Montevideo ranked most affordable city in Minnesota
On November 14th, the Minneapolis/St. Paul Business Journal released a report citing Montevideo as ranking the top of Minnesota’s most affordable places to live. According to the article, the ranking was provided by a New York-based financial and technology company called SmartAsset. Rankings were calculated based on taxes, homeowner insurance, home costs relative to local median income, and other related factors. Affordability was determined in the study by how homeownership costs related to median income.
“I just spoke with a business that is looking at our area and that was one of the topics of discussion that we had is the affordability of Montevideo,” says City Manager Robert Wolfington. “I know there are businesses that have their eyes on Montevideo. It demonstrates why this is such a great place to live and do business.”
Montevideo’s Median income calculates at $46,781 with a mortgage payment averaging $3,664 annually, average property tax of $1,004 annually, and averages of homeowners insurance at $589 annually. Those calculations landed Montevideo in the 92nd spot of the top 100 most affordable cities in the nation - the only city in Minnesota to make the list. The second most affordable city in Minnesota was Redwood Falls.
“The council has tried to balance the needs of the community while at the same time recognizing that affordability is important for our area. We’re continuing to find ways to build on that,” Wolfington says.
The full study conducted by SmartAsset can be found at https://smartasset.com/mortgage/how-much-house-can-i-afford#minnesota.