Minnesota Housing Market Prices
Minnesota 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 5% below the US median$236,718
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Median rent 9% below the US median$1,280
Median Home Price Map: Counties in Minnesota
Housing Market Overview
| Metric | Minnesota | US Average |
|---|---|---|
| Median Home Price | $236,718 | $248,835 |
| Price Trend (Annual %) | 6.6% | 7.5% |
| Median Gross Rent | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Minnesota is about 5% lower than in US. Rent is about 9% lower than the US 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 Minnesota, up about 6.6% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Minnesota rose about 51.1% between 2015 and 2024, from $847 to $1,280. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Minnesota.
Buying the median-priced home in Minnesota costs roughly 15.4 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 Minnesota. The price-to-rent ratio in US is about 14.7.
| Metric | Minnesota | US Average |
|---|---|---|
| Median Home Price | $236,718 | $248,835 |
| Median Household Income | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Minnesota rose about 69.9%, while median household income rose about 52.5% between 2009 and 2025 — 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 | Minnesota | US Average |
|---|---|---|
| Homeownership Rate | 65.5% | 58.5% |
| Rental Rate | 25.2% | 31.2% |
| Vacancy Rate | 9.3% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 |
Minnesota has a homeownership rate of 65.5%, higher than the US average of 58.5%. Its housing vacancy rate is 9.3%, compared with 10.2% in US.
Housing Stock
| Metric | Minnesota | US Average |
|---|---|---|
| Average Household Size | 2.43 people | 2.53 people |
| Median Structure Built Year | 1976 | 1978 |
| Median Number of Rooms | 6.1 | 5.5 |
The typical housing unit in Minnesota was built around 1976. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 15.0 years on average.
Minnesota Housing Compared With Nearby States
Minnesota is the 2nd largest of the 6 states compared here, 5,724,000 residents against a local median of 1,978,686. The measure that sets Minnesota apart most is median home price: $236,718, 54% above the local median of $153,425.
Median rent tells the same story from another angle: $1,280 against a local median of $971, 32% above it. The states themselves spread $83,140 on median home price, so Minnesota sits at one end of an already wide local range rather than apart from it. Minnesota has the highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Minnesota | 5,724,000 | $236,718 #1/6 | $1,280 #1/6 | 72.2% #1/6 |
| Iowa | 3,204,793 | $153,425 | $971 | 71.7% |
| Wisconsin | 5,910,864 | $170,479 | $1,087 | 67.8% |
| South Dakota | 907,403 | $92,142 | $946 | 68.6% |
| North Dakota | 784,730 | $125,877 | $953 | 62.9% |
| Nebraska | 1,978,686 | $175,282 | $1,071 | 66.5% |
Frequently Asked Questions
Common questions about the housing market in Minnesota.
What is the median home price in Minnesota?
The median home price in Minnesota is $236,718, lower than the US average of $248,835.
What is the average home price in Minnesota?
The typical home price in Minnesota, reported as the median sale price, is $236,718. 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 Minnesota?
The median gross rent in Minnesota is $1,280 per month, lower than the US average of $1,407.
What was the median gross rent in Minnesota in 2020?
In 2020, the median gross rent in Minnesota was $1,009 per month.
What is the price-to-rent ratio in Minnesota?
The price-to-rent ratio in Minnesota is about 15.4, meaning it would take roughly 15.4 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 Minnesota.
Are home prices or rent rising faster in Minnesota?
Both home prices and rent are rising in Minnesota, up about 6.6% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Minnesota?
65.5% of households in Minnesota own their home, higher than the US average of 58.5%.
What is the vacancy rate in Minnesota?
The housing vacancy rate in Minnesota is 9.3%, lower than the US average of 10.2%.
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