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 | Chippewa County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $191,071 | $243,729 | $242,182 |
| Price Trend (Annual %) | 42.2% | 7.9% | 8.2% |
| Median Gross Rent | $845 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chippewa County is about 22% lower than in Minnesota. Rent is about 32% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2021
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Chippewa County, up about 42.2% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Chippewa County rose about 34.3% between 2015 and 2023, from $629 to $845. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Chippewa County.
Buying the median-priced home in Chippewa County costs roughly 18.8 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 Chippewa County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Chippewa County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $191,071 | $243,729 | $242,182 |
| Median Household Income | $68,165 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.8 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2021, the median home price in Chippewa County rose about 222.9%, while median household income rose about 59.4% 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 | Chippewa County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.7% | 65.6% | 58.2% |
| Rental Rate | 26.3% | 25.0% | 31.3% |
| Vacancy Rate | 8.0% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Chippewa County has a homeownership rate of 65.7%, about the same as the Minnesota average of 65.6%. Its housing vacancy rate is 8.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Chippewa County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1959 | 1976 | 1978 |
| Median Number of Rooms | 6.4 | 6.1 | 5.5 |
The typical housing unit in Chippewa County was built around 1959. On average, 2.3 people live in a home with about 6.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chippewa County, Minnesota.
What is the median home price in Chippewa County, Minnesota?
The median home price in Chippewa County, Minnesota is $191,071, lower than the Minnesota average of $243,729.
What is the average home price in Chippewa 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 Chippewa County, Minnesota?
The median gross rent in Chippewa County, Minnesota is $845 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Chippewa County in 2020?
In 2020, the median gross rent in Chippewa County, Minnesota was $659 per month.
What is the price-to-rent ratio in Chippewa County, Minnesota?
The price-to-rent ratio in Chippewa County, Minnesota is about 18.8, meaning it would take roughly 18.8 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 Chippewa County.
Are home prices or rent rising faster in Chippewa County, Minnesota?
Both home prices and rent are rising in Chippewa County, up about 42.2% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chippewa County, Minnesota?
65.7% of households in Chippewa County, Minnesota own their home, about the same as the Minnesota average.
What is the vacancy rate in Chippewa County, Minnesota?
The housing vacancy rate in Chippewa County, Minnesota is 8.0%, lower than the Minnesota average of 9.4%.