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 | Wright County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $371,738 | $243,729 | $242,182 |
| Price Trend (Annual %) | 11.7% | 7.9% | 8.2% |
| Median Gross Rent | $1,245 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wright County is about 53% higher than in Minnesota. Rent is about 1% higher 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 Wright County, up about 11.7% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Wright County rose about 38.7% between 2015 and 2023, from $898 to $1,245. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Wright County.
Buying the median-priced home in Wright County costs roughly 24.9 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 Wright County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Wright County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $371,738 | $243,729 | $242,182 |
| Median Household Income | $105,464 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wright County rose about 180.7%, while median household income rose about 56.4% 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 | Wright County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.2% | 65.6% | 58.2% |
| Rental Rate | 14.8% | 25.0% | 31.3% |
| Vacancy Rate | 6.0% | 9.4% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Wright County has a homeownership rate of 79.2%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 6.0%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Wright County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.73 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1991 | 1976 | 1978 |
| Median Number of Rooms | 6.7 | 6.1 | 5.5 |
The typical housing unit in Wright County was built around 1991. On average, 2.7 people live in a home with about 6.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wright County, Minnesota.
What is the median home price in Wright County, Minnesota?
The median home price in Wright County, Minnesota is $371,738, higher than the Minnesota average of $243,729.
What is the average home price in Wright 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 Wright County, Minnesota?
The median gross rent in Wright County, Minnesota is $1,245 per month, higher than the Minnesota average of $1,234.
What was the median gross rent in Wright County in 2020?
In 2020, the median gross rent in Wright County, Minnesota was $987 per month.
What is the price-to-rent ratio in Wright County, Minnesota?
The price-to-rent ratio in Wright County, Minnesota is about 24.9, meaning it would take roughly 24.9 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 Wright County.
Are home prices or rent rising faster in Wright County, Minnesota?
Both home prices and rent are rising in Wright County, up about 11.7% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wright County, Minnesota?
79.2% of households in Wright County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Wright County, Minnesota?
The housing vacancy rate in Wright County, Minnesota is 6.0%, lower than the Minnesota average of 9.4%.