Mankato, MN 56001 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Mankato, MN—56001

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$305,000

3.8% YoY Growth

Household Income

$67,200

34.9% YoY Growth

Days on Market

4.0% Shorter YoY

Home Price Forecast

0.1%

Median Rent

$1,400

3.5% YoY Growth

1-Bed Rent

$1,300

22.3% YoY Growth

2-Bed Rent

$1,420

15.7% YoY Growth

3-Bed Rent

$1,340

5.4% YoY Growth

Home Price Trends — Mankato, MN

As of May '26, the median home price in Mankato, MN is $305,000, with a year-over-year change of 3.8%. This indicates that home prices in Mankato, MN are increasing. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$305,000	3.8%
Single Family	$307,000	3.0%
Condos	$231,000	5.0%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Mankato, MN

As of July '25, Rentcast reports the average rent in Mankato, MN is $1,460, with a year-over-year rent change of 3.5%. Per bedroom, the median rent as of July '25 in Mankato, MN is studios: $791, 1-bedrooms: $1,180, 2-bedrooms: $1,470, 3-bedrooms: $1,550, 4-bedrooms: $1,700. The most common rental property sizes in Mankato, MN are 2-bedroom and 3-bedroom, accounting for 36.3% and 24.3% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,400	$1,460
Studio Rent	$649	$791
1 Bed Rent	$1,300	$1,180
2 Bed Rent	$1,420	$1,470
3 Bed Rent	$1,340	$1,550
4 Bed Rent	$1,800	$1,700

Loading chart...

% of Rental Stock

Studio

6.6%

1 Bedroom

19.6%

2 Bedrooms

36.3%

3 Bedrooms

24.3%

4 Bedrooms

9.7%

5+ Bedrooms

3.5%

Property Listings — Mankato, MN

As of May '26, Realtor.com reports that the median days on market for a home in Mankato, MN is 42. This is a decrease of -4.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 14.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$404,000	2.0%
Listing Count	169	11.0%
Listings as % of Homes	0.4%	11.0%
Days on Market	42	-4.0%

Loading chart...

Demographics — Mankato, MN

As of the latest ACS Survey released in 2023, Mankato, MN has a population of 51,000, which has increased by 5.7% over the past 5 years. Mankato, MN is a moderately popular place for families, as children make up 18.0% of the population. The area has a moderately educated workforce, with 36.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.1% reporting working from home.

Metric	Latest Census	YoY % Change
Population	51,000	5.7%
% Under 18	18.0%	1.1%
% Seniors	13.7%	12.3%
% WFH	8.1%	62.0%
% w/ College Degree	36.6%	-1.6%

Loading chart...

As of the latest ACS Survey released in 2023, Mankato, MN is a predominantly white area, with 82.9% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Mankato, MN is black, making up 6.0% of the population. Foreign-born residents account for 7.5% of the population in Mankato, MN, and this percentage has increased by 36.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	82.9%	-3.8%
% Black	6.0%	33.3%
% Hispanic	5.0%	31.6%
% Asian	3.1%	3.3%
% Foreign Born	7.5%	36.4%

Loading chart...

Mortgage and Risk — Mankato, MN

According to HUD data as of 2023, there were 730 mortgage originations in Mankato, MN, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Mankato, MN. Investor activity is low, as 11.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	730
% Conventional Loans	87.0%
% Government Loans	13.0%
% Investor Loans	11.0%
% Second Loans	1.0%
% Cash Out Refinance	8.0%

Loading chart...

Rentals and Section 8 — Mankato, MN

As of 2024, the percent of homes in Mankato, MN under the Section 8 program is 11.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Mankato, MN, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom units do not.

Section 8 Market Size

Total Units under HUD	1,208
Total Units Section 8	1,029
% Rentals under Section 8	11.5%
% Occupied Section 8	80.1%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	-$270	$1,300	$1,030
2 Bedroom	-$170	$1,420	$1,250
3 Bedroom	$410	$1,340	$1,750
4 Bedroom	$300	$1,800	$2,100

Mankato, MN—56001

Key Metrics at a Glance

Home Price Trends — Mankato, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Mankato, MN

% of Rental Stock

Property Listings — Mankato, MN

Demographics — Mankato, MN

Race and Ethnicity

Mortgage and Risk — Mankato, MN

Mortgages

Rentals and Section 8 — Mankato, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Mankato, MN

Home Price to Income Ratio

Mankato, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Saint Clair

Kasota, MN

Good Thunder, MN

Eagle Lake, MN

North Mankato, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.1
Median Home Price	$305,000
Median Household Income	$67,200

Mankato, MN—56001

Key Metrics at a Glance

Home Price Trends — Mankato, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Mankato, MN

% of Rental Stock

Property Listings — Mankato, MN

Demographics — Mankato, MN

Race and Ethnicity

Mortgage and Risk — Mankato, MN

Mortgages

Rentals and Section 8 — Mankato, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Mankato, MN

Home Price to Income Ratio

Mankato, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Saint Clair

Kasota, MN

Good Thunder, MN

Eagle Lake, MN

North Mankato, MN

Frequently Asked Questions

What is the average home price in Mankato, MN 56001?

How have home prices in Mankato, MN 56001 changed over the past year?

What is the home price projection for Mankato, MN 56001?

What are the demographics of Mankato, MN 56001?

How long does it take homes to sell in Mankato, MN 56001?

What is the average rent price in Mankato, MN 56001?