Lake of the Woods County, Minnesota Housing Market Prices
Lake of the Woods County 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 16% above the Minnesota median More expensive than 77% of counties in Minnesota$275,000
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Median rent 25% below the Minnesota median$954
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $236,718 | $248,835 |
| Price Trend (Annual %) | 0.2% | 6.6% | 7.5% |
| Median Gross Rent | $954 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake of the Woods County is about 16% higher than in Minnesota. Rent is about 25% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lake of the Woods County, up about 0.2% and 5.5% a year respectively. Rent is changing faster.
Median rent in Lake of the Woods County rose about 50.7% between 2015 and 2024, from $633 to $954. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Lake of the Woods County.
Buying the median-priced home in Lake of the Woods County costs roughly 24.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lake of the Woods County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $236,718 | $248,835 |
| Median Household Income | $76,422 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.6 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2024, the median home price in Lake of the Woods County rose about 3.3%, while median household income rose about 43.6% 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 | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.5% | 65.5% | 58.5% |
| Rental Rate | 9.5% | 25.2% | 31.2% |
| Vacancy Rate | 48.0% | 9.3% | 10.2% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Lake of the Woods County has a homeownership rate of 42.5%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 48.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Lake of the Woods County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1985 | 1976 | 1978 |
| Median Number of Rooms | 5.0 | 6.1 | 5.5 |
The typical housing unit in Lake of the Woods County was built around 1985. On average, 2.1 people live in a home with about 5.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake of the Woods County, Minnesota.
What is the median home price in Lake of the Woods County, Minnesota?
The median home price in Lake of the Woods County, Minnesota is $275,000, higher than the Minnesota average of $236,718.
What is the average home price in Lake of the Woods County, Minnesota?
The typical home price in Lake of the Woods County, Minnesota, reported as the median sale price, is $275,000. 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 Lake of the Woods County, Minnesota?
The median gross rent in Lake of the Woods County, Minnesota is $954 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Lake of the Woods County in 2020?
In 2020, the median gross rent in Lake of the Woods County, Minnesota was $674 per month.
What is the price-to-rent ratio in Lake of the Woods County, Minnesota?
The price-to-rent ratio in Lake of the Woods County, Minnesota is about 24.0, meaning it would take roughly 24.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Lake of the Woods County.
Are home prices or rent rising faster in Lake of the Woods County, Minnesota?
Both home prices and rent are rising in Lake of the Woods County, up about 0.2% and 5.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Lake of the Woods County, Minnesota?
42.5% of households in Lake of the Woods County, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Lake of the Woods County, Minnesota?
The housing vacancy rate in Lake of the Woods County, Minnesota is 48.0%, higher than the Minnesota average of 9.3%.
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