Mankato, Minnesota Housing Market Prices
Mankato 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 19% below the Minnesota median$191,338
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Median rent 16% below the Minnesota median$1,079
Housing Market Overview
| Metric | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $191,338 | $236,718 | $248,835 |
| Price Trend (Annual %) | 24.9% | 6.6% | 7.5% |
| Median Gross Rent | $1,079 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mankato is about 19% lower than in Minnesota. Rent is about 16% lower than the Minnesota 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 Mankato, up about 24.9% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Mankato rose about 49.7% between 2015 and 2024, from $721 to $1,079. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Mankato.
Buying the median-priced home in Mankato costs roughly 14.8 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 Mankato. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $191,338 | $236,718 | $248,835 |
| Median Household Income | $65,230 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.9 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mankato rose about 691.3%, while median household income rose about 61.6% 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 | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.8% | 65.5% | 58.5% |
| Rental Rate | 48.2% | 25.2% | 31.2% |
| Vacancy Rate | 8.0% | 9.3% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Mankato has a homeownership rate of 43.8%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 8.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Mankato | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.28 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1978 | 1976 | 1978 |
| Median Number of Rooms | 5.5 | 6.1 | 5.5 |
The typical housing unit in Mankato was built around 1978. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mankato, Minnesota.
What is the median home price in Mankato, Minnesota?
The median home price in Mankato, Minnesota is $191,338, lower than the Minnesota average of $236,718.
What is the average home price in Mankato, Minnesota?
The typical home price in Mankato, Minnesota, reported as the median sale price, is $191,338. 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 Mankato, Minnesota?
The median gross rent in Mankato, Minnesota is $1,079 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Mankato in 2020?
In 2020, the median gross rent in Mankato, Minnesota was $897 per month.
What is the price-to-rent ratio in Mankato, Minnesota?
The price-to-rent ratio in Mankato, Minnesota is about 14.8, meaning it would take roughly 14.8 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 Mankato.
Are home prices or rent rising faster in Mankato, Minnesota?
Both home prices and rent are rising in Mankato, up about 24.9% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mankato, Minnesota?
43.8% of households in Mankato, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Mankato, Minnesota?
The housing vacancy rate in Mankato, Minnesota is 8.0%, lower than the Minnesota average of 9.3%.
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