Mille Lacs County, Minnesota Housing Market Prices
Mille Lacs County 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 16% above the Minnesota median More expensive than 79% of counties in Minnesota$275,520
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Median rent 29% below the Minnesota median$903
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Mille Lacs County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,520 | $236,718 | $248,835 |
| Price Trend (Annual %) | 15.7% | 6.6% | 7.5% |
| Median Gross Rent | $903 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 2.4% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mille Lacs County is about 16% higher than in Minnesota. Rent is about 29% 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 Mille Lacs County, up about 15.7% and 2.4% a year respectively. Home prices are changing faster.
Median rent in Mille Lacs County rose about 23.2% between 2015 and 2024, from $733 to $903. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Mille Lacs County.
Buying the median-priced home in Mille Lacs County costs roughly 25.4 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 Mille Lacs County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Mille Lacs County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,520 | $236,718 | $248,835 |
| Median Household Income | $73,418 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.8 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mille Lacs County rose about 201.4%, while median household income rose about 52.6% 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 | Mille Lacs County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.6% | 65.5% | 58.5% |
| Rental Rate | 18.1% | 25.2% | 31.2% |
| Vacancy Rate | 18.3% | 9.3% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Mille Lacs County has a homeownership rate of 63.6%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 18.3%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Mille Lacs County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1986 | 1976 | 1978 |
| Median Number of Rooms | 5.6 | 6.1 | 5.5 |
The typical housing unit in Mille Lacs County was built around 1986. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Mille Lacs County, MN Housing Compared With Nearby Counties
Mille Lacs County, MN is the smallest of the 5 counties compared here, 27,123 residents against a local median of 42,094. The measure that sets Mille Lacs County, MN apart most is median home price: $275,520, 21% above the local median of $228,515.
The counties themselves spread $222,312 on median home price, so Mille Lacs County, MN sits at one end of an already wide local range rather than apart from it. Mille Lacs County, MN has the 2nd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Mille Lacs County, MN | 27,123 | $275,520 #2/5 | $903 #4/5 | 77.9% #4/5 |
| Benton County, MN | 41,593 | $219,711 | $981 | 66.7% |
| Isanti County, MN | 42,596 | $237,318 | $1,273 | 83.7% |
| Sherburne County, MN | 100,509 | $321,740 | $1,128 | 83.3% |
| Morrison County, MN | 34,249 | $99,428 | $787 | 80.6% |
Frequently Asked Questions
Common questions about the housing market in Mille Lacs County, Minnesota.
What is the median home price in Mille Lacs County, Minnesota?
The median home price in Mille Lacs County, Minnesota is $275,520, higher than the Minnesota average of $236,718.
What is the average home price in Mille Lacs County, Minnesota?
The typical home price in Mille Lacs County, Minnesota, reported as the median sale price, is $275,520. 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 Mille Lacs County, Minnesota?
The median gross rent in Mille Lacs County, Minnesota is $903 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Mille Lacs County in 2020?
In 2020, the median gross rent in Mille Lacs County, Minnesota was $763 per month.
What is the price-to-rent ratio in Mille Lacs County, Minnesota?
The price-to-rent ratio in Mille Lacs County, Minnesota is about 25.4, meaning it would take roughly 25.4 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 Mille Lacs County.
Are home prices or rent rising faster in Mille Lacs County, Minnesota?
Both home prices and rent are rising in Mille Lacs County, up about 15.7% and 2.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mille Lacs County, Minnesota?
63.6% of households in Mille Lacs County, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Mille Lacs County, Minnesota?
The housing vacancy rate in Mille Lacs County, Minnesota is 18.3%, higher than the Minnesota average of 9.3%.
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