The Cheapest and Most Expensive Housing Markets in Minnesota

Housing

Published: April 30, 2024 12:50 pm

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Minnesota cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Minnesota is worth $286,800. But across the 43 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $140,000 to over $600,000.

In any local market, home prices are often a reflection of what residents can afford. In Minnesota, many of the least expensive cities for homebuyers are not high-income areas. Of the 43 places in Minnesota with available data from the ACS, 13 have a median home value that is less than the statewide median. In all but two of these places, the typical household earns less than the statewide median household income of $84,313. Similarly, most of Minnesota’s more expensive housing markets have higher earning populations.

Why It Matters

Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Minnesota.

43. Austin

Austin, Minnesota | Austin is a small town in Southeastern Minnesota off I-90

Median home value: $139,100
Homes worth over $1 million: 0.4%
Homeownership rate: 68.3%
Median household income: $61,667
Total population: 26,156

42. Winona

Median home value: $176,600
Homes worth over $1 million: 0.7%
Homeownership rate: 57.8%
Median household income: $52,500
Total population: 26,083

41. St. Cloud

Median home value: $189,600
Homes worth over $1 million: 0.6%
Homeownership rate: 48.2%
Median household income: $58,910
Total population: 68,910

40. Duluth

Median home value: $209,800
Homes worth over $1 million: 0.9%
Homeownership rate: 60.6%
Median household income: $63,545
Total population: 86,772

39. Owatonna

Median home value: $216,700
Homes worth over $1 million: 0.1%
Homeownership rate: 73.7%
Median household income: $78,295
Total population: 26,400

38. Moorhead

Moorhead, Minnesota | Aerial View of Downtown Moorhead, Minnesota at Dusk

Median home value: $234,300
Homes worth over $1 million: 0.9%
Homeownership rate: 57.8%
Median household income: $68,680
Total population: 44,443

37. Mankato

Mankato, Minnesota | Mankato is a Small City in South Western Minnesota with a University

Median home value: $236,200
Homes worth over $1 million: 1.0%
Homeownership rate: 49.6%
Median household income: $61,726
Total population: 44,444

36. Brooklyn Center

Brooklyn Center, Minnesota | Aerial View of the Suburb of Brooklyn Center, Minnesota

Median home value: $240,800
Homes worth over $1 million: 1.0%
Homeownership rate: 61.0%
Median household income: $70,692
Total population: 33,109

35. Fridley

Fridley, Minnesota | Mississippi River Fall Colors at Riverview Heights Park in Fridley Minnesota

Median home value: $257,100
Homes worth over $1 million: 0.4%
Homeownership rate: 60.9%
Median household income: $76,592
Total population: 29,731

34. St. Paul

St. Paul, Minnesota | St. Paul, Minnesota Skyline

Median home value: $264,900
Homes worth over $1 million: 1.7%
Homeownership rate: 53.0%
Median household income: $69,919
Total population: 308,806

33. Coon Rapids

Median home value: $268,500
Homes worth over $1 million: 0.1%
Homeownership rate: 74.8%
Median household income: $85,445
Total population: 63,296

32. Rochester

Median home value: $268,800
Homes worth over $1 million: 0.9%
Homeownership rate: 65.5%
Median household income: $83,973
Total population: 120,848

31. Maplewood

Maplewood, Minnesota | Aerial View of the Twin Cities Suburb of Maplewood, Minnesota

Median home value: $282,000
Homes worth over $1 million: 0.4%
Homeownership rate: 72.1%
Median household income: $86,769
Total population: 41,405

30. Oakdale

Oakdale, Minnesota | A fall November sunset over the I-94 interchange with the I-494 I-694 beltway in Oakdale, Minnesota a suburb or Minneapolis St. Paul

Median home value: $288,700
Homes worth over $1 million: 1.1%
Homeownership rate: 77.2%
Median household income: $86,003
Total population: 28,029

29. Brooklyn Park

Brooklyn Park, Minnesota | Aerial view of the Twin Cities Suburb of Brooklyn Park in Minnesota

Median home value: $289,400
Homes worth over $1 million: 0.4%
Homeownership rate: 69.2%
Median household income: $82,271
Total population: 84,951

28. Richfield

Median home value: $294,000
Homes worth over $1 million: 0.5%
Homeownership rate: 61.7%
Median household income: $80,712
Total population: 36,809

27. Blaine

Median home value: $303,800
Homes worth over $1 million: 0.5%
Homeownership rate: 85.3%
Median household income: $100,659
Total population: 70,047

26. Elk River

Elk River, Minnesota | Downtown Elk River, Minnesota

Median home value: $305,700
Homes worth over $1 million: 0.8%
Homeownership rate: 78.5%
Median household income: $95,597
Total population: 25,936

25. Burnsville

Burnsville, Minnesota | Aerial View of the Twin Cities Suburb of Burnsville, Minnesota

Median home value: $315,700
Homes worth over $1 million: 0.6%
Homeownership rate: 68.2%
Median household income: $85,801
Total population: 64,075

24. Roseville

Median home value: $318,400
Homes worth over $1 million: 1.6%
Homeownership rate: 69.1%
Median household income: $87,702
Total population: 36,066

23. Bloomington

Bloomington, Minnesota | Blue Hour over Bloomington, Minnesota

Median home value: $327,100
Homes worth over $1 million: 0.8%
Homeownership rate: 67.0%
Median household income: $87,381
Total population: 89,244

22. Minneapolis

Median home value: $328,700
Homes worth over $1 million: 3.6%
Homeownership rate: 48.1%
Median household income: $76,332
Total population: 426,877

21. Apple Valley

Median home value: $333,300
Homes worth over $1 million: 0.4%
Homeownership rate: 75.6%
Median household income: $97,588
Total population: 55,594

20. Ramsey

Median home value: $334,200
Homes worth over $1 million: 0.7%
Homeownership rate: 84.8%
Median household income: $110,212
Total population: 27,774

19. Cottage Grove

Median home value: $337,000
Homes worth over $1 million: 0.8%
Homeownership rate: 88.1%
Median household income: $117,673
Total population: 39,274

18. Inver Grove Heights

Inver Grove Heights, Minnesota | Public Library in Inver Grove Heights Minnesota

Median home value: $337,200
Homes worth over $1 million: 0.5%
Homeownership rate: 73.7%
Median household income: $98,719
Total population: 35,673

17. Shakopee

Shakopee, Minnesota | Shakopee in Minnesota

Median home value: $348,300
Homes worth over $1 million: 1.2%
Homeownership rate: 73.1%
Median household income: $103,924
Total population: 44,135

16. Shoreview

Median home value: $349,300
Homes worth over $1 million: 1.2%
Homeownership rate: 83.4%
Median household income: $106,153
Total population: 26,846

15. St. Louis Park

Median home value: $357,900
Homes worth over $1 million: 1.5%
Homeownership rate: 58.7%
Median household income: $94,263
Total population: 49,500

14. Chaska

Chaska, Minnesota | Aerial view of the Suburb of Chaska on the Minnesota River

Median home value: $359,700
Homes worth over $1 million: 0.7%
Homeownership rate: 70.0%
Median household income: $99,988
Total population: 27,764

13. Eagan

Median home value: $362,200
Homes worth over $1 million: 0.5%
Homeownership rate: 70.3%
Median household income: $104,101
Total population: 68,262

12. Andover

For Sale Real Estate Sign in Front of New House.

Median home value: $370,200
Homes worth over $1 million: 1.1%
Homeownership rate: 93.7%
Median household income: $123,054
Total population: 32,639

11. Savage

Savage, Minnesota | Aerial view of the Twin Cities Outer Suburb of Savage under a blue sky with clouds in Minnesota

Median home value: $377,600
Homes worth over $1 million: 1.9%
Homeownership rate: 85.7%
Median household income: $123,069
Total population: 32,441

10. Rosemount

Median home value: $378,500
Homes worth over $1 million: 1.0%
Homeownership rate: 86.7%
Median household income: $127,252
Total population: 25,993

9. Maple Grove

Walking on Frozen Eagle lake Maple Grove Minnesota

Median home value: $379,800
Homes worth over $1 million: 1.2%
Homeownership rate: 83.6%
Median household income: $127,001
Total population: 70,110

8. Lakeville

Lakeville, Minnesota | Aerial view of the Twin Cities Suburb of Lakeville with illuminated lights at night in Minnesota

Median home value: $395,900
Homes worth over $1 million: 1.2%
Homeownership rate: 87.4%
Median household income: $129,069
Total population: 70,696

7. Prior Lake

Prior Lake, Minnesota | Aerial view of the Twin Cities Suburb of Prior Lake under a clear sky in Minnesota

Median home value: $400,500
Homes worth over $1 million: 6.2%
Homeownership rate: 86.2%
Median household income: $129,539
Total population: 27,608

6. Woodbury

Median home value: $409,900
Homes worth over $1 million: 0.9%
Homeownership rate: 80.0%
Median household income: $125,097
Total population: 75,549

5. Minnetonka

Median home value: $430,800
Homes worth over $1 million: 4.6%
Homeownership rate: 72.2%
Median household income: $114,867
Total population: 53,529

4. Eden Prairie

Median home value: $442,200
Homes worth over $1 million: 4.7%
Homeownership rate: 76.3%
Median household income: $129,345
Total population: 63,623

3. Plymouth

Median home value: $447,600
Homes worth over $1 million: 1.4%
Homeownership rate: 74.6%
Median household income: $130,131
Total population: 79,918

2. Chanhassen

Median home value: $488,000
Homes worth over $1 million: 8.2%
Homeownership rate: 86.6%
Median household income: $131,633
Total population: 25,868

1. Edina

Median home value: $601,700
Homes worth over $1 million: 17.5%
Homeownership rate: 70.9%
Median household income: $125,506
Total population: 53,037

Rank	Places in Minnesota with at least 25,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Edina	601,700	70.9	125,506	53,037
2	Chanhassen	488,000	86.6	131,633	25,868
3	Plymouth	447,600	74.6	130,131	79,918
4	Eden Prairie	442,200	76.3	129,345	63,623
5	Minnetonka	430,800	72.2	114,867	53,529
6	Woodbury	409,900	80.0	125,097	75,549
7	Prior Lake	400,500	86.2	129,539	27,608
8	Lakeville	395,900	87.4	129,069	70,696
9	Maple Grove	379,800	83.6	127,001	70,110
10	Rosemount	378,500	86.7	127,252	25,993
11	Savage	377,600	85.7	123,069	32,441
12	Andover	370,200	93.7	123,054	32,639
13	Eagan	362,200	70.3	104,101	68,262
14	Chaska	359,700	70.0	99,988	27,764
15	St. Louis Park	357,900	58.7	94,263	49,500
16	Shoreview	349,300	83.4	106,153	26,846
17	Shakopee	348,300	73.1	103,924	44,135
18	Inver Grove Heights	337,200	73.7	98,719	35,673
19	Cottage Grove	337,000	88.1	117,673	39,274
20	Ramsey	334,200	84.8	110,212	27,774
21	Apple Valley	333,300	75.6	97,588	55,594
22	Minneapolis	328,700	48.1	76,332	426,877
23	Bloomington	327,100	67.0	87,381	89,244
24	Roseville	318,400	69.1	87,702	36,066
25	Burnsville	315,700	68.2	85,801	64,075
26	Elk River	305,700	78.5	95,597	25,936
27	Blaine	303,800	85.3	100,659	70,047
28	Richfield	294,000	61.7	80,712	36,809
29	Brooklyn Park	289,400	69.2	82,271	84,951
30	Oakdale	288,700	77.2	86,003	28,029
31	Maplewood	282,000	72.1	86,769	41,405
32	Rochester	268,800	65.5	83,973	120,848
33	Coon Rapids	268,500	74.8	85,445	63,296
34	St. Paul	264,900	53.0	69,919	308,806
35	Fridley	257,100	60.9	76,592	29,731
36	Brooklyn Center	240,800	61.0	70,692	33,109
37	Mankato	236,200	49.6	61,726	44,444
38	Moorhead	234,300	57.8	68,680	44,443
39	Owatonna	216,700	73.7	78,295	26,400
40	Duluth	209,800	60.6	63,545	86,772
41	St. Cloud	189,600	48.2	58,910	68,910
42	Winona	176,600	57.8	52,500	26,083
43	Austin	139,100	68.3	61,667	26,156

Read more: Housing, acs, census bureau, cheapest city to buy a home in Minnesota, cheapest place to own a home in Minnesota, home prices in Minnesota, median home value, most affordable housing market in Minnesota, most and least expensive Minnesota cities, most expensive place to buy a home in Minnesota

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