Otsego, Minnesota Housing Market Prices
Otsego 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 98% below the Minnesota median$5,649
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Median rent 35% above the Minnesota median$1,733
Housing Market Overview
| Metric | Otsego | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,649 | $236,718 | $248,835 |
| Price Trend (Annual %) | 1.3% | 6.6% | 7.5% |
| Median Gross Rent | $1,733 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 3.4% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Otsego is about 98% lower than in Minnesota. Rent is about 35% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2017
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Otsego, up about 1.3% and 3.4% a year respectively. Rent is changing faster.
Median rent in Otsego rose about 36.4% between 2015 and 2024, from $1,270 to $1,733. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 0.0 yearly household incomes in Otsego.
Buying the median-priced home in Otsego costs roughly 0.3 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 Otsego. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Otsego | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,649 | $236,718 | $248,835 |
| Median Household Income | $123,682 | $89,852 | $80,455 |
| Price-to-Income Ratio | 0.0 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2017, the median home price in Otsego rose about 10.0%, while median household income rose about 54.8% between 2009 and 2025 — 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 | Otsego | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 89.3% | 65.5% | 58.5% |
| Rental Rate | 7.4% | 25.2% | 31.2% |
| Vacancy Rate | 3.2% | 9.3% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Otsego has a homeownership rate of 89.3%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 3.2%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Otsego | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.88 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 2006 | 1976 | 1978 |
| Median Number of Rooms | 6.7 | 6.1 | 5.5 |
The typical housing unit in Otsego was built around 2006. On average, 2.9 people live in a home with about 6.7 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Otsego, Minnesota.
What is the median home price in Otsego, Minnesota?
The median home price in Otsego, Minnesota is $5,649, lower than the Minnesota average of $236,718.
What is the average home price in Otsego, Minnesota?
The typical home price in Otsego, Minnesota, reported as the median sale price, is $5,649. 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 Otsego, Minnesota?
The median gross rent in Otsego, Minnesota is $1,733 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Otsego in 2020?
In 2020, the median gross rent in Otsego, Minnesota was $1,383 per month.
What is the price-to-rent ratio in Otsego, Minnesota?
The price-to-rent ratio in Otsego, Minnesota is about 0.3, meaning it would take roughly 0.3 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 Otsego.
Are home prices or rent rising faster in Otsego, Minnesota?
Both home prices and rent are rising in Otsego, up about 1.3% and 3.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Otsego, Minnesota?
89.3% of households in Otsego, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Otsego, Minnesota?
The housing vacancy rate in Otsego, Minnesota is 3.2%, lower than the Minnesota average of 9.3%.
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