Montevideo, Redwood Falls ranked most affordable towns for homeownership in Minnesota

By some metrics, Montevideo and Redwood Falls are the most affordable towns to live in Minnesota.

SmartAsset, a national financial information firm, analyzed housing industry data to find the most affordable towns to buy and sell homes in every state. A recent study by SmartAsset looked at all communities in Minnesota with populations of 5,000 or greater, taking into account items like average closing costs, property tax, insurance rates, mortgage payments, and median income related to home costs.

The result: in Minnesota, Montevideo was rated the most affordable town in Minnesota, with Redwood Falls coming in second. Rounding out the list were, in order, International Falls, Otsego, Hibbing, Austin, St. Michael, Virginia, Albert Lea, and Litchfield.