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 | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,764 | $243,729 | $242,182 |
| Price Trend (Annual %) | 34.1% | 7.9% | 8.2% |
| Median Gross Rent | $843 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Polk County is about 69% lower than in Minnesota. Rent is about 32% 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 Polk County, up about 34.1% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Polk County rose about 34.8% between 2015 and 2023, from $625 to $843. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Polk County.
Buying the median-priced home in Polk County costs roughly 7.6 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 Polk County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $76,764 | $243,729 | $242,182 |
| Median Household Income | $68,407 | $88,383 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Polk County fell about 11.2%, while median household income rose about 51.8% between 2009 and 2023 — 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 | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.2% | 65.6% | 58.2% |
| Rental Rate | 23.7% | 25.0% | 31.3% |
| Vacancy Rate | 15.1% | 9.4% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Polk County has a homeownership rate of 61.2%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 15.1%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Polk County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1976 | 1976 | 1978 |
| Median Number of Rooms | 5.9 | 6.1 | 5.5 |
The typical housing unit in Polk County was built around 1976. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Polk County, Minnesota.
What is the median home price in Polk County, Minnesota?
The median home price in Polk County, Minnesota is $76,764, lower than the Minnesota average of $243,729.
What is the average home price in Polk 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 Polk County, Minnesota?
The median gross rent in Polk County, Minnesota is $843 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Polk County in 2020?
In 2020, the median gross rent in Polk County, Minnesota was $690 per month.
What is the price-to-rent ratio in Polk County, Minnesota?
The price-to-rent ratio in Polk County, Minnesota is about 7.6, meaning it would take roughly 7.6 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 Polk County.
Are home prices or rent rising faster in Polk County, Minnesota?
Both home prices and rent are rising in Polk County, up about 34.1% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Polk County, Minnesota?
61.2% of households in Polk County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Polk County, Minnesota?
The housing vacancy rate in Polk County, Minnesota is 15.1%, higher than the Minnesota average of 9.4%.