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 | Pine County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $266,000 | $243,729 | $242,182 |
| Price Trend (Annual %) | 30.9% | 7.9% | 8.2% |
| Median Gross Rent | $872 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pine County is about 9% higher than in Minnesota. Rent is about 29% 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 Pine County, up about 30.9% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Pine County rose about 22.7% between 2015 and 2023, from $711 to $872. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Pine County.
Buying the median-priced home in Pine 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 Pine County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Pine County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $266,000 | $243,729 | $242,182 |
| Median Household Income | $69,629 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.8 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pine County rose about 143.6%, while median household income rose about 60.7% 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 | Pine County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.4% | 65.6% | 58.2% |
| Rental Rate | 12.0% | 25.0% | 31.3% |
| Vacancy Rate | 30.5% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Pine County has a homeownership rate of 57.4%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 30.5%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Pine County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1980 | 1976 | 1978 |
| Median Number of Rooms | 5.5 | 6.1 | 5.5 |
The typical housing unit in Pine County was built around 1980. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pine County, Minnesota.
What is the median home price in Pine County, Minnesota?
The median home price in Pine County, Minnesota is $266,000, higher than the Minnesota average of $243,729.
What is the average home price in Pine 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 Pine County, Minnesota?
The median gross rent in Pine County, Minnesota is $872 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Pine County in 2020?
In 2020, the median gross rent in Pine County, Minnesota was $770 per month.
What is the price-to-rent ratio in Pine County, Minnesota?
The price-to-rent ratio in Pine 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 Pine County.
Are home prices or rent rising faster in Pine County, Minnesota?
Both home prices and rent are rising in Pine County, up about 30.9% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pine County, Minnesota?
57.4% of households in Pine County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Pine County, Minnesota?
The housing vacancy rate in Pine County, Minnesota is 30.5%, higher than the Minnesota average of 9.4%.