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 | Carlton County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,051 | $243,729 | $242,182 |
| Price Trend (Annual %) | 5.3% | 7.9% | 8.2% |
| Median Gross Rent | $966 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carlton County is about 32% lower than in Minnesota. Rent is about 22% 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 Carlton County, up about 5.3% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Carlton County rose about 39.9% between 2015 and 2023, from $690 to $966. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Carlton County.
Buying the median-priced home in Carlton County costs roughly 14.2 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 Carlton County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Carlton County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $165,051 | $243,729 | $242,182 |
| Median Household Income | $79,016 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carlton County rose about 45.9%, while median household income rose about 53.7% 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 | Carlton County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.0% | 65.6% | 58.2% |
| Rental Rate | 18.2% | 25.0% | 31.3% |
| Vacancy Rate | 11.7% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Carlton County has a homeownership rate of 70.0%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 11.7%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Carlton County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1975 | 1976 | 1978 |
| Median Number of Rooms | 5.7 | 6.1 | 5.5 |
The typical housing unit in Carlton County was built around 1975. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carlton County, Minnesota.
What is the median home price in Carlton County, Minnesota?
The median home price in Carlton County, Minnesota is $165,051, lower than the Minnesota average of $243,729.
What is the average home price in Carlton 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 Carlton County, Minnesota?
The median gross rent in Carlton County, Minnesota is $966 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Carlton County in 2020?
In 2020, the median gross rent in Carlton County, Minnesota was $847 per month.
What is the price-to-rent ratio in Carlton County, Minnesota?
The price-to-rent ratio in Carlton County, Minnesota is about 14.2, meaning it would take roughly 14.2 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 Carlton County.
Are home prices or rent rising faster in Carlton County, Minnesota?
Both home prices and rent are rising in Carlton County, up about 5.3% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Carlton County, Minnesota?
70.0% of households in Carlton County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Carlton County, Minnesota?
The housing vacancy rate in Carlton County, Minnesota is 11.7%, higher than the Minnesota average of 9.4%.