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 | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $78,749 | $243,729 | $242,182 |
| Price Trend (Annual %) | 15.6% | 7.9% | 8.2% |
| Median Gross Rent | $807 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Watonwan County is about 68% lower than in Minnesota. Rent is about 35% 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 Watonwan County, up about 15.6% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Watonwan County rose about 42.6% between 2015 and 2023, from $566 to $807. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Watonwan County.
Buying the median-priced home in Watonwan County costs roughly 8.1 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 Watonwan County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $78,749 | $243,729 | $242,182 |
| Median Household Income | $72,066 | $88,383 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Watonwan County fell about 49.5%, while median household income rose about 68.0% 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 | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.8% | 65.6% | 58.2% |
| Rental Rate | 19.2% | 25.0% | 31.3% |
| Vacancy Rate | 12.0% | 9.4% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Watonwan County has a homeownership rate of 68.8%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 12.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Watonwan County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1961 | 1976 | 1978 |
| Median Number of Rooms | 6.3 | 6.1 | 5.5 |
The typical housing unit in Watonwan County was built around 1961. On average, 2.5 people live in a home with about 6.3 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Watonwan County, Minnesota.
What is the median home price in Watonwan County, Minnesota?
The median home price in Watonwan County, Minnesota is $78,749, lower than the Minnesota average of $243,729.
What is the average home price in Watonwan 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 Watonwan County, Minnesota?
The median gross rent in Watonwan County, Minnesota is $807 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Watonwan County in 2020?
In 2020, the median gross rent in Watonwan County, Minnesota was $633 per month.
What is the price-to-rent ratio in Watonwan County, Minnesota?
The price-to-rent ratio in Watonwan County, Minnesota is about 8.1, meaning it would take roughly 8.1 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 Watonwan County.
Are home prices or rent rising faster in Watonwan County, Minnesota?
Both home prices and rent are rising in Watonwan County, up about 15.6% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Watonwan County, Minnesota?
68.8% of households in Watonwan County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Watonwan County, Minnesota?
The housing vacancy rate in Watonwan County, Minnesota is 12.0%, higher than the Minnesota average of 9.4%.