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New Ulm

Learn about the people, housing, costs and businesses in New Ulm, Minnesota

Median Home$193,310
Median Rent$1,019/month
Population14,218
Leading IndustriesRetail · Arts, Food & Hospitality · Professional Services18% retail
Home Value Growth⬆⬆+18.2% over 2 years
Young Adults29% of residentsslightly above average
Homeowners77% of occupied units
New Ulm
MN

Frequently Asked Questions

What are today's mortgage rates in New Ulm?

As of today, the 30-year fixed mortgage rate for New Ulm is approximately 6.964% (7.005% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in New Ulm?

The median home value in New Ulm is $193k. The median monthly rent is $1,019. Annual property taxes average $2k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in New Ulm?

Home values in New Ulm have increased 18.2% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in New Ulm?

Based on a typical all-in ownership cost of $964/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $41k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in New Ulm is $64k/year.

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What industries drive the economy in New Ulm?

The largest employment sectors in New Ulm are public administration (26%) and retail (18%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.