Forest Lake, Minnesota Housing Market Prices
Forest Lake Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 10% below the Minnesota median$212,000
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Median rent 11% above the Minnesota median$1,421
Housing Market Overview
| Metric | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $212,000 | $236,718 | $248,835 |
| Price Trend (Annual %) | 0.3% | 6.6% | 7.5% |
| Median Gross Rent | $1,421 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Forest Lake is about 10% lower than in Minnesota. Rent is about 11% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Forest Lake, up about 0.3% and 4.9% a year respectively. Rent is changing faster.
Median rent in Forest Lake rose about 51.7% between 2015 and 2024, from $936 to $1,421. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Forest Lake.
Buying the median-priced home in Forest Lake costs roughly 12.4 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 Forest Lake. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $212,000 | $236,718 | $248,835 |
| Median Household Income | $94,349 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.2 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Forest Lake fell about 33.1%, while median household income rose about 34.4% between 2009 and 2025 — 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 | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.3% | 65.5% | 58.5% |
| Rental Rate | 25.7% | 25.2% | 31.2% |
| Vacancy Rate | 5.0% | 9.3% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Forest Lake has a homeownership rate of 69.3%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 5.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Forest Lake | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1990 | 1976 | 1978 |
| Median Number of Rooms | 5.9 | 6.1 | 5.5 |
The typical housing unit in Forest Lake was built around 1990. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Forest Lake, Minnesota.
What is the median home price in Forest Lake, Minnesota?
The median home price in Forest Lake, Minnesota is $212,000, lower than the Minnesota average of $236,718.
What is the average home price in Forest Lake, Minnesota?
The typical home price in Forest Lake, Minnesota, reported as the median sale price, is $212,000. 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 Forest Lake, Minnesota?
The median gross rent in Forest Lake, Minnesota is $1,421 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Forest Lake in 2020?
In 2020, the median gross rent in Forest Lake, Minnesota was $1,131 per month.
What is the price-to-rent ratio in Forest Lake, Minnesota?
The price-to-rent ratio in Forest Lake, Minnesota is about 12.4, meaning it would take roughly 12.4 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 Forest Lake.
Are home prices or rent rising faster in Forest Lake, Minnesota?
Both home prices and rent are rising in Forest Lake, up about 0.3% and 4.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Forest Lake, Minnesota?
69.3% of households in Forest Lake, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Forest Lake, Minnesota?
The housing vacancy rate in Forest Lake, Minnesota is 5.0%, lower than the Minnesota average of 9.3%.
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