Savage, Minnesota Housing Market Prices
Savage 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 11% above the Minnesota median$262,492
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Median rent 38% above the Minnesota median$1,765
Housing Market Overview
| Metric | Savage | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,492 | $236,718 | $248,835 |
| Price Trend (Annual %) | 41.9% | 6.6% | 7.5% |
| Median Gross Rent | $1,765 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Savage is about 11% higher than in Minnesota. Rent is about 38% 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 Savage, up about 41.9% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Savage rose about 54.8% between 2015 and 2024, from $1,140 to $1,765. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Savage.
Buying the median-priced home in Savage costs roughly 12.4 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 Savage. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Savage | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,492 | $236,718 | $248,835 |
| Median Household Income | $126,034 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Savage rose about 50.7%, while median household income rose about 33.1% 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 | Savage | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 84.5% | 65.5% | 58.5% |
| Rental Rate | 14.0% | 25.2% | 31.2% |
| Vacancy Rate | 1.5% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Savage has a homeownership rate of 84.5%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 1.5%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Savage | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1995 | 1976 | 1978 |
| Median Number of Rooms | 7.6 | 6.1 | 5.5 |
The typical housing unit in Savage was built around 1995. On average, 2.7 people live in a home with about 7.6 rooms, staying for about 14.0 years on average.
Savage, MN Housing Compared With Nearby Cities
Savage, MN is the smallest of the 4 cities compared here, 32,874 residents against a local median of 64,463. The measure that sets Savage, MN apart most is homeownership: 85.8%, 31% above the local median of 65.7%. That is the better end of the local range on this measure.
Median home price tells the same story from another angle: $262,492 against a local median of $327,839, 20% below it. The cities themselves sit within 9.8% of each other on homeownership, a tighter band than the gap between any of them and Savage, MN, which makes it a genuine outlier here rather than one end of a wide local spread. Savage, MN has the highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Savage, MN | 32,874 | $262,492 #4/4 | $1,765 #1/4 | 85.8% #1/4 |
| Burnsville, MN | 64,463 | $294,941 | $1,513 | 64.6% |
| Bloomington, MN | 88,700 | $345,554 | $1,561 | 65.7% |
| Shakopee, MN | 44,264 | $327,839 | $1,536 | 74.4% |
Frequently Asked Questions
Common questions about the housing market in Savage, Minnesota.
What is the median home price in Savage, Minnesota?
The median home price in Savage, Minnesota is $262,492, higher than the Minnesota average of $236,718.
What is the average home price in Savage, Minnesota?
The typical home price in Savage, Minnesota, reported as the median sale price, is $262,492. 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 Savage, Minnesota?
The median gross rent in Savage, Minnesota is $1,765 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Savage in 2020?
In 2020, the median gross rent in Savage, Minnesota was $1,370 per month.
What is the price-to-rent ratio in Savage, Minnesota?
The price-to-rent ratio in Savage, Minnesota is about 12.4, meaning it would take roughly 12.4 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 Savage.
Are home prices or rent rising faster in Savage, Minnesota?
Both home prices and rent are rising in Savage, up about 41.9% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Savage, Minnesota?
84.5% of households in Savage, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Savage, Minnesota?
The housing vacancy rate in Savage, Minnesota is 1.5%, lower than the Minnesota average of 9.3%.
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