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 | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $158,333 | $243,729 | $242,182 |
| Price Trend (Annual %) | 116.7% | 7.9% | 8.2% |
| Median Gross Rent | $627 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Red Lake County is about 35% lower than in Minnesota. Rent is about 49% 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 Red Lake County, up about 116.7% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Red Lake County rose about 29.6% between 2015 and 2023, from $484 to $627. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Red Lake County.
Buying the median-priced home in Red Lake County costs roughly 21.0 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 Red Lake County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $158,333 | $243,729 | $242,182 |
| Median Household Income | $77,888 | $88,383 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Red Lake County rose about 71.7%, while median household income rose about 69.6% 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 | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.4% | 65.6% | 58.2% |
| Rental Rate | 14.2% | 25.0% | 31.3% |
| Vacancy Rate | 12.4% | 9.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Red Lake County has a homeownership rate of 73.4%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 12.4%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1969 | 1976 | 1978 |
| Median Number of Rooms | 6.1 | 6.1 | 5.5 |
The typical housing unit in Red Lake County was built around 1969. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Red Lake County, Minnesota.
What is the median home price in Red Lake County, Minnesota?
The median home price in Red Lake County, Minnesota is $158,333, lower than the Minnesota average of $243,729.
What is the average home price in Red Lake 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 Red Lake County, Minnesota?
The median gross rent in Red Lake County, Minnesota is $627 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Red Lake County in 2020?
In 2020, the median gross rent in Red Lake County, Minnesota was $569 per month.
What is the price-to-rent ratio in Red Lake County, Minnesota?
The price-to-rent ratio in Red Lake County, Minnesota is about 21.0, meaning it would take roughly 21.0 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 Red Lake County.
Are home prices or rent rising faster in Red Lake County, Minnesota?
Both home prices and rent are rising in Red Lake County, up about 116.7% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Red Lake County, Minnesota?
73.4% of households in Red Lake County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Red Lake County, Minnesota?
The housing vacancy rate in Red Lake County, Minnesota is 12.4%, higher than the Minnesota average of 9.4%.