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 | Lyon County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $99,166 | $243,729 | $242,182 |
| Price Trend (Annual %) | 3.9% | 7.9% | 8.2% |
| Median Gross Rent | $741 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lyon County is about 59% lower than in Minnesota. Rent is about 40% 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 Lyon County, up about 3.9% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Lyon County rose about 22.5% between 2015 and 2023, from $604 to $741. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Lyon County.
Buying the median-priced home in Lyon County costs roughly 11.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lyon County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Lyon County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $99,166 | $243,729 | $242,182 |
| Median Household Income | $71,228 | $88,383 | $78,145 |
| Price-to-Income Ratio | 1.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lyon County rose about 2.2%, while median household income rose about 55.7% 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 | Lyon County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.7% | 65.6% | 58.2% |
| Rental Rate | 26.2% | 25.0% | 31.3% |
| Vacancy Rate | 11.1% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Lyon County has a homeownership rate of 62.7%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 11.1%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Lyon County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1969 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Lyon County was built around 1969. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lyon County, Minnesota.
What is the median home price in Lyon County, Minnesota?
The median home price in Lyon County, Minnesota is $99,166, lower than the Minnesota average of $243,729.
What is the average home price in Lyon 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 Lyon County, Minnesota?
The median gross rent in Lyon County, Minnesota is $741 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Lyon County in 2020?
In 2020, the median gross rent in Lyon County, Minnesota was $686 per month.
What is the price-to-rent ratio in Lyon County, Minnesota?
The price-to-rent ratio in Lyon County, Minnesota is about 11.2, meaning it would take roughly 11.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lyon County.
Are home prices or rent rising faster in Lyon County, Minnesota?
Both home prices and rent are rising in Lyon County, up about 3.9% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lyon County, Minnesota?
62.7% of households in Lyon County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Lyon County, Minnesota?
The housing vacancy rate in Lyon County, Minnesota is 11.1%, higher than the Minnesota average of 9.4%.