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 | Morrison County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $206,395 | $243,729 | $242,182 |
| Price Trend (Annual %) | 11.2% | 7.9% | 8.2% |
| Median Gross Rent | $781 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morrison County is about 15% lower than in Minnesota. Rent is about 37% 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 Morrison County, up about 11.2% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Morrison County rose about 19.3% between 2015 and 2023, from $655 to $781. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Morrison County.
Buying the median-priced home in Morrison County costs roughly 22.0 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 Morrison County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Morrison County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $206,395 | $243,729 | $242,182 |
| Median Household Income | $68,105 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morrison County rose about 23.9%, while median household income rose about 40.0% 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 | Morrison County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.2% | 65.6% | 58.2% |
| Rental Rate | 16.3% | 25.0% | 31.3% |
| Vacancy Rate | 14.5% | 9.4% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Morrison County has a homeownership rate of 69.2%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 14.5%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Morrison County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.42 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1980 | 1976 | 1978 |
| Median Number of Rooms | 6.1 | 6.1 | 5.5 |
The typical housing unit in Morrison County was built around 1980. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morrison County, Minnesota.
What is the median home price in Morrison County, Minnesota?
The median home price in Morrison County, Minnesota is $206,395, lower than the Minnesota average of $243,729.
What is the average home price in Morrison 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 Morrison County, Minnesota?
The median gross rent in Morrison County, Minnesota is $781 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Morrison County in 2020?
In 2020, the median gross rent in Morrison County, Minnesota was $742 per month.
What is the price-to-rent ratio in Morrison County, Minnesota?
The price-to-rent ratio in Morrison County, Minnesota is about 22.0, meaning it would take roughly 22.0 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 Morrison County.
Are home prices or rent rising faster in Morrison County, Minnesota?
Both home prices and rent are rising in Morrison County, up about 11.2% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morrison County, Minnesota?
69.2% of households in Morrison County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Morrison County, Minnesota?
The housing vacancy rate in Morrison County, Minnesota is 14.5%, higher than the Minnesota average of 9.4%.