Lake County, Minnesota Housing Market
In Lake County, Minnesota, the median home value is $241,300, with a median monthly rent of $1,093. This places Lake County at #966 nationally out of 3134 counties by median home value, and #39 within Minnesota.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,061
- Establishments: 345
- BLS QCEW, 2025
Housing Supply
- Single-family: 83
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 4,790 (avg $73,924)
- Outflow: 4,485 (avg $74,319)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 3 active ZIP codes in Lake County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 55614 | 325.0 | +11.93% | 2025 |
| 2 | 55731 | 263.5 | +1.96% | 2025 |
| 3 | 55616 | 268.9 | +4.69% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Lake County Compares
| Metric | Lake County | Minnesota Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $241,300 | $238,335 | $227,706 |
| Median Gross Rent | $1,093 | $938 | $968 |
| Owner Occupancy Rate | 83.5% | 77.9% | 73.3% |
| Price/Rent Ratio | 18.4 | 21.1 | 18.7 |
Market Analysis
The median home value in Lake County is 1.2% above the Minnesota state average and 6.0% above the U.S. national average. The median rent of $1,093/month is 16.5% above the state average.
With a price-to-rent ratio of 18.4, the buy-vs-rent decision in Lake County is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Lake County has an owner-occupancy rate of 83.5%, compared to 77.9% in Minnesota and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Seward County | Nebraska | $241,300 | $980 |
| Charles City County | Virginia | $241,400 | $1,099 |
| Caribou County | Idaho | $241,500 | $847 |
| Alamance County | North Carolina | $241,500 | $1,064 |
| Rains County | Texas | $241,100 | $989 |
Other Counties in Minnesota
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Kandiyohi County | $243,200 | $909 | 72.5% |
| Pine County | $239,300 | $877 | 81.6% |
| Houston County | $239,000 | $879 | 83.4% |
| Beltrami County | $237,500 | $1,053 | 70.1% |
| Carlton County | $245,100 | $1,009 | 80.0% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).