Austin, Minnesota Housing Market Prices
Austin Home Prices and Rent at a Glance
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 63% below the Minnesota median$86,763
-
Median rent 27% below the Minnesota median$938
Housing Market Overview
| Metric | Austin | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $86,763 | $236,718 | $248,835 |
| Price Trend (Annual %) | -0.9% | 6.6% | 7.5% |
| Median Gross Rent | $938 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Austin is about 63% lower than in Minnesota. Rent is about 27% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Austin: home prices fell about 0.9% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Austin rose about 31.2% between 2015 and 2024, from $715 to $938. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Austin.
Buying the median-priced home in Austin costs roughly 7.7 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 Austin. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Austin | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $86,763 | $236,718 | $248,835 |
| Median Household Income | $65,923 | $89,852 | $80,455 |
| Price-to-Income Ratio | 1.3 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Austin fell about 19.3%, while median household income rose about 48.7% between 2009 and 2025 — 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 | Austin | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.0% | 65.5% | 58.5% |
| Rental Rate | 25.6% | 25.2% | 31.2% |
| Vacancy Rate | 7.4% | 9.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Austin has a homeownership rate of 67.0%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 7.4%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Austin | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1958 | 1976 | 1978 |
| Median Number of Rooms | 5.9 | 6.1 | 5.5 |
The typical housing unit in Austin was built around 1958. On average, 2.6 people live in a home with about 5.9 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Austin, Minnesota.
What is the median home price in Austin, Minnesota?
The median home price in Austin, Minnesota is $86,763, lower than the Minnesota average of $236,718.
What is the average home price in Austin, Minnesota?
The typical home price in Austin, Minnesota, reported as the median sale price, is $86,763. 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 Austin, Minnesota?
The median gross rent in Austin, Minnesota is $938 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Austin in 2020?
In 2020, the median gross rent in Austin, Minnesota was $813 per month.
What is the price-to-rent ratio in Austin, Minnesota?
The price-to-rent ratio in Austin, Minnesota is about 7.7, meaning it would take roughly 7.7 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 Austin.
Are home prices or rent rising faster in Austin, Minnesota?
Home prices and rent are moving in opposite directions in Austin: home prices fell about 0.9% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Austin, Minnesota?
67.0% of households in Austin, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Austin, Minnesota?
The housing vacancy rate in Austin, Minnesota is 7.4%, lower than the Minnesota average of 9.3%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →