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 | Pipestone County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,590 | $243,729 | $242,182 |
| Price Trend (Annual %) | 230.7% | 7.9% | 8.2% |
| Median Gross Rent | $731 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pipestone County is about 19% lower than in Minnesota. Rent is about 41% 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 Pipestone County, up about 230.7% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Pipestone County rose about 34.0% between 2015 and 2023, from $545 to $731. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Pipestone County.
Buying the median-priced home in Pipestone County costs roughly 22.4 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 Pipestone County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Pipestone County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,590 | $243,729 | $242,182 |
| Median Household Income | $67,642 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.9 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Pipestone County rose about 309.6%, while median household income rose about 75.6% 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 | Pipestone County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.0% | 65.6% | 58.2% |
| Rental Rate | 17.1% | 25.0% | 31.3% |
| Vacancy Rate | 8.0% | 9.4% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Pipestone County has a homeownership rate of 75.0%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 8.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Pipestone County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1957 | 1976 | 1978 |
| Median Number of Rooms | 6.2 | 6.1 | 5.5 |
The typical housing unit in Pipestone County was built around 1957. On average, 2.3 people live in a home with about 6.2 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pipestone County, Minnesota.
What is the median home price in Pipestone County, Minnesota?
The median home price in Pipestone County, Minnesota is $196,590, lower than the Minnesota average of $243,729.
What is the average home price in Pipestone 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 Pipestone County, Minnesota?
The median gross rent in Pipestone County, Minnesota is $731 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Pipestone County in 2020?
In 2020, the median gross rent in Pipestone County, Minnesota was $588 per month.
What is the price-to-rent ratio in Pipestone County, Minnesota?
The price-to-rent ratio in Pipestone County, Minnesota is about 22.4, meaning it would take roughly 22.4 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 Pipestone County.
Are home prices or rent rising faster in Pipestone County, Minnesota?
Both home prices and rent are rising in Pipestone County, up about 230.7% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pipestone County, Minnesota?
75.0% of households in Pipestone County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Pipestone County, Minnesota?
The housing vacancy rate in Pipestone County, Minnesota is 8.0%, lower than the Minnesota average of 9.4%.