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 | Swift County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $500,014 | $243,729 | $242,182 |
| Price Trend (Annual %) | 126.7% | 7.9% | 8.2% |
| Median Gross Rent | $899 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Swift County is about 105% higher than in Minnesota. Rent is about 27% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Swift County, up about 126.7% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Swift County rose about 55.3% between 2015 and 2023, from $579 to $899. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 8.1 yearly household incomes in Swift County.
Buying the median-priced home in Swift County costs roughly 46.4 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 Swift County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Swift County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $500,014 | $243,729 | $242,182 |
| Median Household Income | $61,958 | $88,383 | $78,145 |
| Price-to-Income Ratio | 8.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Swift County rose about 1011.2%, while median household income rose about 52.7% 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 | Swift County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.4% | 65.6% | 58.2% |
| Rental Rate | 22.6% | 25.0% | 31.3% |
| Vacancy Rate | 12.0% | 9.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Swift County has a homeownership rate of 65.4%, about the same as the Minnesota average of 65.6%. Its housing vacancy rate is 12.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Swift County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1962 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Swift County was built around 1962. On average, 2.3 people live in a home with about 6.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Swift County, Minnesota.
What is the median home price in Swift County, Minnesota?
The median home price in Swift County, Minnesota is $500,014, higher than the Minnesota average of $243,729.
What is the average home price in Swift 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 Swift County, Minnesota?
The median gross rent in Swift County, Minnesota is $899 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Swift County in 2020?
In 2020, the median gross rent in Swift County, Minnesota was $683 per month.
What is the price-to-rent ratio in Swift County, Minnesota?
The price-to-rent ratio in Swift County, Minnesota is about 46.4, meaning it would take roughly 46.4 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 Swift County.
Are home prices or rent rising faster in Swift County, Minnesota?
Both home prices and rent are rising in Swift County, up about 126.7% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Swift County, Minnesota?
65.4% of households in Swift County, Minnesota own their home, about the same as the Minnesota average.
What is the vacancy rate in Swift County, Minnesota?
The housing vacancy rate in Swift County, Minnesota is 12.0%, higher than the Minnesota average of 9.4%.