Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Aitkin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,080 | $243,729 | $242,182 |
| Price Trend (Annual %) | -2.6% | 7.9% | 8.2% |
| Median Gross Rent | $912 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Aitkin County is about 38% lower than in Minnesota. Rent is about 26% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Aitkin County: home prices fell about 2.6% a year while rent rose about 5.6% a year. That is an unusual pattern worth watching.
Median rent in Aitkin County rose about 44.1% between 2015 and 2023, from $633 to $912. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Aitkin County.
Buying the median-priced home in Aitkin County costs roughly 13.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Aitkin County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Aitkin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,080 | $243,729 | $242,182 |
| Median Household Income | $59,526 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Aitkin County fell about 19.1%, while median household income rose about 50.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Aitkin County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.7% | 65.6% | 58.2% |
| Rental Rate | 7.2% | 25.0% | 31.3% |
| Vacancy Rate | 51.2% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Aitkin County has a homeownership rate of 41.7%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 51.2%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Aitkin County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1981 | 1976 | 1978 |
| Median Number of Rooms | 5.6 | 6.1 | 5.5 |
The typical housing unit in Aitkin County was built around 1981. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Aitkin County, Minnesota.
What is the median home price in Aitkin County, Minnesota?
The median home price in Aitkin County, Minnesota is $152,080, lower than the Minnesota average of $243,729.
What is the average home price in Aitkin County, Minnesota?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Aitkin County, Minnesota?
The median gross rent in Aitkin County, Minnesota is $912 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Aitkin County in 2020?
In 2020, the median gross rent in Aitkin County, Minnesota was $740 per month.
What is the price-to-rent ratio in Aitkin County, Minnesota?
The price-to-rent ratio in Aitkin County, Minnesota is about 13.9, meaning it would take roughly 13.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Aitkin County.
Are home prices or rent rising faster in Aitkin County, Minnesota?
Home prices and rent are moving in opposite directions in Aitkin County: home prices fell about 2.6% a year while rent rose about 5.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Aitkin County, Minnesota?
41.7% of households in Aitkin County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Aitkin County, Minnesota?
The housing vacancy rate in Aitkin County, Minnesota is 51.2%, higher than the Minnesota average of 9.4%.