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 | Cook County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $425,000 | $243,729 | $242,182 |
| Price Trend (Annual %) | 13.4% | 7.9% | 8.2% |
| Median Gross Rent | $885 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cook County is about 74% higher than in Minnesota. Rent is about 28% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cook County, up about 13.4% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Cook County rose about 35.1% between 2015 and 2023, from $655 to $885. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Cook County.
Buying the median-priced home in Cook County costs roughly 40.0 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 Cook County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Cook County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $425,000 | $243,729 | $242,182 |
| Median Household Income | $71,488 | $88,383 | $78,145 |
| Price-to-Income Ratio | 5.9 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Cook County rose about 75.6%, while median household income rose about 52.3% 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 | Cook County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 35.7% | 65.6% | 58.2% |
| Rental Rate | 9.1% | 25.0% | 31.3% |
| Vacancy Rate | 55.2% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Cook County has a homeownership rate of 35.7%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 55.2%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Cook County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.06 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1981 | 1976 | 1978 |
| Median Number of Rooms | 4.7 | 6.1 | 5.5 |
The typical housing unit in Cook County was built around 1981. On average, 2.1 people live in a home with about 4.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cook County, Minnesota.
What is the median home price in Cook County, Minnesota?
The median home price in Cook County, Minnesota is $425,000, higher than the Minnesota average of $243,729.
What is the average home price in Cook 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 Cook County, Minnesota?
The median gross rent in Cook County, Minnesota is $885 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Cook County in 2020?
In 2020, the median gross rent in Cook County, Minnesota was $735 per month.
What is the price-to-rent ratio in Cook County, Minnesota?
The price-to-rent ratio in Cook County, Minnesota is about 40.0, meaning it would take roughly 40.0 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 Cook County.
Are home prices or rent rising faster in Cook County, Minnesota?
Both home prices and rent are rising in Cook County, up about 13.4% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cook County, Minnesota?
35.7% of households in Cook County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Cook County, Minnesota?
The housing vacancy rate in Cook County, Minnesota is 55.2%, higher than the Minnesota average of 9.4%.