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 | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $336,966 | $243,729 | $242,182 |
| Price Trend (Annual %) | 10.6% | 7.9% | 8.2% |
| Median Gross Rent | $1,439 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hennepin County is about 38% higher than in Minnesota. Rent is about 17% higher 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 Hennepin County, up about 10.6% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Hennepin County rose about 51.5% between 2015 and 2023, from $950 to $1,439. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Hennepin County.
Buying the median-priced home in Hennepin County costs roughly 19.5 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 Hennepin County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $336,966 | $243,729 | $242,182 |
| Median Household Income | $96,581 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hennepin County rose about 115.0%, while median household income rose about 57.0% 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 | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.6% | 65.6% | 58.2% |
| Rental Rate | 35.1% | 25.0% | 31.3% |
| Vacancy Rate | 5.3% | 9.4% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Hennepin County has a homeownership rate of 59.6%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 5.3%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1972 | 1976 | 1978 |
| Median Number of Rooms | 5.7 | 6.1 | 5.5 |
The typical housing unit in Hennepin County was built around 1972. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hennepin County, Minnesota.
What is the median home price in Hennepin County, Minnesota?
The median home price in Hennepin County, Minnesota is $336,966, higher than the Minnesota average of $243,729.
What is the average home price in Hennepin 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 Hennepin County, Minnesota?
The median gross rent in Hennepin County, Minnesota is $1,439 per month, higher than the Minnesota average of $1,234.
What was the median gross rent in Hennepin County in 2020?
In 2020, the median gross rent in Hennepin County, Minnesota was $1,175 per month.
What is the price-to-rent ratio in Hennepin County, Minnesota?
The price-to-rent ratio in Hennepin County, Minnesota is about 19.5, meaning it would take roughly 19.5 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 Hennepin County.
Are home prices or rent rising faster in Hennepin County, Minnesota?
Both home prices and rent are rising in Hennepin County, up about 10.6% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hennepin County, Minnesota?
59.6% of households in Hennepin County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Hennepin County, Minnesota?
The housing vacancy rate in Hennepin County, Minnesota is 5.3%, lower than the Minnesota average of 9.4%.