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 | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,547 | $243,729 | $242,182 |
| Price Trend (Annual %) | 10.0% | 7.9% | 8.2% |
| Median Gross Rent | $1,003 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Kanabec County is about 26% lower than in Minnesota. Rent is about 19% 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 Kanabec County, up about 10.0% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Kanabec County rose about 31.3% between 2015 and 2023, from $764 to $1,003. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Kanabec County.
Buying the median-priced home in Kanabec County costs roughly 15.1 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 Kanabec County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,547 | $243,729 | $242,182 |
| Median Household Income | $72,696 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Kanabec County rose about 92.3%, while median household income rose about 60.2% 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 | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.6% | 65.6% | 58.2% |
| Rental Rate | 13.5% | 25.0% | 31.3% |
| Vacancy Rate | 16.9% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Kanabec County has a homeownership rate of 69.6%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 16.9%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Kanabec County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1980 | 1976 | 1978 |
| Median Number of Rooms | 5.7 | 6.1 | 5.5 |
The typical housing unit in Kanabec County was built around 1980. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Kanabec County, Minnesota.
What is the median home price in Kanabec County, Minnesota?
The median home price in Kanabec County, Minnesota is $181,547, lower than the Minnesota average of $243,729.
What is the average home price in Kanabec 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 Kanabec County, Minnesota?
The median gross rent in Kanabec County, Minnesota is $1,003 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Kanabec County in 2020?
In 2020, the median gross rent in Kanabec County, Minnesota was $760 per month.
What is the price-to-rent ratio in Kanabec County, Minnesota?
The price-to-rent ratio in Kanabec County, Minnesota is about 15.1, meaning it would take roughly 15.1 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 Kanabec County.
Are home prices or rent rising faster in Kanabec County, Minnesota?
Both home prices and rent are rising in Kanabec County, up about 10.0% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Kanabec County, Minnesota?
69.6% of households in Kanabec County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Kanabec County, Minnesota?
The housing vacancy rate in Kanabec County, Minnesota is 16.9%, higher than the Minnesota average of 9.4%.