Key Economic Benchmarks
Median Household Income
$84,196$7,016 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Steele County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Steele County, MN
Official FY2026 HUD Fair Market Rents for Steele County, MN. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $787 | $9,444 | $31,480 | 11.2% |
| 1-Bedroom Apartment | $870 | $10,440 | $34,800 | 12.4% |
| 2-Bedroom ApartmentBenchmark | $1,142 | $13,704 | $45,680 | 16.3% |
| 3-Bedroom Home | $1,549 | $18,588 | $61,960 | 22.1% |
| 4-Bedroom Home | $1,816 | $21,792 | $72,640 | 25.9% |
50/30/20 Living Budget in Steele County, MN
Based on the local median household income of $84,196/year ($7,016/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Minnesota
Explore net income after federal income tax, FICA, and Minnesota state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Minnesota with official federal datasets:
Frequently Asked Questions About Living in Steele County, MN
What is the median household income in Steele County, MN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Steele County, MN is $84,196 per year (approximately $7,016 per month).
What is the average rent in Steele County, MN?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Steele County, MN are $787 for a studio, $870 for 1 bedroom, $1,142 for 2 bedrooms, $1,549 for 3 bedrooms, and $1,816 for 4 bedrooms.
How does the cost of living in Steele County, MN compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Steele County, MN is 98.6 (1.4% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Steele County, MN?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,142/month) in Steele County, MN requires a minimum gross household income of $45,680 per year ($3,807 per month).
What is a balanced 50/30/20 monthly budget in Steele County, MN?
For a typical household earning the median income of $84,196/year ($7,016/month) in Steele County, MN, a balanced 50/30/20 budget allocates $3,508/month to essential needs (rent, utilities, groceries), $2,105/month to discretionary spending, and $1,403/month to savings and debt repayment.
What are typical electricity and utility costs in Steele County, MN?
Residential electricity rates in Minnesota average 17.5¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $158 per month.