Rice County, Minnesota Housing Market Prices
Rice 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 62% above the Minnesota median Among the 3 most expensive counties in Minnesota$383,335
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Median rent 15% below the Minnesota median More expensive than 84% of counties in Minnesota$1,082
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $383,335 | $236,718 | $248,835 |
| Price Trend (Annual %) | 16.0% | 6.6% | 7.5% |
| Median Gross Rent | $1,082 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rice County is about 62% higher than in Minnesota. Rent is about 15% 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 Rice County, up about 16.0% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Rice County rose about 50.0% between 2015 and 2024, from $722 to $1,082. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Rice County.
Buying the median-priced home in Rice County costs roughly 29.5 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 Rice County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $383,335 | $236,718 | $248,835 |
| Median Household Income | $82,909 | $89,852 | $80,455 |
| Price-to-Income Ratio | 4.6 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Rice County rose about 190.5%, while median household income rose about 35.4% 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 | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.8% | 65.5% | 58.5% |
| Rental Rate | 22.0% | 25.2% | 31.2% |
| Vacancy Rate | 7.1% | 9.3% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Rice County has a homeownership rate of 70.8%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 7.1%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Rice County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1978 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Rice County was built around 1978. On average, 2.6 people live in a home with about 6.3 rooms, staying for about 16.0 years on average.
Rice County, MN Housing Compared With Nearby Counties
Rice County, MN is the 3rd largest of the 4 counties compared here, 67,917 residents against a local median of 154,543. Rice County, MN's median home price, at $383,335, runs 36% above the $282,373 typical of the counties around it.
Median rent tells the same story from another angle: $1,082 against a local median of $1,548, 30% below it. The counties themselves spread $208,228 on median home price, so Rice County, MN sits at one end of an already wide local range rather than apart from it. Rice County, MN has the 2nd highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Rice County, MN | 67,917 | $383,335 #2/4 | $1,082 #3/4 | 76.3% #3/4 |
| Steele County, MN | 37,436 | $204,296 | $1,061 | 79.4% |
| Scott County, MN | 154,543 | $282,373 | $1,568 | 83.8% |
| Dakota County, MN | 445,396 | $412,524 | $1,548 | 74.9% |
Frequently Asked Questions
Common questions about the housing market in Rice County, Minnesota.
What is the median home price in Rice County, Minnesota?
The median home price in Rice County, Minnesota is $383,335, higher than the Minnesota average of $236,718.
What is the average home price in Rice County, Minnesota?
The typical home price in Rice County, Minnesota, reported as the median sale price, is $383,335. 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 Rice County, Minnesota?
The median gross rent in Rice County, Minnesota is $1,082 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Rice County in 2020?
In 2020, the median gross rent in Rice County, Minnesota was $881 per month.
What is the price-to-rent ratio in Rice County, Minnesota?
The price-to-rent ratio in Rice County, Minnesota is about 29.5, meaning it would take roughly 29.5 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 Rice County.
Are home prices or rent rising faster in Rice County, Minnesota?
Both home prices and rent are rising in Rice County, up about 16.0% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rice County, Minnesota?
70.8% of households in Rice County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Rice County, Minnesota?
The housing vacancy rate in Rice County, Minnesota is 7.1%, lower than the Minnesota average of 9.3%.
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