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 | Clay County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $413,095 | $243,729 | $242,182 |
| Price Trend (Annual %) | 17.0% | 7.9% | 8.2% |
| Median Gross Rent | $999 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clay County is about 69% higher than in Minnesota. Rent is about 19% 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 Clay County, up about 17.0% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Clay County rose about 38.4% between 2015 and 2023, from $722 to $999. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Clay County.
Buying the median-priced home in Clay County costs roughly 34.5 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 Clay County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Clay County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $413,095 | $243,729 | $242,182 |
| Median Household Income | $77,532 | $88,383 | $78,145 |
| Price-to-Income Ratio | 5.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clay County rose about 181.9%, while median household income rose about 61.4% 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 | Clay County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.5% | 65.6% | 58.2% |
| Rental Rate | 31.8% | 25.0% | 31.3% |
| Vacancy Rate | 4.8% | 9.4% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Clay County has a homeownership rate of 63.5%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 4.8%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Clay County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1975 | 1976 | 1978 |
| Median Number of Rooms | 6.1 | 6.1 | 5.5 |
The typical housing unit in Clay County was built around 1975. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clay County, Minnesota.
What is the median home price in Clay County, Minnesota?
The median home price in Clay County, Minnesota is $413,095, higher than the Minnesota average of $243,729.
What is the average home price in Clay 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 Clay County, Minnesota?
The median gross rent in Clay County, Minnesota is $999 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Clay County in 2020?
In 2020, the median gross rent in Clay County, Minnesota was $859 per month.
What is the price-to-rent ratio in Clay County, Minnesota?
The price-to-rent ratio in Clay County, Minnesota is about 34.5, meaning it would take roughly 34.5 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 Clay County.
Are home prices or rent rising faster in Clay County, Minnesota?
Both home prices and rent are rising in Clay County, up about 17.0% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clay County, Minnesota?
63.5% of households in Clay County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Clay County, Minnesota?
The housing vacancy rate in Clay County, Minnesota is 4.8%, lower than the Minnesota average of 9.4%.