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 | Wadena County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $208,333 | $243,729 | $242,182 |
| Price Trend (Annual %) | 2.3% | 7.9% | 8.2% |
| Median Gross Rent | $706 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.4% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wadena County is about 15% lower than in Minnesota. Rent is about 43% 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 Wadena County, up about 2.3% and 2.4% a year respectively. Rent is changing faster.
Median rent in Wadena County rose about 24.1% between 2015 and 2023, from $569 to $706. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Wadena County.
Buying the median-priced home in Wadena County costs roughly 24.6 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 Wadena County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Wadena County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $208,333 | $243,729 | $242,182 |
| Median Household Income | $58,110 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wadena County rose about 31.1%, while median household income rose about 69.9% between 2009 and 2023 — 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 | Wadena County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.1% | 65.6% | 58.2% |
| Rental Rate | 23.2% | 25.0% | 31.3% |
| Vacancy Rate | 15.8% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Wadena County has a homeownership rate of 61.1%, lower than the Minnesota average of 65.6%. Its housing vacancy rate is 15.8%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Wadena County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1975 | 1976 | 1978 |
| Median Number of Rooms | 5.8 | 6.1 | 5.5 |
The typical housing unit in Wadena County was built around 1975. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wadena County, Minnesota.
What is the median home price in Wadena County, Minnesota?
The median home price in Wadena County, Minnesota is $208,333, lower than the Minnesota average of $243,729.
What is the average home price in Wadena 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 Wadena County, Minnesota?
The median gross rent in Wadena County, Minnesota is $706 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Wadena County in 2020?
In 2020, the median gross rent in Wadena County, Minnesota was $657 per month.
What is the price-to-rent ratio in Wadena County, Minnesota?
The price-to-rent ratio in Wadena County, Minnesota is about 24.6, meaning it would take roughly 24.6 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 Wadena County.
Are home prices or rent rising faster in Wadena County, Minnesota?
Both home prices and rent are rising in Wadena County, up about 2.3% and 2.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Wadena County, Minnesota?
61.1% of households in Wadena County, Minnesota own their home, lower than the Minnesota average of 65.6%.
What is the vacancy rate in Wadena County, Minnesota?
The housing vacancy rate in Wadena County, Minnesota is 15.8%, higher than the Minnesota average of 9.4%.