Steele County, Minnesota Housing Market Prices
Steele 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 14% below the Minnesota median$204,296
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Median rent 17% below the Minnesota median More expensive than 81% of counties in Minnesota$1,061
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Steele County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $204,296 | $236,718 | $248,835 |
| Price Trend (Annual %) | 14.1% | 6.6% | 7.5% |
| Median Gross Rent | $1,061 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Steele County is about 14% lower than in Minnesota. Rent is about 17% 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 Steele County, up about 14.1% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Steele County rose about 45.3% between 2015 and 2024, from $730 to $1,061. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Steele County.
Buying the median-priced home in Steele County costs roughly 16.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Steele County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Steele County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $204,296 | $236,718 | $248,835 |
| Median Household Income | $84,760 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.4 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Steele County rose about 177.3%, while median household income rose about 45.8% 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 | Steele County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.1% | 65.5% | 58.5% |
| Rental Rate | 19.5% | 25.2% | 31.2% |
| Vacancy Rate | 5.4% | 9.3% | 10.2% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Steele County has a homeownership rate of 75.1%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 5.4%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Steele County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1974 | 1976 | 1978 |
| Median Number of Rooms | 6.6 | 6.1 | 5.5 |
The typical housing unit in Steele County was built around 1974. On average, 2.4 people live in a home with about 6.6 rooms, staying for about 17.0 years on average.
Steele County, MN Housing Compared With Nearby Counties
Steele County, MN is typical in size for this group, 37,436 residents against a local median of 35,482, so the measures below are close to a like for like comparison. Steele County, MN sits close to the middle of its own neighbourhood. No measure below is more than 15% off the local median, so the choice between these counties turns on things this data does not capture.
The largest of those small differences is median home price, 14% below the local median at $204,296 against $238,172. Steele County, MN has the 3rd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Steele County, MN | 37,436 | $204,296 #3/5 | $1,061 #2/5 | 79.4% #3/5 |
| Rice County, MN | 67,917 | $383,335 | $1,082 | 76.3% |
| Dodge County, MN | 21,046 | $340,475 | $1,020 | 86.6% |
| Freeborn County, MN | 30,623 | $135,869 | $848 | 79.5% |
| Mower County, MN | 40,341 | $103,820 | $926 | 77.6% |
Frequently Asked Questions
Common questions about the housing market in Steele County, Minnesota.
What is the median home price in Steele County, Minnesota?
The median home price in Steele County, Minnesota is $204,296, lower than the Minnesota average of $236,718.
What is the average home price in Steele County, Minnesota?
The typical home price in Steele County, Minnesota, reported as the median sale price, is $204,296. 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 Steele County, Minnesota?
The median gross rent in Steele County, Minnesota is $1,061 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Steele County in 2020?
In 2020, the median gross rent in Steele County, Minnesota was $802 per month.
What is the price-to-rent ratio in Steele County, Minnesota?
The price-to-rent ratio in Steele County, Minnesota is about 16.1, meaning it would take roughly 16.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Steele County.
Are home prices or rent rising faster in Steele County, Minnesota?
Both home prices and rent are rising in Steele County, up about 14.1% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Steele County, Minnesota?
75.1% of households in Steele County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Steele County, Minnesota?
The housing vacancy rate in Steele County, Minnesota is 5.4%, lower than the Minnesota average of 9.3%.
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