What is the homeownership rate in Minnesota?
Data updated July 26, 2024
About 74% in 2023. This means about 3 in 4 households owned their home while the remainder rented.
Showing data for
In 2023,
74%
of Minnesota households owned their home
In 2023,
3 in 4
Minnesota households owned their home
According to the Census Bureau, understanding homeownership rates can help determine if people’s needs are met by available housing and can inform policy and funding decisions. The Minnesota homeownership rate in 2023 was 8.1 percentage points higher than the US homeownership rate overall.
Minnesota's homeownership rate in 2023 was 8.1 percentage points higher than the US.
During the housing bubble of the mid-2000s, homeownership rates rose to a peak of 69% in 2004. When the housing bubble popped in 2007 and the Great Recession started, foreclosures increased and there was a shift from owning to renting: the homeownership rate declined through 2016, when it bottomed out at 63.4%. It then began to increase.
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Homeownership rates don’t just shift over time — they also vary across places for many reasons, including economic conditions and demographic characteristics.
Across metro areas, the average homeownership rate was 67.2% in 2022.
In 2022, the average homeownership rate across metro areas was 67.2%. The metro areas with the highest and lowest homeownership rates were The Villages, Florida, at 89% (highest) and Los Angeles at 47.9% (lowest). In Minnesota, the rate was highest in Rochester, Minnesota, (73.9%) and lowest in Mankato, Minnesota (63.0%).
Homeownership rate, Minnesota metro areas (2022)
| 1. | Rochester, MN Rochester, MN Metro Area | 73.9% |
| 2. | Duluth, MN Duluth, MN-WI Metro Area | 72.7% |
| 3. | Minneapolis, MN Minneapolis-St. Paul-Bloomington, MN-WI Metro Area | 70.5% |
| 4. | St. Cloud, MN St. Cloud, MN Metro Area | 68.3% |
| 5. | Mankato, MN Mankato, MN Metro Area | 63.0% |
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
United States Census Bureau
Housing Vacancies and Homeownership and American Community Survey (ACS)
