cost in the area shown. Albert Lea depicts it has a % of Income Owner Costs-No Mortgage of 12% which is the third most cost as a percent of household income of all other places in the greater Albert Lea region. The city with the highest cost as a percent of household income in the area is Manchester which shows a cost as a percent of household income of 51% (approximately 4.3 times bigger).

Figure 19 looks at the cost of rent for rental property using the percent of total household income which is a valuable measure of financial health for the area. (The higher the proportion of rent payments to total household income is a sign of greater financial stress. Also, rent can be covered by rent assistance and rent assistance programs in the form of rent assistance.) Albert Lea has the percentage of rent as a percent of income is less than 10 pct in the mid range of other places in the greater region at 21% of the total. Second, it has less than most other places in the greater region when sorted by rent as a percent of income is between 10pct to 20pct at 26% of the total. Third, it has one of the largest proportions of rent as a percent of income is between 20pct to 30pct at 19% of the total and is ranked #2. The only larger city being Clarks Grove with 19%. Also, it has the largest proportion of rent as a percent of income is between 30pct to 40pct at 7% of the total and is ranked #1. In addition, it has one of the largest proportions of rent as a percent of income is between 40pct to 50pct at 18% of the total and is ranked #2. The only larger city being Clarks Grove with 22%.

Figure 20 shows the total housing cost for both home owners and apartment community renters in the area. Albert Lea has the largest proportion of housing cost between $1,000 and $1,500 at 4% of the total and is ranked #1. Second, it has the largest proportion of housing cost between $2,000 and $2,500 at 1% of the total and is ranked #1. Third, it has the largest proportion of housing cost between $2,500 and $3,000 at 1% of the total and is ranked #1.

Figure 21 shows median amount of real estate taxes paid for home owners in the region. it has a Median Real Estate Taxes Paid of $1,174 which is the second most median real estate taxes paid of all the places in the greater Albert Lea region. The city with the highest median real estate taxes paid in the area is Hayward which depicts a taxes paid of $1,194 ( only slightly larger). Comparing median real estate taxes paid to the United States average of $2,471, Albert Lea is approximately half the size. Also, measured against the state of Minnesota, median real estate taxes paid of $2,500, Albert Lea is approximately half the size.

Figure 22 shows the percentage of renters who pay for utilities in Albert Lea Minnesota. This is calculated as the percent of renters who pay separately for utilities versus the people who have utilities included as part of amenities. Albert Lea has the largest proportion of pay extra for utilities at 24% of the total and is ranked #1.

Figure 23 shows the rental rate distribution for this area. Albert Lea Minnesota has the percentage of rent between 500 and 750 dollars in the mid range of other places in the greater region at 22% of the total. Second, it has the largest proportion of rent between 750 and 1000 dollars at 8% of the total and is ranked #1. Third, it has the largest proportion of rent between 1000 and 1500 dollars at 4% of the total and is ranked #1. Also, it has the largest proportion of rent between $2,500 and $3,500 at 1% of the total and is ranked #1.

Albert Lea Minnesota Home Financing Charts

The analysis in Figure 25 shows the detailed distribution of owned homes by mortgage status. Albert Lea has the largest proportion of 2nd mortgage at 6% of the total and is ranked #1.

Albert Lea Minnesota Home Characteristics Charts

Figure 28 shows the household size for families living in the area and it has a Family size of 2.9 which is in the mid range of other places in the local area. The city with the highest family members per housing unit in the area is Manchester which depicts a family members per housing unit of 4.1 (42.0% larger). Comparing family members per housing unit to the United States average of 3.3, Albert Lea is about 15.1% smaller. Also, compared with the state of Minnesota, family members per housing unit of 3.1, Albert Lea is about 9.1% smaller.

Figure 29 show the median number of rooms in a typical home for each location in this area. it has a Median Number of Rooms of 5.4 which is in the mid range of other places in the greater region. The city with the highest average number of rooms in a house in the area is Glenville which shows an average number of rooms in a house of 6.1 (13.0% larger). Figure 30 shows, for the average house in each location, the median year that a house was built. This can be useful for understanding the relative age of one neighborhood versus another for a real estate investor. it has a Median Year Built of 1958 which is less than most other places in the metro area. The city with the highest year built in the area is Clarks Grove which shows a year built of 1974 ( about the same size).

Figure 31 looks at the distribution of housing units by the median age that the homes were built. it has the largest proportion of homes built in 2014 or later at 1% of the total and is ranked #1. Second, it has one of the largest proportions of homes built between 2010 to 2013 at 4% of the total and is ranked #3. Only #2 Hayward (5%), and #1 Clarks Grove (10%) are larger. Third, it has the largest proportion of homes built between 1960 to 1969 at 20% of the total and is ranked #1. Also, it has less than most other places in the metro area in terms of homes built between 1940 to 1949 at 24% of the total.

Figure 32 shows the difference in the number of housing units based on whether they are occupied by owners versus occupied by renters. it has the largest proportion of owner housing units at 2,395 of the total and is ranked #1.

Figure 33 shows the difference in the number of housing units based on whether they are occupied by owners or renters. it has the largest proportion of one unit detached at 6% of the total and is ranked #1. Second, it has the largest proportion of 2 units at 3% of the total and is ranked #1. Third, it has the largest proportion of 5 to 9 units at 4% of the total and is ranked #1. Also, it has the largest proportion of 10 to 19 units at 5% of the total and is ranked #1. In addition, it has the largest proportion of 20 to 49 units at 6% of the total and is ranked #1. Furthermore, it has in the mid range of other places in the local area when ranked by 50 or more units at 2% of the total.

Figure 34 shows the median value of homes broken down by the median year that the homes were built. it has the largest proportion of value of homes built 2014 or later at $261,800 of the total and is ranked #1. Second, it has the largest proportion of value of homes built 2010 to 2013 at $216,200 of the total and is ranked #1. Third, it has the largest proportion of value of homes built 2000 to 2009 at $194,500 of the total and is ranked #1. Also, it has one of the largest proportions of value of homes built 1990 to 1999 at $176,900 of the total and is ranked #2. The only larger city being Glenville with $213,900. In addition, it has one of the largest proportions of value of homes built 1980 to 1989 at $126,000 of the total and is ranked #2. The only larger city being Hayward with $137,500. Furthermore, it has the largest proportion of value of homes built 1970 to 1979 at $136,500 of the total and is ranked #1. Next it has in the mid range of other places in the metro area as measured by value of homes built 1960 to 1969 at $88,000 of the total. Additionally, it has one of the largest proportions of value of homes built 1950 to 1959 at $75,800 of the total and is ranked #3. Only #2 Clarks Grove ($91,700), and #1 Twin Lakes ($112,500) are larger. And then, it has less than most other places in the metropolitan area when sorted by value of homes built 1940 to 1949 at $73,500 of the total.

The next two charts show both the average household size of homeowners versus the average household size of renters. Starting with Figure 36 we see the household size of homeowners for Albert Lea residents. it has a Owner-Household Size of 2.3 which is the third most homeowner household size of all other places in the greater Albert Lea region. The city with the highest homeowner household size in the area is Manchester which shows a homeowner household size of 3.7 (60.9% larger).

Figure 37 shows the household size for renters. Albert Lea depicts it has a Renter-Household Size of 2.0 which is in the mid range of other places in the metro area. The city with the highest renter household size in the area is Conger which depicts a renter household sizes of 3.2 (59.3% larger). Figure 39 shows the year that people who rent moved into the area. Albert Lea has one of the largest proportions of renters moved in 2017 or later at 28% of the total and is ranked #2. The only larger city being Manchester with 33%.

Figure 40 compares the median year that home owners moved into their home. it has a Owner Median Year Moved In of 2004 which is in the mid range of other places in the metropolitan area. Figure 41 compares the median year that renters moved into their home. Albert Lea depicts it has a Renter Median Year Moved In of 2014 which is the second most median year that a renter moved in of all the places in the greater Albert Lea region.

Figure 42 shows the frequency distribution of various types of energy sources used for homes in the community. has the percentage of homes using natural gas less than most other places in the local area at 1% of the total. Second, it has less than most other places in the greater region when ranked by homes using coal or coke at 0% of the total. Third, it has the largest proportion of homes using wood at 1% of the total and is ranked #1. Also, it has the largest proportion of homes using solar energy at 1% of the total and is ranked #1.

The next two charts show the number of people living in group quarters and includes temporary as well permanent housing which may be run by the Albert Lea housing department, Minnesota department, or other housing authority or public housing agency. beginning with Figure 43 which shows the total number of people. Albert Lea indicates it has a Total In Group Quarters of 554 which is the largest of all places in the greater Albert Lea region.

Figure 44 shows the percentage of people who are living in group quarters to the total population for Albert Lea residents (these may include colleges and jails but also community centers for homelessness or that require a housing choice voucher which are run by certain nonprofits or an affordable housing department.) Albert Lea has the largest proportion of number of people under 18 years of age and in group quarters at 98% of the total and is ranked #1.