Pennington County, Minnesota Housing Market Prices
Pennington 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 32% below the Minnesota median$162,120
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Median rent 33% below the Minnesota median$862
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Pennington County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,120 | $236,718 | $248,835 |
| Price Trend (Annual %) | 24.7% | 6.6% | 7.5% |
| Median Gross Rent | $862 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pennington County is about 32% lower than in Minnesota. Rent is about 33% 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 Pennington County, up about 24.7% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Pennington County rose about 42.6% between 2015 and 2024, from $604 to $862. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Pennington County.
Buying the median-priced home in Pennington County costs roughly 15.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Pennington County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Pennington County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,120 | $236,718 | $248,835 |
| Median Household Income | $77,455 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Pennington County fell about 50.0%, while median household income rose about 63.5% 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 | Pennington County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.7% | 65.5% | 58.5% |
| Rental Rate | 22.5% | 25.2% | 31.2% |
| Vacancy Rate | 8.7% | 9.3% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Pennington County has a homeownership rate of 68.7%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 8.7%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Pennington County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.19 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1972 | 1976 | 1978 |
| Median Number of Rooms | 5.9 | 6.1 | 5.5 |
The typical housing unit in Pennington County was built around 1972. On average, 2.2 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pennington County, Minnesota.
What is the median home price in Pennington County, Minnesota?
The median home price in Pennington County, Minnesota is $162,120, lower than the Minnesota average of $236,718.
What is the average home price in Pennington County, Minnesota?
The typical home price in Pennington County, Minnesota, reported as the median sale price, is $162,120. 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 Pennington County, Minnesota?
The median gross rent in Pennington County, Minnesota is $862 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Pennington County in 2020?
In 2020, the median gross rent in Pennington County, Minnesota was $743 per month.
What is the price-to-rent ratio in Pennington County, Minnesota?
The price-to-rent ratio in Pennington County, Minnesota is about 15.7, meaning it would take roughly 15.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Pennington County.
Are home prices or rent rising faster in Pennington County, Minnesota?
Both home prices and rent are rising in Pennington County, up about 24.7% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pennington County, Minnesota?
68.7% of households in Pennington County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Pennington County, Minnesota?
The housing vacancy rate in Pennington County, Minnesota is 8.7%, lower than the Minnesota average of 9.3%.
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