Historical data
Pick an indicator to see its long-run evolution.
Median home value
1990–2024Census / Zillow ZHVI, nominal dollars.
Home Prices
Home prices in Minnesota have risen steadily but less sharply than coastal or Mountain West states, roughly doubling since 2012.
FHFA House Price Index
1975–2025FHFA all-transactions index, annual average of quarters. Source: FHFA via FRED (MNSTHPI).
| Indicator | Minnesota | U.S. |
|---|---|---|
| 10-yr appreciation (%) | 70 | 75 |
Median Home Value
Minnesota's median home value is about $309,000, moderate relative to coastal states, with steady growth in the Twin Cities metro.
Median value of owner-occupied homes
2008–2024Census American Community Survey 1-year estimates, B25077 (2020 not released).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Median home value (USD) | 309000 | 360000 |
Rent Prices
The median monthly rent in Minnesota is about $1,180, below the national median, reflecting relatively affordable Twin Cities suburbs.
Rent of primary residence index (Minneapolis–St. Paul–Bloomington)
2018–2025BLS CPI-U, Minneapolis–St. Paul–Bloomington, annual average (CUURS24ASEHA).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Median rent (USD/mo) | 1180 | 1350 |
Housing Inventory
Minnesota has about 2.47 million total housing units, with steady construction across the Twin Cities suburbs.
Total housing units
2008–2024Census American Community Survey 1-year estimates, B25001 (2020 not released).
Vacant housing units
2008–2024Census American Community Survey 1-year estimates, B25002 (2020 not released).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Housing units (millions) | 2.47 | 146 |
Building Permits
Minnesota issued roughly 24,000 residential building permits in 2023, concentrated in Twin Cities suburban counties.
New private housing units authorized
1988–2025Census Building Permits Survey, sum of 12 months (FRED MNBPPRIV).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Permits per 1,000 residents | 4.2 | 4.4 |
Homeownership Rate
Minnesota's homeownership rate is 72.0%, above the national average, reflecting relatively affordable housing outside the Twin Cities core.
Homeownership rate (CPS/HVS)
1984–2025Census Housing Vacancy Survey, annual (FRED MNHOWN).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Homeownership rate (%) | 72 | 65.7 |
Housing Affordability
Housing affordability in Minnesota remains better than the national average, with a median home value of $309,000 against a median household income of $84,313.
Housing price level vs U.S. (RPP rents)
2008–2024BEA Regional Price Parities, housing services (SARPP line 3).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Housing price level vs U.S. (RPP rents)2024, BEA Regional Price Parities | 91.3 | 100 |
| Price-to-income ratio | 3.7 | 5 |
Vacancy Rate
Minnesota's housing vacancy rate is about 5.9%, below the national average, reflecting a relatively tight rental market statewide.
Rental vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED MNRVAC).
Homeowner vacancy rate
1986–2025Census Housing Vacancy Survey, annual (FRED MNHVAC).
| Indicator | Minnesota | U.S. |
|---|---|---|
| Vacancy rate (%) | 5.9 | 10.5 |