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 | Big Stone County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $216,666 | $243,729 | $242,182 |
| Price Trend (Annual %) | 35.3% | 7.9% | 8.2% |
| Median Gross Rent | $718 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Big Stone County is about 11% lower than in Minnesota. Rent is about 42% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Big Stone County, up about 35.3% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Big Stone County rose about 41.2% between 2015 and 2023, from $508 to $718. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in Big Stone County.
Buying the median-priced home in Big Stone County costs roughly 25.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Big Stone County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Big Stone County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $216,666 | $243,729 | $242,182 |
| Median Household Income | $63,750 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Big Stone County rose about 362.2%, while median household income rose about 59.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Big Stone County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.0% | 65.6% | 58.2% |
| Rental Rate | 15.0% | 25.0% | 31.3% |
| Vacancy Rate | 27.0% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Big Stone County has a homeownership rate of 58.0%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 27.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Big Stone County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1959 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Big Stone County was built around 1959. On average, 2.3 people live in a home with about 6.3 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Big Stone County, Minnesota.
What is the median home price in Big Stone County, Minnesota?
The median home price in Big Stone County, Minnesota is $216,666, lower than the Minnesota average of $243,729.
What is the average home price in Big Stone 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 Big Stone County, Minnesota?
The median gross rent in Big Stone County, Minnesota is $718 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Big Stone County in 2020?
In 2020, the median gross rent in Big Stone County, Minnesota was $606 per month.
What is the price-to-rent ratio in Big Stone County, Minnesota?
The price-to-rent ratio in Big Stone County, Minnesota is about 25.2, meaning it would take roughly 25.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Big Stone County.
Are home prices or rent rising faster in Big Stone County, Minnesota?
Both home prices and rent are rising in Big Stone County, up about 35.3% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Big Stone County, Minnesota?
58.0% of households in Big Stone County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Big Stone County, Minnesota?
The housing vacancy rate in Big Stone County, Minnesota is 27.0%, higher than the Minnesota average of 9.4%.