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 | Yellow Medicine County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $222,857 | $243,729 | $242,182 |
| Price Trend (Annual %) | 21.0% | 7.9% | 8.2% |
| Median Gross Rent | $688 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Yellow Medicine County is about 9% lower than in Minnesota. Rent is about 44% 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 Yellow Medicine County, up about 21.0% and 2.9% a year respectively. Home prices are changing faster.
Median rent in Yellow Medicine County rose about 19.1% between 2015 and 2023, from $577 to $688. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Yellow Medicine County.
Buying the median-priced home in Yellow Medicine County costs roughly 27.0 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 Yellow Medicine County. The price-to-rent ratio in Minnesota is about 16.5.
| Metric | Yellow Medicine County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $222,857 | $243,729 | $242,182 |
| Median Household Income | $72,334 | $88,383 | $78,145 |
| Price-to-Income Ratio | 3.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Yellow Medicine County rose about 73.9%, while median household income rose about 56.3% 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 | Yellow Medicine County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.6% | 65.6% | 58.2% |
| Rental Rate | 13.9% | 25.0% | 31.3% |
| Vacancy Rate | 11.5% | 9.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Yellow Medicine County has a homeownership rate of 74.6%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 11.5%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Yellow Medicine County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1956 | 1976 | 1978 |
| Median Number of Rooms | 6.9 | 6.1 | 5.5 |
The typical housing unit in Yellow Medicine County was built around 1956. On average, 2.3 people live in a home with about 6.9 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Yellow Medicine County, Minnesota.
What is the median home price in Yellow Medicine County, Minnesota?
The median home price in Yellow Medicine County, Minnesota is $222,857, lower than the Minnesota average of $243,729.
What is the average home price in Yellow Medicine 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 Yellow Medicine County, Minnesota?
The median gross rent in Yellow Medicine County, Minnesota is $688 per month, lower than the Minnesota average of $1,234.
What was the median gross rent in Yellow Medicine County in 2020?
In 2020, the median gross rent in Yellow Medicine County, Minnesota was $602 per month.
What is the price-to-rent ratio in Yellow Medicine County, Minnesota?
The price-to-rent ratio in Yellow Medicine County, Minnesota is about 27.0, meaning it would take roughly 27.0 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 Yellow Medicine County.
Are home prices or rent rising faster in Yellow Medicine County, Minnesota?
Both home prices and rent are rising in Yellow Medicine County, up about 21.0% and 2.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Yellow Medicine County, Minnesota?
74.6% of households in Yellow Medicine County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Yellow Medicine County, Minnesota?
The housing vacancy rate in Yellow Medicine County, Minnesota is 11.5%, higher than the Minnesota average of 9.4%.