Mankato, MN—56001
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Mankato, MN
As of Oct '25, the median home price in Mankato, MN is $297,000, with a year-over-year change of 4.9%. This indicates that home prices in Mankato, MN are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $297,000 | 4.9% |
| Single Family | $298,000 | 4.6% |
| Condos | $237,000 | 4.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $136,000 | 6.2% |
2 Bed | $240,000 | 4.8% |
3 Bed | $273,000 | 5.0% |
4 Bed | $342,000 | 4.9% |
| 5 Bed | $412,000 | 4.3% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Mankato, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Mankato, MN is 41. This is a decrease of -7.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $337,000 | -5.0% |
Listing Count | 155 | 17.0% |
| Listings as % of Homes | 0.4% | 17.0% |
Days on Market | 41 | -7.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Mankato, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $297,000 |
| Median Household Income | $67,200 |