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 2022 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 661 which is in the center range of other places in the local area.

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 shows it has a Housing Density of 638.6 which is the third most housing densities of all other places in the greater Madison Lake region. The city with the highest housing density in the area is Mankato which depicts a density of 1014.9 (58.9% larger). Comparing housing density to the United States average of 39.5, Madison Lake is substantially bigger. Also, in contrast to the state of Minnesota, housing density of 31.1, Madison Lake is considerably bigger.

In Figure 3, 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 shows it has a Housing Unit Change of 53.7% which is more than all other places in the greater Madison Lake region. Comparing change in the housing units to the United States average of 7.4%, Madison Lake is considerably bigger. Also, benchmarked against the state of Minnesota, change in the housing units of 5.3%, Madison Lake is very much bigger.

Figure 4 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 depicts it has a Renter Percent of 25.6% which is in the mid range of other places in the local area. Figure 5 illustrates the total number of housing units that are occupied by owners. it has a Owner Percent of 74.4% which is in the mid point range of other places in the metro area.

Madison Lake Minnesota Home Cost Charts

Figure 7 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 $748 which is the second smallest in terms of rental rates of all the other places in the local area. The city with the highest rental rates in the area is Eagle Lake which depicts a rental rates of $1,217 (62.7% larger). Comparing rental rates to the United States average of $1,163, Madison Lake is approximately three-fourths the size. Also, in contrast to the state of Minnesota, rental rates of $1,081, Madison Lake is approximately three-fourths the size.

Median owner costs for the real estate market are shown in Figure 8 and include the costs associated with any mortgage, utility expenses, insurance, and other miscellaneous costs. Madison Lake shows it has a Median Owner Cost of $1,421 which is more than all other places in the greater Madison Lake region. Figure 9 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 less than most other places in the metro area. The next chart, Figure 10, 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 depicts it has a Median Home Value as Percent of Median Earnings of 362% which is in the middle range of other places in the greater region.

Next shown in Figure 11 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 shows it has a % of Income Owner Costs-With Mortgage of 18% which is the smallest in order 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 23% (24.0% larger). Housing cost as a percent of household income for owners who do not have a mortgage is shown in Figure 12. 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 less than most other places in the surrounding region. 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 13% (42.2% larger).

Figure 13 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 less than most other places in the surrounding region at 17% of the total. Second, it has the largest proportion of rent as a percent of income is between 10pct to 20pct at 61% of the total and is ranked #1. Third, it has the smallest proportion of rent as a percent of income is between 20pct to 30pct at 3% of the total. Also, it has less than most other places in the local area in terms of rent as a percent of income is between 40pct to 50pct at 10% of the total.

Figure 14 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 $700 and $1,000 at 13% of the total. Second, it has the largest proportion of housing cost between $1,000 and $1,500 at 30% of the total and is ranked #1. Third, it has the largest proportion of housing cost between $1,500 and $2,000 at 10% of the total and is ranked #1. Also, it has the largest proportion of housing cost between $2,000 and $2,500 at 2% of the total and is ranked #1.

Figure 15 shows median amount of real estate taxes paid for home owners in the region. it has a Median Real Estate Taxes Paid of $2,615 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 shows a taxes paid of $2,782 (6.4% larger). Comparing median real estate taxes paid to the United States average of $2,690, Madison Lake is only about 2.9% smaller. Also, versus the state of Minnesota, median real estate taxes paid of $2,767, Madison Lake is about 5.8% smaller.

Figure 16 shows the percentage of renters who pay for utilities in Madison Lake Minnesota. This is calculated as the percent of renters who pay separately for utilities versus the people who have utilities included as part of amenities. Madison Lake has the smallest proportion of pay extra for utilities at 2% of the total.

Madison Lake Minnesota Home Financing Charts

Figure 17 shows the proportion of houses with a mortgage versus those without a mortgage. Madison Lake has the smallest proportion of houses with mortgages at 28% of the total.

Madison Lake Minnesota Home Characteristics Charts

Figure 19 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 1979 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 depicts a year built of 1993 ( about the same size).

Figure 20 looks at the distribution of housing units by the median age that the homes were built. it has the largest proportion of homes built between 1990 to 1999 at 14% of the total and is ranked #1. Second, it has the smallest proportion of homes built between 1980 to 1989 at 7% of the total. Third, it has the largest proportion of homes built between 1950 to 1959 at 13% of the total and is ranked #1. Figure 21 shows the year that people who own homes moved into this region. it has the largest proportion of owners moved in 2000 to 2009 at 17% of the total and is ranked #1. Second, it has the smallest proportion of owners moved in 1990 to 1999 at 7% of the total. Figure 22 shows the year that people who rent moved into the area. Madison Lake has one of the largest proportions of renters moved in 2019 or later at 62% of the total and is ranked #2. The only larger city being Cleveland with 73%.