1st Advantage MortgageAbout 79% of Steele County homes are owner-occupied, and the median household income is $84,196. Those figures describe the county, not you: compare at least three written offers by APR and total cost, and confirm the lender's license before you apply.
On this page
- Steele County, MN: the basics
- What Steele County households earn
- Rent, home values and ownership in Steele County
- How Steele County residents earn a living
- Towns and communities in Steele County
- Neighboring counties at a glance
- Room for a loan payment in Steele County
- Reading the Steele County data as a borrower
- More Steele County figures
- Who licenses lenders for Steele County residents
- Four steps for Steele County borrowers
- Nearby and statewide guides
- Frequently asked questions
Steele County, MN: the basics
The latest five-year Census estimate puts Steele County's population at 37,439; only 27 of Minnesota's 87 county-level areas are larger. Land area is 430 square miles (2024 Gazetteer), so density runs near 87 per square mile. It sits outside every metropolitan statistical area in the July 2023 OMB delineation. Of the 4 Census places inside Steele County, Owatonna leads by population with about 26,498; 4 of the 4 are incorporated.
What Steele County households earn
The median household income in Steele County is $84,196; statewide it is $89,062, so Steele County runs 5% below Minnesota as a whole. In the state ranking that is 14th of 87.
| Yearly household income | Steele County | Gap to Minnesota |
|---|---|---|
| Under $35,000 | 18.5% | +1.1 pts |
| $35,000 to $99,999 | 39.8% | +1.7 pts |
| $100,000 to $199,999 | 33.7% | +3.0 pts |
| $200,000 or more | 8.0% | -5.8 pts |
Some 18% of households here live on less than $35,000 a year; 42% have six-figure incomes. 8.3% of residents fall below the federal poverty line (statewide: 9.3%). The Gini index of income inequality is 0.414 (0 is perfect equality). A household earning below the $84,196 median should test any payment carefully; one earning above it should still pick the shortest term it can manage.
Rent, home values and ownership in Steele County
Median gross rent, utilities included, comes to $1,061 in Steele County versus $1,280 statewide. 61% of renting households spend 30% or more of income on rent, and 23% spend half or more. Home values center on $245,400, or 2.9 years of median income. Owners occupy 79% of homes.
| Home costs | Steele County | Minnesota | U.S. middle county |
|---|---|---|---|
| Median gross rent | $1,061/mo | $1,280/mo | $877/mo |
| Median home value | $245,400 | $329,300 | $185,300 |
| Owners | 79% | 72% | 75% |
| Rent-burdened renters | 61% | 48% | 45% |
| Burdened owners | 22% | 23% | n/a |
| Mobile homes | 4.0% | 2.9% | n/a |
| Vacant units | 5% | 9% | n/a |
In an owner-heavy county like Steele County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it. When half or more of renters are already stretched, a new payment needs a stress test: what happens if a paycheck is a week late?
How Steele County residents earn a living
By the Census industry count, 21% of employed Steele County residents work in education and health care and 19% in manufacturing. The sharpest difference from the state is in manufacturing, at 19% locally and 13% for Minnesota. The survey's unemployment rate for Steele County averages 3.4% over 2020 to 2024 (state: 4.1%). Long commutes are the exception here: 11% of workers spend 45 minutes or longer getting to work.
| Where residents work | Steele County | Difference from Minnesota |
|---|---|---|
| Education and health care | 21.0% | -4.8 pts |
| Manufacturing | 19.3% | +6.0 pts |
| Retail trade | 12.3% | +1.6 pts |
| Finance, insurance and real estate | 9.0% | +1.9 pts |
| Construction | 6.8% | +0.4 pts |
| Arts, lodging and food service | 5.9% | -1.2 pts |
Shorter commutes usually mean lower vehicle costs, which can leave more room for a payment, or for paying a loan off early.
Towns and communities in Steele County
Here are the 4 most populous of the county's 4 Census places, with income and rent from the same 2020 to 2024 survey. About 81% of Steele County residents live in one of the 4. Incomes vary by place: $108,250 at the median in Medford, $63,656 in Blooming Prairie. Median rent ranges from $804 in Ellendale to $1,175 in Medford. This guide covers each of the 4 places and the rural areas around them.
| Place | Type | Population | Median income | Median rent | From county center |
|---|---|---|---|---|---|
| Owatonna | city | 26,498 | $80,750 | $1,067 | 5 mi |
| Blooming Prairie | city | 1,843 | $63,656 | $907 | 13 mi |
| Medford | city | 1,257 | $108,250 | $1,175 | 11 mi |
| Ellendale | city | 754 | $89,375 | $804 | 11 mi |
Neighboring counties at a glance
Nearest neighbors first, measured between county centers (17 to 35 miles). Income ranges from $71,023 in Freeborn County to $95,739 in Dodge County; 2 of these neighbors top Steele County's median.
| Neighbor | Distance | Income | Rent | Own |
|---|---|---|---|---|
| Steele County | - | $84,196 | $1,061/mo | 79% |
| Dodge County, MN | 17 mi | $95,739 | $1,020/mo | 87% |
| Waseca County, MN | 18 mi | $76,261 | $883/mo | 81% |
| Rice County, MN | 24 mi | $83,181 | $1,083/mo | 76% |
| Freeborn County, MN | 24 mi | $71,023 | $849/mo | 80% |
| Mower County, MN | 33 mi | $73,074 | $927/mo | 78% |
| Le Sueur County, MN | 35 mi | $94,968 | $942/mo | 81% |
Room for a loan payment in Steele County
Steele County at the medians, through a lender's eyes (what DTI means):
- Median income divided by twelve: $7,016 before taxes
- 15% goes to median rent ($1,061)
- $1,956: what a 43% ratio leaves once rent is paid
Two-income households and single earners in Steele County land in very different places on this math, so run it for your own budget.
Reading the Steele County data as a borrower
The county's numbers point to a few situations that come up often for Steele County borrowers.
- Consolidation math. With 42% at six figures, card consolidation is common; it pays only if total cost falls (guide).
- Renters under pressure. When 61% pay 30% or more for rent, the smallest loan that solves the problem is the right size.
- Advance-fee offers. No legitimate lender asks a Steele County borrower to pay first (scam signs).
More Steele County figures
Degree holders: 28% of adults over 25. 3.5% of residents have no health coverage.
| Indicator | Steele County | All of Minnesota | U.S. county median |
|---|---|---|---|
| Median age | 40.5 | 38.8 | 41.5 |
| Bachelor's or higher | 28.0% | 39.4% | 22.2% |
| No high school diploma | 6.3% | 6.1% | n/a |
| No health insurance | 3.5% | 4.7% | 7.8% |
| No vehicle | 6.2% | 6.7% | 5.4% |
| Work from home | 8.7% | 17.6% | 8.7% |
| Poverty rate | 8.3% | 9.3% | 13.2% |
| Unemployment (ACS) | 3.4% | 4.1% | 4.4% |
| Minutes to work | Steele County workers |
|---|---|
| Under 15 min | 54.3% |
| 15 to 29 min | 24.1% |
| 30 to 44 min | 10.4% |
| 45 to 59 min | 5.6% |
| 60+ min | 5.6% |
Who licenses lenders for Steele County residents
Consumer lenders serving Steele County are licensed by the state, not the county; in Minnesota that is the Minnesota Department of Commerce. A CFPB complaint gets forwarded to the company for a response. The Minnesota guide covers state rules in more detail.
Four steps for Steele County borrowers
A short checklist for Steele County borrowers:
- Borrow the amount the job needs; extra cash adds interest.
- Compare the total repaid on every offer, not just the payment.
- Look the lender up with the state regulator first.
- Ask about early-payoff penalties.
Nearby and statewide guides
The Minnesota guide covers the whole state.
Frequently asked questions
Is Steele County a high-income county?
Its $84,196 median ranks 14th of 87 Minnesota counties and compares with $65,681 for the median U.S. county.
How much is rent in Steele County?
Median gross rent, utilities included, is $1,061 a month; 61% of renters spend 30% or more of income on it.
I own my home in Steele County. Personal loan or HELOC?
A HELOC uses the house as collateral; a personal loan usually does not. With 79% of homes owner-occupied here, many readers can compare both in writing.
What are the biggest places in Steele County?
By population: Owatonna, Blooming Prairie, Medford, Ellendale. The county has 4 Census places in all.
Does living in Steele County change what I qualify for?
Not in our fit check, which uses only the amount, credit range, income and payments you enter, the same for a Steele County resident as anyone. Lenders decide under fair-lending law.