Traverse County, Minnesota Housing Market Prices
Traverse 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 80% below the Minnesota median Cheaper than 92% of counties in Minnesota$47,777
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Median rent 52% below the Minnesota median Among the top 3 cheapest counties in Minnesota$615
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Traverse County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $47,777 | $236,718 | $248,835 |
| Price Trend (Annual %) | 14.2% | 6.6% | 7.5% |
| Median Gross Rent | $615 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 1.8% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Traverse County is about 80% lower than in Minnesota. Rent is about 52% 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 Traverse County, up about 14.2% and 1.8% a year respectively. Home prices are changing faster.
Median rent in Traverse County rose about 16.2% between 2015 and 2024, from $529 to $615. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Traverse County.
Buying the median-priced home in Traverse County costs roughly 6.5 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 Traverse County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Traverse County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $47,777 | $236,718 | $248,835 |
| Median Household Income | $62,029 | $89,852 | $80,455 |
| Price-to-Income Ratio | 0.8 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Traverse County rose about 23.3%, while median household income rose about 47.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Traverse County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.6% | 65.5% | 58.5% |
| Rental Rate | 12.6% | 25.2% | 31.2% |
| Vacancy Rate | 30.9% | 9.3% | 10.2% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Traverse County has a homeownership rate of 56.6%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 30.9%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Traverse County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1967 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Traverse County was built around 1967. On average, 2.4 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 Traverse County, Minnesota.
What is the median home price in Traverse County, Minnesota?
The median home price in Traverse County, Minnesota is $47,777, lower than the Minnesota average of $236,718.
What is the average home price in Traverse County, Minnesota?
The typical home price in Traverse County, Minnesota, reported as the median sale price, is $47,777. 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 Traverse County, Minnesota?
The median gross rent in Traverse County, Minnesota is $615 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Traverse County in 2020?
In 2020, the median gross rent in Traverse County, Minnesota was $563 per month.
What is the price-to-rent ratio in Traverse County, Minnesota?
The price-to-rent ratio in Traverse County, Minnesota is about 6.5, meaning it would take roughly 6.5 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 Traverse County.
Are home prices or rent rising faster in Traverse County, Minnesota?
Both home prices and rent are rising in Traverse County, up about 14.2% and 1.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Traverse County, Minnesota?
56.6% of households in Traverse County, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Traverse County, Minnesota?
The housing vacancy rate in Traverse County, Minnesota is 30.9%, higher than the Minnesota average of 9.3%.
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