Bloomington, Minnesota Housing Market Prices
Bloomington 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.
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Median home price 46% above the Minnesota median$345,554
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Median rent 22% above the Minnesota median$1,561
Housing Market Overview
| Metric | Bloomington | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $345,554 | $236,718 | $248,835 |
| Price Trend (Annual %) | 6.5% | 6.6% | 7.5% |
| Median Gross Rent | $1,561 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bloomington is about 46% higher than in Minnesota. Rent is about 22% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Bloomington, up about 6.5% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Bloomington rose about 60.9% between 2015 and 2024, from $970 to $1,561. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Bloomington.
Buying the median-priced home in Bloomington costs roughly 18.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bloomington. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Bloomington | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $345,554 | $236,718 | $248,835 |
| Median Household Income | $93,168 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.7 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Bloomington rose about 78.5%, while median household income rose about 49.0% between 2009 and 2025 — 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 | Bloomington | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.0% | 65.5% | 58.5% |
| Rental Rate | 32.8% | 25.2% | 31.2% |
| Vacancy Rate | 4.2% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Bloomington has a homeownership rate of 63.0%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 4.2%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Bloomington | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1973 | 1976 | 1978 |
| Median Number of Rooms | 5.9 | 6.1 | 5.5 |
The typical housing unit in Bloomington was built around 1973. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 14.0 years on average.
Bloomington, MN Housing Compared With Nearby Cities
Bloomington, MN is the largest of the 5 cities compared here, 88,700 residents against a local median of 51,403. Bloomington, MN sits close to the middle of its own neighbourhood. No measure below is more than 15% off the local median, so the choice between these cities turns on things this data does not capture.
The largest of those small differences is median rent, 8% below the local median at $1,561 against $1,704. Bloomington, MN has the 4th highest median rent of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Bloomington, MN | 88,700 | $345,554 #3/5 | $1,561 #4/5 | 65.7% #3/5 |
| Burnsville, MN | 64,463 | $294,941 | $1,513 | 64.6% |
| Edina, MN | 53,267 | $447,368 | $1,843 | 72.4% |
| Savage, MN | 32,874 | $262,492 | $1,765 | 85.8% |
| St. Louis Park, MN | 49,539 | $406,830 | $1,644 | 57.8% |
Frequently Asked Questions
Common questions about the housing market in Bloomington, Minnesota.
What is the median home price in Bloomington, Minnesota?
The median home price in Bloomington, Minnesota is $345,554, higher than the Minnesota average of $236,718.
What is the average home price in Bloomington, Minnesota?
The typical home price in Bloomington, Minnesota, reported as the median sale price, is $345,554. 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 Bloomington, Minnesota?
The median gross rent in Bloomington, Minnesota is $1,561 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Bloomington in 2020?
In 2020, the median gross rent in Bloomington, Minnesota was $1,219 per month.
What is the price-to-rent ratio in Bloomington, Minnesota?
The price-to-rent ratio in Bloomington, Minnesota is about 18.4, meaning it would take roughly 18.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bloomington.
Are home prices or rent rising faster in Bloomington, Minnesota?
Both home prices and rent are rising in Bloomington, up about 6.5% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bloomington, Minnesota?
63.0% of households in Bloomington, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Bloomington, Minnesota?
The housing vacancy rate in Bloomington, Minnesota is 4.2%, lower than the Minnesota average of 9.3%.
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