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 | Lincoln County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,571 | $243,729 | $242,182 |
| Price Trend (Annual %) | 15.4% | 7.9% | 8.2% |
| Median Gross Rent | $687 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lincoln County is about 37% lower than in Minnesota. Rent is about 44% 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 Lincoln County, up about 15.4% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Lincoln County rose about 30.3% between 2015 and 2023, from $527 to $687. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Lincoln County.
Buying the median-priced home in Lincoln County costs roughly 18.6 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 Lincoln County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Lincoln County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,571 | $243,729 | $242,182 |
| Median Household Income | $66,942 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lincoln County rose about 34.0%, while median household income rose about 60.7% between 2009 and 2023 — 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 | Lincoln County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.3% | 65.6% | 58.2% |
| Rental Rate | 14.3% | 25.0% | 31.3% |
| Vacancy Rate | 20.5% | 9.4% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Lincoln County has a homeownership rate of 65.3%, about the same as the Minnesota average of 65.6%. Its housing vacancy rate is 20.5%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Lincoln County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1961 | 1976 | 1978 |
| Median Number of Rooms | 6.6 | 6.1 | 5.5 |
The typical housing unit in Lincoln County was built around 1961. On average, 2.2 people live in a home with about 6.6 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lincoln County, Minnesota.
What is the median home price in Lincoln County, Minnesota?
The median home price in Lincoln County, Minnesota is $153,571, lower than the Minnesota average of $243,729.
What is the average home price in Lincoln 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 Lincoln County, Minnesota?
The median gross rent in Lincoln County, Minnesota is $687 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Lincoln County in 2020?
In 2020, the median gross rent in Lincoln County, Minnesota was $639 per month.
What is the price-to-rent ratio in Lincoln County, Minnesota?
The price-to-rent ratio in Lincoln County, Minnesota is about 18.6, meaning it would take roughly 18.6 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 Lincoln County.
Are home prices or rent rising faster in Lincoln County, Minnesota?
Both home prices and rent are rising in Lincoln County, up about 15.4% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lincoln County, Minnesota?
65.3% of households in Lincoln County, Minnesota own their home, about the same as the Minnesota average.
What is the vacancy rate in Lincoln County, Minnesota?
The housing vacancy rate in Lincoln County, Minnesota is 20.5%, higher than the Minnesota average of 9.4%.