Rochester, Minnesota Housing Market Prices
Rochester 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 14% below the Minnesota median$203,732
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Median rent 6% above the Minnesota median$1,355
Housing Market Overview
| Metric | Rochester | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $203,732 | $236,718 | $248,835 |
| Price Trend (Annual %) | 11.0% | 6.6% | 7.5% |
| Median Gross Rent | $1,355 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rochester is about 14% lower than in Minnesota. Rent is about 6% higher 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 Rochester, up about 11.0% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Rochester rose about 69.1% between 2015 and 2024, from $801 to $1,355. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Rochester.
Buying the median-priced home in Rochester costs roughly 12.5 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 Rochester. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Rochester | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $203,732 | $236,718 | $248,835 |
| Median Household Income | $87,682 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.3 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Rochester rose about 73.8%, while median household income rose about 41.0% 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 | Rochester | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.1% | 65.5% | 58.5% |
| Rental Rate | 34.9% | 25.2% | 31.2% |
| Vacancy Rate | 7.0% | 9.3% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Rochester has a homeownership rate of 58.1%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 7.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Rochester | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1981 | 1976 | 1978 |
| Median Number of Rooms | 5.7 | 6.1 | 5.5 |
The typical housing unit in Rochester was built around 1981. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rochester, Minnesota.
What is the median home price in Rochester, Minnesota?
The median home price in Rochester, Minnesota is $203,732, lower than the Minnesota average of $236,718.
What is the average home price in Rochester, Minnesota?
The typical home price in Rochester, Minnesota, reported as the median sale price, is $203,732. 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 Rochester, Minnesota?
The median gross rent in Rochester, Minnesota is $1,355 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Rochester in 2020?
In 2020, the median gross rent in Rochester, Minnesota was $1,004 per month.
What is the price-to-rent ratio in Rochester, Minnesota?
The price-to-rent ratio in Rochester, Minnesota is about 12.5, meaning it would take roughly 12.5 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 Rochester.
Are home prices or rent rising faster in Rochester, Minnesota?
Both home prices and rent are rising in Rochester, up about 11.0% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rochester, Minnesota?
58.1% of households in Rochester, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Rochester, Minnesota?
The housing vacancy rate in Rochester, Minnesota is 7.0%, lower than the Minnesota average of 9.3%.
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