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Counties with the lowest home prices in Minnesota

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June 8, 2021
Myotus // Wikimedia Commons

Counties with the lowest home prices in Minnesota

The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The median cost of a home has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs—while good for sellers—are pricing many buyers out of the market entirely.

But all things are not equal when it comes to real estate in the United States.

Credible used 2021 data calculated by the National Association of REALTORS to compile a list of counties with the lowest median home values and monthly mortgage payments in Minnesota. Counties were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.

The National Association of REALTORS calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency’s House Price Index growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all counties where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.

Keep reading to discover which county in Minnesota has the lowest home prices.

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McGhiever // Wikimedia Commons

#30. Wilkin County

- Monthly mortgage payment in 2020: $546 (0.4% less than 2019)
- Monthly mortgage payment in 2019: $548
- Median home value in 2020: $147,600
- Ranked #1,740 out of 3,120 counties nationwide
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Myotus // Wikimedia Commons

#29. Clearwater County

- Monthly mortgage payment in 2020: $535 (0.9% less than 2019)
- Monthly mortgage payment in 2019: $540
- Median home value in 2020: $144,600
- Ranked #1,691 out of 3,120 counties nationwide
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Myotus // Wikimedia Commons

#28. Roseau County

- Monthly mortgage payment in 2020: $518 (5.6% less than 2019)
- Monthly mortgage payment in 2019: $549
- Median home value in 2020: $140,000
- Ranked #1,606 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#27. Wadena County

- Monthly mortgage payment in 2020: $515 (4.6% less than 2019)
- Monthly mortgage payment in 2019: $540
- Median home value in 2020: $139,100
- Ranked #1,588 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#26. Nobles County

- Monthly mortgage payment in 2020: $496 (6.1% less than 2019)
- Monthly mortgage payment in 2019: $528
- Median home value in 2020: $134,000
- Ranked #1,506 out of 3,120 counties nationwide
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Jonathunder // Wikimedia Commons

#25. Jackson County

- Monthly mortgage payment in 2020: $487 (7.1% less than 2019)
- Monthly mortgage payment in 2019: $524
- Median home value in 2020: $131,700
- Ranked #1,465 out of 3,120 counties nationwide
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Darb02 // Wikimedia Commons

#24. Mower County

- Monthly mortgage payment in 2020: $484 (8.0% less than 2019)
- Monthly mortgage payment in 2019: $526
- Median home value in 2020: $130,600
- Ranked #1,447 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#23. Murray County

- Monthly mortgage payment in 2020: $469 (5.1% less than 2019)
- Monthly mortgage payment in 2019: $494
- Median home value in 2020: $126,600
- Ranked #1,368 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#22. Chippewa County

- Monthly mortgage payment in 2020: $467 (6.6% less than 2019)
- Monthly mortgage payment in 2019: $500
- Median home value in 2020: $126,200
- Ranked #1,358 out of 3,120 counties nationwide
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Gobonobo // Wikimedia Commons

#21. Grant County

- Monthly mortgage payment in 2020: $463 (0.4% greater than 2019)
- Monthly mortgage payment in 2019: $461
- Median home value in 2020: $125,100
- Ranked #1,333 out of 3,120 counties nationwide
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Jonathunder // Wikimedia Commons

#20. Martin County

- Monthly mortgage payment in 2020: $462 (7.8% less than 2019)
- Monthly mortgage payment in 2019: $501
- Median home value in 2020: $124,700
- Ranked #1,327 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#19. Marshall County

- Monthly mortgage payment in 2020: $457 (6.2% less than 2019)
- Monthly mortgage payment in 2019: $487
- Median home value in 2020: $123,300
- Ranked #1,294 out of 3,120 counties nationwide
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w:User:Malepheasant // Wikimedia Commons

#18. Red Lake County

- Monthly mortgage payment in 2020: $453 (8.7% less than 2019)
- Monthly mortgage payment in 2019: $496
- Median home value in 2020: $122,300
- Ranked #1,257 out of 3,120 counties nationwide
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Jonathunder // Wikimedia Commons

#17. Freeborn County

- Monthly mortgage payment in 2020: $444 (8.6% less than 2019)
- Monthly mortgage payment in 2019: $486
- Median home value in 2020: $120,000
- Ranked #1,194 out of 3,120 counties nationwide
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w:User:Malepheasant // Wikimedia Commons

#16. Yellow Medicine County

- Monthly mortgage payment in 2020: $429 (3.4% less than 2019)
- Monthly mortgage payment in 2019: $444
- Median home value in 2020: $115,900
- Ranked #1,104 out of 3,120 counties nationwide
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Ed Lombard // Wikimedia Commons

#15. Koochiching County

- Monthly mortgage payment in 2020: $423 (8.8% less than 2019)
- Monthly mortgage payment in 2019: $464
- Median home value in 2020: $114,300
- Ranked #1,065 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#14. Redwood County

- Monthly mortgage payment in 2020: $415 (5.7% less than 2019)
- Monthly mortgage payment in 2019: $440
- Median home value in 2020: $112,000
- Ranked #1,017 out of 3,120 counties nationwide
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Tony Webster // Wikimedia Commons

#13. Renville County

- Monthly mortgage payment in 2020: $415 (7.4% less than 2019)
- Monthly mortgage payment in 2019: $448
- Median home value in 2020: $112,000
- Ranked #1,018 out of 3,120 counties nationwide
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Andrew Filer (afiler) // Wikimedia Commons

#12. Mahnomen County

- Monthly mortgage payment in 2020: $409 (1.2% less than 2019)
- Monthly mortgage payment in 2019: $414
- Median home value in 2020: $110,500
- Ranked #979 out of 3,120 counties nationwide
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Bobak Ha'Eri // Wikimedia Commons

#11. Swift County

- Monthly mortgage payment in 2020: $406 (9.8% less than 2019)
- Monthly mortgage payment in 2019: $450
- Median home value in 2020: $109,700
- Ranked #958 out of 3,120 counties nationwide
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Jonathunder // Wikimedia Commons

#10. Lincoln County

- Monthly mortgage payment in 2020: $402 (2.4% less than 2019)
- Monthly mortgage payment in 2019: $412
- Median home value in 2020: $108,700
- Ranked #933 out of 3,120 counties nationwide
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Mathieu Nicklay // Wikimedia Commons

#9. Norman County

- Monthly mortgage payment in 2020: $393 (3.7% less than 2019)
- Monthly mortgage payment in 2019: $408
- Median home value in 2020: $106,100
- Ranked #853 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#8. Big Stone County

- Monthly mortgage payment in 2020: $382 (10.5% less than 2019)
- Monthly mortgage payment in 2019: $427
- Median home value in 2020: $103,200
- Ranked #783 out of 3,120 counties nationwide
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Jonathunder // Wikimedia Commons

#7. Pipestone County

- Monthly mortgage payment in 2020: $381 (10.6% less than 2019)
- Monthly mortgage payment in 2019: $426
- Median home value in 2020: $102,800
- Ranked #771 out of 3,120 counties nationwide
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Jatakuck // Wikimedia Commons

#6. Watonwan County

- Monthly mortgage payment in 2020: $378 (8.3% less than 2019)
- Monthly mortgage payment in 2019: $412
- Median home value in 2020: $102,100
- Ranked #753 out of 3,120 counties nationwide
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David Daniel // Wikimedia Commons

#5. Cottonwood County

- Monthly mortgage payment in 2020: $368 (7.1% less than 2019)
- Monthly mortgage payment in 2019: $396
- Median home value in 2020: $99,300
- Ranked #682 out of 3,120 counties nationwide
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Jonathunder // Wikimedia Commons

#4. Faribault County

- Monthly mortgage payment in 2020: $349 (9.6% less than 2019)
- Monthly mortgage payment in 2019: $386
- Median home value in 2020: $94,300
- Ranked #577 out of 3,120 counties nationwide
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Jet Lowe // Wikimedia Commons

#3. Lac qui Parle County

- Monthly mortgage payment in 2020: $346 (7.5% less than 2019)
- Monthly mortgage payment in 2019: $374
- Median home value in 2020: $93,400
- Ranked #549 out of 3,120 counties nationwide
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Myotus // Wikimedia Commons

#2. Kittson County

- Monthly mortgage payment in 2020: $329 (1.9% greater than 2019)
- Monthly mortgage payment in 2019: $323
- Median home value in 2020: $88,800
- Ranked #428 out of 3,120 counties nationwide
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McGhiever // Wikimedia Commons

#1. Traverse County

- Monthly mortgage payment in 2020: $318 (11.2% less than 2019)
- Monthly mortgage payment in 2019: $358
- Median home value in 2020: $85,800
- Ranked #348 out of 3,120 counties nationwide
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