North Mankato, MN housing market
The typical North Mankato home is worth about $314,000, up 3.2% in a year, 11% below the Minnesota typical home.
Home values, sales, trends and how North Mankato compares with the towns next door — updated as new data is published.
North Mankato at a glance
Typical home value, 2016–2026
Show as a table
| January | North Mankato | Minnesota |
|---|---|---|
| 2017 | $188,000 | $217,000 |
| 2018 | $199,000 | $232,000 |
| 2019 | $208,000 | $246,000 |
| 2020 | $217,000 | $259,000 |
| 2021 | $232,000 | $282,000 |
| 2022 | $255,000 | $313,000 |
| 2023 | $271,000 | $325,000 |
| 2024 | $283,000 | $331,000 |
| 2025 | $294,000 | $341,000 |
| 2026 | $310,000 | $349,000 |
| August 2026 | $314,000 | $351,000 |
45 new homes permitted in 2025
Builders were permitted 45 new homes in North Mankato in 2025: 11 single-family houses and 34 in buildings with two or more homes, worth about $12.5 million to build. That's 3.2 per 1,000 residents, about the pace of Minnesota as a whole. Over the past 10 years, North Mankato has permitted 431 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, North Mankato gained 881 residents while 425 new homes were permitted: about 2.1 new residents per new home. Building and growth moved roughly in step. Across Minnesota: 2.2 new residents per new home.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 18 | 18 | 0 | $8.7 million |
| 2025 | 45 | 11 | 34 | $12.5 million |
| 2024 | 38 | 10 | 28 | $6.6 million |
| 2023 | 15 | 15 | 0 | $7 million |
| 2022 | 70 | 61 | 9 | $18.6 million |
| 2021 | 59 | 45 | 14 | $17 million |
| 2020 | 53 | 37 | 16 | $11.3 million |
| 2019 | 32 | 24 | 8 | $8.7 million |
| 2018 | 42 | 34 | 8 | $10 million |
| 2017 | 56 | 48 | 8 | $11.4 million |
| 2016 | 21 | 21 | 0 | $6.1 million |
| 2015 | 72 | 60 | 12 | $14.5 million |
| 2014 | 47 | 36 | 11 | $10.1 million |
| 2013 | 56 | 40 | 16 | $11.5 million |
| 2012 | 47 | 39 | 8 | $9.4 million |
| 2011 | 29 | 19 | 10 | $5.6 million |
| 2010 | 23 | 19 | 4 | $4.7 million |
| 2009 | 34 | 34 | 0 | $7.4 million |
| 2008 | 38 | 38 | 0 | $7.8 million |
| 2007 | 55 | 55 | 0 | $11.3 million |
| 2006 | 70 | 61 | 9 | $14.2 million |
| 2005 | 87 | 81 | 6 | $15.9 million |
| 2004 | 85 | 67 | 18 | $13.9 million |
| 2003 | 83 | 63 | 20 | $12.9 million |
| 2002 | 179 | 69 | 110 | $18 million |
| 2001 | 61 | 25 | 36 | $6.5 million |
| 2000 | 62 | 41 | 21 | $8.2 million |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
North Mankato and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| North Mankato | $314K | +3.2% | $1,060 | 45 | $80,791 |
| Belgrade | — | +2.4%† | $1,070 | — | $135,000 |
| Mankato | — | +3.5%† | $1,280 | 181 | $66,873 |
| Mankato | $305K | +1.6% | $1,300 | 0 | $113,269 |
† FHFA price index change, where Zillow has no home value for the town.
3.9 years of income
The typical North Mankato home costs about 3.9 years of the town's median household income, about the same as across Minnesota (3.9).
How North Mankato ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,060
HUD's Fair Market Rent for a two-bedroom in North Mankato is $1,060 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in North Mankato pay a median of $973. A two-bedroom takes about 16% of the town's median household income.
Studio $870 · 4 bedrooms $1,780
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (56003; Mankato, MN MSA), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.