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 | Otter Tail County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,695 | $243,729 | $242,182 |
| Price Trend (Annual %) | 5.4% | 7.9% | 8.2% |
| Median Gross Rent | $805 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Otter Tail County is about 10% lower than in Minnesota. Rent is about 35% 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 Otter Tail County, up about 5.4% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Otter Tail County rose about 22.7% between 2015 and 2023, from $656 to $805. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Otter Tail County.
Buying the median-priced home in Otter Tail County costs roughly 22.6 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 Otter Tail County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Otter Tail County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,695 | $243,729 | $242,182 |
| Median Household Income | $70,689 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Otter Tail County rose about 112.3%, while median household income rose about 65.4% 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 | Otter Tail County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.4% | 65.6% | 58.2% |
| Rental Rate | 14.3% | 25.0% | 31.3% |
| Vacancy Rate | 31.3% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Otter Tail County has a homeownership rate of 54.4%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 31.3%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Otter Tail County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1977 | 1976 | 1978 |
| Median Number of Rooms | 6.2 | 6.1 | 5.5 |
The typical housing unit in Otter Tail County was built around 1977. On average, 2.3 people live in a home with about 6.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Otter Tail County, Minnesota.
What is the median home price in Otter Tail County, Minnesota?
The median home price in Otter Tail County, Minnesota is $218,695, lower than the Minnesota average of $243,729.
What is the average home price in Otter Tail 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 Otter Tail County, Minnesota?
The median gross rent in Otter Tail County, Minnesota is $805 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Otter Tail County in 2020?
In 2020, the median gross rent in Otter Tail County, Minnesota was $675 per month.
What is the price-to-rent ratio in Otter Tail County, Minnesota?
The price-to-rent ratio in Otter Tail County, Minnesota is about 22.6, meaning it would take roughly 22.6 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 Otter Tail County.
Are home prices or rent rising faster in Otter Tail County, Minnesota?
Both home prices and rent are rising in Otter Tail County, up about 5.4% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Otter Tail County, Minnesota?
54.4% of households in Otter Tail County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Otter Tail County, Minnesota?
The housing vacancy rate in Otter Tail County, Minnesota is 31.3%, higher than the Minnesota average of 9.4%.