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 | Fillmore County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $179,348 | $243,729 | $242,182 |
| Price Trend (Annual %) | 5.8% | 7.9% | 8.2% |
| Median Gross Rent | $763 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fillmore County is about 26% lower than in Minnesota. Rent is about 38% 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 Fillmore County, up about 5.8% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Fillmore County rose about 28.5% between 2015 and 2023, from $594 to $763. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Fillmore County.
Buying the median-priced home in Fillmore County costs roughly 19.6 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 Fillmore County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Fillmore County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $179,348 | $243,729 | $242,182 |
| Median Household Income | $75,205 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fillmore County rose about 55.2%, while median household income rose about 65.4% 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 | Fillmore County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.5% | 65.6% | 58.2% |
| Rental Rate | 15.7% | 25.0% | 31.3% |
| Vacancy Rate | 10.8% | 9.4% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Fillmore County has a homeownership rate of 73.5%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 10.8%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Fillmore County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1963 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Fillmore County was built around 1963. On average, 2.4 people live in a home with about 6.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fillmore County, Minnesota.
What is the median home price in Fillmore County, Minnesota?
The median home price in Fillmore County, Minnesota is $179,348, lower than the Minnesota average of $243,729.
What is the average home price in Fillmore 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 Fillmore County, Minnesota?
The median gross rent in Fillmore County, Minnesota is $763 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Fillmore County in 2020?
In 2020, the median gross rent in Fillmore County, Minnesota was $677 per month.
What is the price-to-rent ratio in Fillmore County, Minnesota?
The price-to-rent ratio in Fillmore County, Minnesota is about 19.6, meaning it would take roughly 19.6 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 Fillmore County.
Are home prices or rent rising faster in Fillmore County, Minnesota?
Both home prices and rent are rising in Fillmore County, up about 5.8% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fillmore County, Minnesota?
73.5% of households in Fillmore County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Fillmore County, Minnesota?
The housing vacancy rate in Fillmore County, Minnesota is 10.8%, higher than the Minnesota average of 9.4%.