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 | Martin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $151,389 | $243,729 | $242,182 |
| Price Trend (Annual %) | 30.7% | 7.9% | 8.2% |
| Median Gross Rent | $734 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Martin County is about 38% lower than in Minnesota. Rent is about 41% 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 Martin County, up about 30.7% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Martin County rose about 19.8% between 2015 and 2023, from $613 to $734. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Martin County.
Buying the median-priced home in Martin County costs roughly 17.2 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 Martin County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Martin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $151,389 | $243,729 | $242,182 |
| Median Household Income | $63,905 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Martin County rose about 268.9%, while median household income rose about 48.8% 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 | Martin County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.9% | 65.6% | 58.2% |
| Rental Rate | 25.1% | 25.0% | 31.3% |
| Vacancy Rate | 9.0% | 9.4% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Martin County has a homeownership rate of 65.9%, about the same as the Minnesota average of 65.6%. Its housing vacancy rate is 9.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Martin County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1957 | 1976 | 1978 |
| Median Number of Rooms | 6.2 | 6.1 | 5.5 |
The typical housing unit in Martin County was built around 1957. On average, 2.2 people live in a home with about 6.2 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Martin County, Minnesota.
What is the median home price in Martin County, Minnesota?
The median home price in Martin County, Minnesota is $151,389, lower than the Minnesota average of $243,729.
What is the average home price in Martin 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 Martin County, Minnesota?
The median gross rent in Martin County, Minnesota is $734 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Martin County in 2020?
In 2020, the median gross rent in Martin County, Minnesota was $635 per month.
What is the price-to-rent ratio in Martin County, Minnesota?
The price-to-rent ratio in Martin County, Minnesota is about 17.2, meaning it would take roughly 17.2 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 Martin County.
Are home prices or rent rising faster in Martin County, Minnesota?
Both home prices and rent are rising in Martin County, up about 30.7% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Martin County, Minnesota?
65.9% of households in Martin County, Minnesota own their home, about the same as the Minnesota average.
What is the vacancy rate in Martin County, Minnesota?
The housing vacancy rate in Martin County, Minnesota is 9.0%, lower than the Minnesota average of 9.4%.