Red Lake County, Minnesota Housing Market Prices
Red Lake 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 29% below the Minnesota median$168,749
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Median rent 55% below the Minnesota median Among the top 3 cheapest counties in Minnesota$582
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,749 | $236,718 | $248,835 |
| Price Trend (Annual %) | 101.0% | 6.6% | 7.5% |
| Median Gross Rent | $582 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 2.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Red Lake County is about 29% lower than in Minnesota. Rent is about 55% 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 Red Lake County, up about 101.0% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Red Lake County rose about 20.3% between 2015 and 2024, from $484 to $582. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Red Lake County.
Buying the median-priced home in Red Lake County costs roughly 24.2 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 15.4.
| Metric | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,749 | $236,718 | $248,835 |
| Median Household Income | $76,854 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.2 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Red Lake County rose about 83.0%, while median household income rose about 57.9% between 2009 and 2025 — 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 | 74.2% | 65.5% | 58.5% |
| Rental Rate | 14.7% | 25.2% | 31.2% |
| Vacancy Rate | 11.0% | 9.3% | 10.2% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Red Lake County has a homeownership rate of 74.2%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 11.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Red Lake County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1970 | 1976 | 1978 |
| Median Number of Rooms | 6.1 | 6.1 | 5.5 |
The typical housing unit in Red Lake County was built around 1970. On average, 2.3 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 $168,749, lower than the Minnesota average of $236,718.
What is the average home price in Red Lake County, Minnesota?
The typical home price in Red Lake County, Minnesota, reported as the median sale price, is $168,749. 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 $582 per month, lower than the Minnesota average of $1,280.
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 24.2, meaning it would take roughly 24.2 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 101.0% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Red Lake County, Minnesota?
74.2% of households in Red Lake County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Red Lake County, Minnesota?
The housing vacancy rate in Red Lake County, Minnesota is 11.0%, higher than the Minnesota average of 9.3%.
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