Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Stevens County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $307,143 | $243,729 | $242,182 |
| Price Trend (Annual %) | 19.3% | 7.9% | 8.2% |
| Median Gross Rent | $833 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Stevens County is about 26% higher than in Minnesota. Rent is about 33% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2020
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Stevens County, up about 19.3% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Stevens County rose about 42.2% between 2015 and 2023, from $586 to $833. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Stevens County.
Buying the median-priced home in Stevens County costs roughly 30.7 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 Stevens County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Stevens County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $307,143 | $243,729 | $242,182 |
| Median Household Income | $72,441 | $88,383 | $78,145 |
| Price-to-Income Ratio | 4.2 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2020, the median home price in Stevens County rose about 124.2%, while median household income rose about 60.7% between 2009 and 2023 — 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 | Stevens County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.9% | 65.6% | 58.2% |
| Rental Rate | 30.4% | 25.0% | 31.3% |
| Vacancy Rate | 8.7% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Stevens County has a homeownership rate of 60.9%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 8.7%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Stevens County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1966 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Stevens County was built around 1966. On average, 2.4 people live in a home with about 6.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Stevens County, Minnesota.
What is the median home price in Stevens County, Minnesota?
The median home price in Stevens County, Minnesota is $307,143, higher than the Minnesota average of $243,729.
What is the average home price in Stevens County, Minnesota?
The typical home price in %s, reported as the median sale price, is %s. 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 Stevens County, Minnesota?
The median gross rent in Stevens County, Minnesota is $833 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Stevens County in 2020?
In 2020, the median gross rent in Stevens County, Minnesota was $724 per month.
What is the price-to-rent ratio in Stevens County, Minnesota?
The price-to-rent ratio in Stevens County, Minnesota is about 30.7, meaning it would take roughly 30.7 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 Stevens County.
Are home prices or rent rising faster in Stevens County, Minnesota?
Both home prices and rent are rising in Stevens County, up about 19.3% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Stevens County, Minnesota?
60.9% of households in Stevens County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Stevens County, Minnesota?
The housing vacancy rate in Stevens County, Minnesota is 8.7%, lower than the Minnesota average of 9.4%.