Pequot Lakes Minnesota Area Home Supply Charts

This page looks at a variety of Pequot Lakes 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. Pequot Lakes shows it has a Housing Units of 1,344 which is in the mid point range of other places in the greater region.

Figure 2 illustrates the housing density in the Pequot Lakes housing market as measured by housing units per square land mile (includes single family homes, apartments, etc.) Pequot Lakes depicts it has a Housing Density of 82.3 which is less than most other places in the local area. The city with the highest housing density in the area is Pine River which depicts a density of 393.5 (approximately 4.8 times bigger). Comparing housing density to the United States average of 39.5, Pequot Lakes is about twice as large. Also, versus the state of Minnesota, housing density of 31.1, Pequot Lakes is approximately 2.7 times bigger.

In Figure 4, Pequot Lakes area change in the number of housing units and is a forward gauge (along with population change) for any potential housing shortage. Pequot Lakes shows it has a Housing Unit Change of -3.4% which is less than most other places in the greater region. The city with the highest change in the housing units in the area is Crosslake which shows a housing units of 4.8% (38.8% larger). Comparing change in the housing units to the United States average of 7.4%, Pequot Lakes is about the same size. Also, measured against the state of Minnesota, change in the housing units of 5.3%, Pequot Lakes is about the same size.

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.) Pequot Lakes depicts it has a Renter Percent of 32.4% which is the second most renter percent of all the places in the greater Pequot Lakes region. Figure 6 illustrates the total number of housing units that are occupied by owners. it has a Owner Percent of 67.6% which is the second smallest when ranked by owner percent of all the other places in the greater region.

Pequot Lakes Minnesota Home Cost Charts

Looking at the housing data provided in Figure 7, the average Pequot Lakes home price is illustrated for this community and a useful analysis of affordable housing. Pequot Lakes depicts it has a Median Home Value of $197,600 which is less than most other places in the metropolitan area. The city with the highest median home price in the area is Lake Shore which shows a home price of $429,300 (about twice as large). Figure 8 provides aggregate comparative data for the Pequot Lakes Minnesota metro area in terms of the median housing rental rate, apartment rent, etc. Pequot Lakes depicts it has a Median Gross Rent of $717 which is the second smallest as measured by rental rates of all the other places in the local area. The city with the highest rental rates in the area is Breezy Point which shows a rental rates of $950 (32.5% larger). Comparing rental rates to the United States average of $1,163, Pequot Lakes is approximately three-fourths the size. Also, versus the state of Minnesota, rental rates of $1,081, Pequot Lakes 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. Pequot Lakes has one of the largest proportions of home price worth less than $50,000 at 5% of the total and is ranked #3. Only #2 Jenkins (5%), and #1 Pine River (35%) are larger. Second, it has one of the largest proportions of home price worth between $50,000 to $100,000 at 45% of the total and is ranked #3. Only #2 Jenkins (46%), and #1 Pine River (55%) are larger.

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. Pequot Lakes shows it has a Median Owner Cost of $1,007 which is less than most other places in the metro area. Figure 11 shows the median amount of cost as a percent of total household income for people who own homes in the Pequot Lakes metro area. it has a Owner Cost as % of HH Income of 16% which is the second smallest in order of cost as a percent of household income of all the other places in the area.

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. Pequot Lakes depicts it has a Median Home Value as Percent of Median Earnings of 420% which is less than most 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.) Pequot Lakes depicts it has a Median Owner Costs-With Mortgage of $1,231 which is the second smallest when ranked by median housing cost of all the other places in the greater region. 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 $425 which is less than most other places in the greater region.

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. Pequot Lakes has one of the largest proportions of owner cost less than $300 at 20% of the total and is ranked #2. The only larger city being Lake Shore with 21%. Second, it has the smallest proportion of owner cost between $500 and $700 at 10% of the total. Third, it has one of the largest proportions of owner cost between $700 and $1,000 at 30% of the total and is ranked #2. The only larger city being Crosslake with 31%. Also, it has the second smallest in terms of owner cost less than $300 of all the other places in the local area when sorted by owner cost between $1,000 and $1,500 at 9% of the total. In addition, it has one of the largest proportions of owner cost between $3,500 and $4,000 at 1% of the total and is ranked #3. Only #2 Crosslake (7%), and #1 Nisswa (7%) are larger.

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.) Pequot Lakes shows it has a % of Income Owner Costs-With Mortgage of 21% which is in the mid range of other places in the metropolitan area. The city with the highest cost as a percent of household income in the area is Crosslake which shows a cost as a percent of household income of 24% (13.6% 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. Pequot Lakes shows it has a % of Income Owner Costs-No Mortgage of 9% which is less than most other places in the local area. The city with the highest cost as a percent of household income in the area is Nisswa which shows a cost as a percent of household income of 14% (51.1% 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.) Pequot Lakes has one of the largest proportions of rent as a percent of income is less than 10 pct at 30% of the total and is ranked #2. The only larger city being Lake Shore with 47%. Second, it has in the intermediate range of other places in the area when ranked by rent as a percent of income is between 10pct to 20pct at 22% of the total. Third, it has one of the largest proportions of rent as a percent of income is between 30pct to 40pct at 5% of the total and is ranked #2. The only larger city being Crosslake with 6%. Also, it has the largest proportion of rent as a percent of income is between 40pct to 50pct at 19% 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 $1,775 which is less than most other places in the metro area. The city with the highest median real estate taxes paid in the area is Lake Shore which shows a taxes paid of $3,509 (about twice as large). Comparing median real estate taxes paid to the United States average of $2,690, Pequot Lakes is approximately three-fourths the size. Also, compared to the state of Minnesota, median real estate taxes paid of $2,767, Pequot Lakes is approximately three-fourths the size.

Figure 23 shows the rental rate distribution for this area. Pequot Lakes Minnesota has the largest proportion of rent between 300 and 500 dollars at 51% of the total and is ranked #1. Second, it has less than most other places in the local area as measured by rent between 500 and 750 dollars at 32% of the total. Third, it has the second smallest in order of rent less than 300 dollars of all the other places in the local area in terms of rent between 750 and 1000 dollars at 9% of the total. Also, it has less than most other places in the surrounding region in terms of rent between 1000 and 1500 dollars at 1% of the total.

Pequot Lakes Minnesota Home Financing Charts

The analysis in Figure 25 shows the detailed distribution of owned homes by mortgage status. Pequot Lakes has one of the largest proportions of With HELOC no Primary Mortgage at 38% of the total and is ranked #2. The only larger city being Lake Shore with 43%.

Pequot Lakes Minnesota Home Characteristics Charts

Figure 28 shows the household size for families living in the area and it has a Family size of 3.2 which is the third most of all other places in the metro area. The city with the highest family members per housing unit in the area is Jenkins which depicts a family members per housing unit of 3.5 (11.2% larger). Comparing family members per housing unit to the United States average of 3.3, Pequot Lakes is only about 3.9% smaller. Also, versus the state of Minnesota, family members per housing unit of 3.2, Pequot Lakes is about the same size.

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 5.0 which is the second smallest in terms of average number of rooms in a house of all the other places in the local area. The city with the highest average number of rooms in a house in the area is Lake Shore which shows an average number of rooms in a house of 6.6 (32.0% 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 1992 which is in the mid range of other places in the greater region. The city with the highest year built in the area is Jenkins which depicts a year built of 1996 ( 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 2020 or later at 8% of the total and is ranked #2. The only larger city being Lake Shore with 10%. Second, it has in the mid range of other places in the local area in order of homes built between 2010 to 2019 at 26% of the total. Third, it has the smallest proportion of homes built between 1990 to 1999 at 8% of the total. Also, it has the smallest proportion of homes built between 1950 to 1959 at 1% of the total. In addition, it has one of the largest proportions of homes built between 1940 to 1949 at 8% of the total and is ranked #2. The only larger city being Pine River with 13%.

Figure 32 shows the difference in the number of housing units based on whether they are occupied by owners versus occupied by renters. it has the largest proportion of owner housing units at 297 of the total and is ranked #1.

Figure 33 shows the difference in the number of housing units based on whether they are occupied by owners or renters. it has one of the largest proportions of 10 to 19 units at 9% of the total and is ranked #2. The only larger city being Pine River with 14%. Second, it has the largest proportion of 20 to 49 units at 13% of the total and is ranked #1. Third, it has the smallest proportion of 50 or more units at 1% of the total.

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 2020 or later in the center range of other places in the surrounding region at $221,100 of the total. Second, it has the second smallest when sorted by value of homes built 2020 or later of all the other places in the greater region as measured by value of homes built 2010 to 2019 at $218,600 of the total. Third, it has less than most other places in the area in order of value of homes built 2000 to 2009 at $191,700 of the total. Also, it has less than most other places in the metro area in terms of value of homes built 1990 to 1999 at $134,700 of the total. In addition, it has less than most other places in the area as measured by value of homes built 1980 to 1989 at $183,800 of the total. Furthermore, it has one of the largest proportions of value of homes built 1970 to 1979 at $235,000 of the total and is ranked #3. Only #2 Lake Shore ($416,700), and #1 Crosslake ($567,600) are larger. Next it has the largest proportion of value of homes built 1940 to 1949 at $114,700 of the total and is ranked #1.

Figure 35 compares the total number of occupied housing units to vacant housing units. This analysis can be used to understand any housing shortage in the community. has the percentage of occupied housing units less than most other places in the local area at 32% of the total.

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 Pequot Lakes residents. it has a Owner-Household Size of 2.7 which is the second most homeowner household size of all the places in the greater Pequot Lakes region. The city with the highest homeowner household size in the area is Jenkins which depicts a homeowner household size of 2.9 (only about 4.0% larger).

Figure 37 shows the household size for renters. Pequot Lakes shows it has a Renter-Household Size of 1.5 which is the smallest in terms of renter household size of all the other places in the metro area. The city with the highest renter household size in the area is Breezy Point which shows a renter household sizes of 2.8 (about twice as large). Figure 38 shows the year that people who own homes moved into this region. has the smallest proportion of owners moved in 2019 or later at 22% of the total. Figure 39 shows the year that people who rent moved into the area. Pequot Lakes has the percentage of renters moved in 2019 or later in the mid range of other places in the surrounding region at 46% of the total. Second, it has one of the largest proportions of renters moved in 2015 to 2018 at 27% of the total and is ranked #3. Only #2 Crosslake (30%), and #1 Breezy Point (66%) are larger.

Figure 40 compares the median year that home owners moved into their home. it has a Owner Median Year Moved In of 2009 which is less than most other places in the metro area. Figure 41 compares the median year that renters moved into their home. Pequot Lakes depicts it has a Renter Median Year Moved In of 2016 which is the second most median year that a renter moved in of all the places in the greater Pequot Lakes region.

Figure 42 shows the frequency distribution of various types of energy sources used for homes in the community. it has one of the largest proportions of home using bottled, tank, or lp gas at 31% of the total and is ranked #2. The only larger city being Pine River with 32%. Second, it has the second smallest in terms of homes using natural gas of all the other places in the metropolitan area as measured by homes using coal or coke at 2% of the total.

The next two charts show the number of people living in group quarters and includes temporary as well permanent housing which may be run by the Pequot Lakes housing department, Minnesota department, or other housing authority or public housing agency. beginning with Figure 43 which shows the total number of people. Pequot Lakes depicts it has a Total In Group Quarters of 16 which is the second most number of people in group quarters of all the places in the greater Pequot Lakes region.

Figure 44 shows the percentage of people who are living in group quarters to the total population for Pequot Lakes residents (these may include colleges and jails but also community centers for homelessness or that require a housing choice voucher which are run by certain nonprofits or an affordable housing department.) Pequot Lakes has the largest proportion of number of people under 18 years of age and in group quarters at 100% of the total and is ranked #1.