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 | McLeod County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $283,152 | $243,729 | $242,182 |
| Price Trend (Annual %) | 18.8% | 7.9% | 8.2% |
| Median Gross Rent | $906 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McLeod County is about 16% higher than in Minnesota. Rent is about 27% 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 McLeod County, up about 18.8% and 2.8% a year respectively. Home prices are changing faster.
Median rent in McLeod County rose about 27.6% between 2015 and 2023, from $710 to $906. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in McLeod County.
Buying the median-priced home in McLeod County costs roughly 26.0 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 McLeod County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | McLeod County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $283,152 | $243,729 | $242,182 |
| Median Household Income | $77,902 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McLeod County rose about 200.0%, while median household income rose about 38.6% 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 | McLeod County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.1% | 65.6% | 58.2% |
| Rental Rate | 20.9% | 25.0% | 31.3% |
| Vacancy Rate | 6.1% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
McLeod County has a homeownership rate of 73.1%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 6.1%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | McLeod County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1978 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in McLeod County was built around 1978. 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 McLeod County, Minnesota.
What is the median home price in McLeod County, Minnesota?
The median home price in McLeod County, Minnesota is $283,152, higher than the Minnesota average of $243,729.
What is the average home price in McLeod 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 McLeod County, Minnesota?
The median gross rent in McLeod County, Minnesota is $906 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in McLeod County in 2020?
In 2020, the median gross rent in McLeod County, Minnesota was $723 per month.
What is the price-to-rent ratio in McLeod County, Minnesota?
The price-to-rent ratio in McLeod County, Minnesota is about 26.0, meaning it would take roughly 26.0 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 McLeod County.
Are home prices or rent rising faster in McLeod County, Minnesota?
Both home prices and rent are rising in McLeod County, up about 18.8% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in McLeod County, Minnesota?
73.1% of households in McLeod County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in McLeod County, Minnesota?
The housing vacancy rate in McLeod County, Minnesota is 6.1%, lower than the Minnesota average of 9.4%.