Madison Lake Minnesota Area Home Supply Charts

This page looks at a variety of Madison Lake Minnesota housing market data taken from the most recent 2020 American Community Survey census data. Housing units are structures such as a single family home, apartment community, mobile home park, public housing, etc. where a person or family live and live separately from other residents of the building. Figure 1 shows the total number of housing units for each city. Madison Lake shows it has a Housing Units of 470 which is in the middle range of other places in the greater region.

Figure 2 illustrates the housing density in the Madison Lake housing market as measured by housing units per square land mile (includes single family homes, apartments, etc.) Madison Lake depicts it has a Housing Density of 454.0 which is less than most other places in the local area. The city with the highest housing density in the area is Mankato which depicts a density of 963.5 (about twice as large). Comparing housing density to the United States average of 38.9, Madison Lake is substantially bigger. Also, compared with the state of Minnesota, housing density of 30.7, Madison Lake is markedly bigger.

In Figure 4, Madison Lake area change in the number of housing units and is a forward gauge (along with population change) for any potential housing shortage. Madison Lake depicts it has a Housing Unit Change of 9.3% which is less than most other places in the surrounding region. The city with the highest change in the housing units in the area is Eagle Lake which shows a housing units of 19.2% (about twice as large). Comparing change in the housing units to the United States average of 5.7%, Madison Lake is 63.7% larger. Also, benchmarked against the state of Minnesota, change in the housing units of 3.9%, Madison Lake is approximately 2.4 times bigger.

Figure 5 shows the percentage of rental property based on that they are occupied by renters as a percent of the total number of households in the community (including homes, apartments, etc.) Madison Lake indicates it has a Renter Percent of 28.4% which is the third most renter percent of all other places in the greater Madison Lake region. Figure 6 illustrates the total number of housing units that are occupied by owners. it has a Owner Percent of 71.6% which is less than most other places in the metro area.

Madison Lake Minnesota Home Cost Charts

Looking at the housing data provided in Figure 7, the average Madison Lake home price is illustrated for this community and a useful analysis of affordable housing. Madison Lake depicts it has a Median Home Value of $206,600 which is the largest of all places in the greater Madison Lake region. Figure 8 provides aggregate comparative data for the Madison Lake Minnesota metro area in terms of the median housing rental rate, apartment rent, etc. Madison Lake depicts it has a Median Gross Rent of $732 which is in the mid point range of other places in the metro area. The city with the highest rental rates in the area is Eagle Lake which depicts a rental rates of $1,279 (74.7% larger). Comparing rental rates to the United States average of $1,062, Madison Lake is approximately three-fourths the size. Also, measured against the state of Minnesota, rental rates of $977, Madison Lake is approximately three-fourths the size.

Figure 9 provides the frequency distribution of home prices for the area and is useful for understanding affordable housing fund. Madison Lake has the smallest proportion of home price worth between $50,000 to $100,000 at 36% of the total. Second, it has the largest proportion of home price worth between $100,000 to $200,000 at 31% of the total and is ranked #1. Third, it has the largest proportion of home price worth between $300,000 to $400,000 at 9% of the total and is ranked #1.

Median owner costs for the real estate market are shown in Figure 10 and include the costs associated with any mortgage, utility expenses, insurance, and other miscellaneous costs. Madison Lake depicts it has a Median Owner Cost of $1,334 which is the largest of all places in the metropolitan area. Figure 11 shows the median amount of cost as a percent of total household income for people who own homes in the Madison Lake metro area. it has a Owner Cost as % of HH Income of 17% which is the second smallest as measured by cost as a percent of household income of all the other places in the greater region. The next chart, Figure 12, provides a comparison chart of the median home cost as a percent of a median worker take home earnings and is thus a valuable measure of affordable housing. Madison Lake shows it has a Median Home Value as Percent of Median Earnings of 397% which is in the mid range of other places in the metro area.

Figure 14 depicts the median cost of housing for owners with also have a mortgages (versus those who do not have a mortgage because mortgage cost is included.) Madison Lake shows it has a Median Owner Costs-With Mortgage of $1,511 which is the second most of all the places in the local area. Figure 15 is a chart that shows the median housing costs for owners who do not have mortgages (and therefore the cost of home ownership does not include mortgage cost.) it has a Median Owner Costs-Without Mortgage of $447 which is less than most other places in the metro area.

Figure 16 shows the distribution in total housing cost for owners of property (so not renters.) This cost includes mortgages, lines of credit interest, utilities, taxes, insurance, etc. Madison Lake has one of the largest proportions of owner cost less than $300 at 17% of the total and is ranked #3. Only #2 Kasota (19%), and #1 Eagle Lake (19%) are larger. Second, it has the smallest proportion of owner cost between $300 and $500 at 6% of the total. Third, it has the largest proportion of owner cost between $1,000 and $1,500 at 24% of the total and is ranked #1. Also, it has the largest proportion of owner cost between $1,500 and $2,000 at 10% of the total and is ranked #1. In addition, it has the largest proportion of owner cost between $2,000 and $2,500 at 4% of the total and is ranked #1. Furthermore, it has the largest proportion of owner cost between $3,000 and $3,500 at 1% of the total and is ranked #1.

Next shown in Figure 17 is the housing cost as a percent of household income for people who own their homes and have a mortgages (thus the cost of financing the home is included.) Madison Lake depicts it has a % of Income Owner Costs-With Mortgage of 18% which is the smallest in terms of cost as a percent of household income of all the other places in the metro area. The city with the highest cost as a percent of household income in the area is Elysian which depicts a cost as a percent of household income of 24% (33.5% larger). Housing cost as a percent of household income for owners who do not have a mortgage is shown in Figure 18. This analysis can be useful for understanding the affordable housing for home ownership excluding any financing cost in the area shown. Madison Lake depicts it has a % of Income Owner Costs-No Mortgage of 9% which is in the mid point range of other places in the greater region. The city with the highest cost as a percent of household income in the area is Janesville which depicts a cost as a percent of household income of 12% (33.3% larger).

Figure 19 looks at the cost of rent for rental property using the percent of total household income which is a valuable measure of financial health for the area. (The higher the proportion of rent payments to total household income is a sign of greater financial stress. Also, rent can be covered by rent assistance and rent assistance programs in the form of rent assistance.) Madison Lake has the percentage of rent as a percent of income is less than 10 pct the second smallest when sorted by rent as a percent of income is less than 10 pct of all the other places in the area at 16% of the total. Second, it has the largest proportion of rent as a percent of income is between 10pct to 20pct at 48% of the total and is ranked #1. Third, it has less than most other places in the greater region in terms of rent as a percent of income is between 30pct to 40pct at 5% of the total. Also, it has one of the largest proportions of rent as a percent of income is between 40pct to 50pct at 20% of the total and is ranked #3. Only #2 Mankato (26%), and #1 Janesville (28%) are larger.

Figure 20 shows the total housing cost for both home owners and apartment community renters in the area. Madison Lake has the smallest proportion of housing cost between $300 and $500 at 9% of the total. Second, it has the smallest proportion of housing cost between $700 and $1,000 at 18% of the total. Third, it has the largest proportion of housing cost between $1,000 and $1,500 at 21% of the total and is ranked #1. Also, it has the largest proportion of housing cost between $1,500 and $2,000 at 7% of the total and is ranked #1. In addition, it has the largest proportion of housing cost between $2,000 and $2,500 at 3% of the total and is ranked #1.

Figure 21 shows median amount of real estate taxes paid for home owners in the region. it has a Median Real Estate Taxes Paid of $2,295 which is the second most median real estate taxes paid of all the places in the greater Madison Lake region. The city with the highest median real estate taxes paid in the area is Elysian which depicts a taxes paid of $2,365 (only about 3.1% larger). Comparing median real estate taxes paid to the United States average of $2,471, Madison Lake is about 7.7% smaller. Also, measured against the state of Minnesota, median real estate taxes paid of $2,500, Madison Lake is about 8.9% smaller.

Figure 23 shows the rental rate distribution for this area. Madison Lake Minnesota has the percentage of rent between 750 and 1000 dollars less than most other places in the metro area at 6% of the total.

Madison Lake Minnesota Home Financing Charts

The analysis in Figure 25 shows the detailed distribution of owned homes by mortgage status. Madison Lake has the largest proportion of with mortgage at 16% of the total and is ranked #1. Second, it has the largest proportion of 2nd mortgage at 14% of the total and is ranked #1. Third, it has the smallest proportion of no 2nd mortgage and no heloc at 22% of the total.

Figure 26 shows the proportion of houses with a mortgage versus those without a mortgage. Madison Lake has the smallest proportion of houses with mortgages at 22% of the total.

Madison Lake Minnesota Home Characteristics Charts

Figure 28 shows the household size for families living in the area and it has a Family size of 2.9 which is the second smallest as measured by family members per housing unit of all the other places in the greater region. The city with the highest family members per housing unit in the area is Cleveland which depicts a family members per housing unit of 3.5 (22.2% larger). Comparing family members per housing unit to the United States average of 3.3, Madison Lake is about 15.2% smaller. Also, compared to the state of Minnesota, family members per housing unit of 3.1, Madison Lake is about 9.2% smaller.

Figure 29 show the median number of rooms in a typical home for each location in this area. it has a Median Number of Rooms of 5.9 which is the second smallest in terms of average number of rooms in a house of all the other places in the greater region. The city with the highest average number of rooms in a house in the area is Cleveland which depicts an average number of rooms in a house of 6.6 (11.9% larger). Figure 30 shows, for the average house in each location, the median year that a house was built. This can be useful for understanding the relative age of one neighborhood versus another for a real estate investor. it has a Median Year Built of 1988 which is the second most year built of all the places in the greater Madison Lake region. The city with the highest year built in the area is Eagle Lake which indicates a year built of 1994 ( about the same size).

Figure 31 looks at the distribution of housing units by the median age that the homes were built. it has one of the largest proportions of homes built in 2014 or later at 7% of the total and is ranked #2. The only larger city being Eagle Lake with 13%. Second, it has the largest proportion of homes built between 2000 to 2009 at 16% of the total and is ranked #1. Third, it has the largest proportion of homes built between 1990 to 1999 at 20% of the total and is ranked #1. Also, it has the smallest proportion of homes built between 1980 to 1989 at 8% of the total. In addition, it has the smallest proportion of homes built between 1970 to 1979 at 3% of the total. Furthermore, it has less than most other places in the local area when ranked by homes built between 1940 to 1949 at 17% of the total.

Figure 32 shows the difference in the number of housing units based on whether they are occupied by owners versus occupied by renters. has the percentage of owner housing units in the middle range of other places in the metropolitan area at 122 of the total.

Figure 33 shows the difference in the number of housing units based on whether they are occupied by owners or renters. it has the largest proportion of one unit attached at 8% of the total and is ranked #1. Second, it has the largest proportion of 50 or more units at 9% of the total and is ranked #1.

Figure 34 shows the median value of homes broken down by the median year that the homes were built. has the percentage of value of homes built 2014 or later less than most other places in the local area at $210,700 of the total. Second, it has the largest proportion of value of homes built 2010 to 2013 at $258,300 of the total and is ranked #1. Third, it has one of the largest proportions of value of homes built 2000 to 2009 at $196,900 of the total and is ranked #3. Only #2 Kasota ($208,300), and #1 Eagle Lake ($241,700) are larger. Also, it has the largest proportion of value of homes built 1990 to 1999 at $233,300 of the total and is ranked #1. In addition, it has the largest proportion of value of homes built 1980 to 1989 at $179,200 of the total and is ranked #1. Furthermore, it has the largest proportion of value of homes built 1970 to 1979 at $341,700 of the total and is ranked #1. Next it has one of the largest proportions of value of homes built 1940 to 1949 at $120,500 of the total and is ranked #3. Only #2 Mankato ($148,100), and #1 Elysian ($162,500) are larger.

The next two charts show both the average household size of homeowners versus the average household size of renters. Starting with Figure 36 we see the household size of homeowners for Madison Lake residents. it has a Owner-Household Size of 2.5 which is less than most other places in the local area. The city with the highest homeowner household size in the area is Cleveland which shows a homeowner household size of 3.0 (19.0% larger).

Figure 37 shows the household size for renters. Madison Lake depicts it has a Renter-Household Size of 1.6 which is the smallest in terms of renter household size of all the other places in the local area. The city with the highest renter household size in the area is Eagle Lake which shows a renter household sizes of 3.0 (about twice as large). Figure 38 shows the year that people who own homes moved into this region. it has one of the largest proportions of owners moved in 2015 to 2016 at 28% of the total and is ranked #2. The only larger city being Eagle Lake with 32%. Second, it has the largest proportion of owners moved in 2000 to 2009 at 21% of the total and is ranked #1. Third, it has the smallest proportion of owners moved in 1990 to 1999 at 7% of the total. Figure 39 shows the year that people who rent moved into the area. Madison Lake has the percentage of renters moved in 2017 or later the second smallest when ranked by renters moved in 2017 or later of all the other places in the metropolitan area at 14% of the total. Second, it has one of the largest proportions of renters moved in 2015 to 2016 at 46% of the total and is ranked #2. The only larger city being Cleveland with 48%.

Figure 40 compares the median year that home owners moved into their home. it has a Owner Median Year Moved In of 2007 which is the second most of all the places in the greater region. Figure 41 compares the median year that renters moved into their home. Madison Lake depicts it has a Renter Median Year Moved In of 2013 which is less than most other places in the metro area.

Figure 42 shows the frequency distribution of various types of energy sources used for homes in the community. has the percentage of home using bottled, tank, or lp gas the second smallest in terms of homes using natural gas of all the other places in the metro area at 10% of the total.