Hugo, MN—55038
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hugo, MN
As of Oct '25, the median home price in Hugo, MN is $447,000, with a year-over-year change of 1.3%. This indicates that home prices in Hugo, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $447,000 | 1.3% |
| Single Family | $458,000 | 1.3% |
| Condos | $256,000 | -0.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $280,000 | -0.4% |
3 Bed | $402,000 | 1.5% |
4 Bed | $527,000 | 1.3% |
| 5 Bed | $593,000 | 1.2% |
% of Housing Stock
Rental Trends — Hugo, MN
As of July '25, Rentcast reports the average rent in Hugo, MN is $3,030, with a year-over-year rent change of 6.7%. Per bedroom, the median rent as of July '25 in Hugo, MN is 2-bedrooms: $1,820, 3-bedrooms: $2,750, 4-bedrooms: $3,210. The most common rental property sizes in Hugo, MN are 2-bedroom and 1-bedroom, accounting for 56.6% and 14.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $3,030 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,700 | $1,820 |
| 3 Bed Rent | $2,600 | $2,750 |
| 4 Bed Rent | $2,720 | $3,210 |
% of Rental Stock
Property Listings — Hugo, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Hugo, MN is 39. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $500,000 | 5.0% |
Listing Count | 150 | -2.0% |
| Listings as % of Homes | 1.1% | -2.0% |
Days on Market | 39 | 8.0% |
Demographics — Hugo, MN
As of the latest ACS Survey released in 2023, Hugo, MN has a population of 24,200, which has increased by 9.8% over the past 5 years. Hugo, MN is a popular place for families, as children make up 25.7% of the population. The area has a highly educated workforce, with 49.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,200 | 9.8% |
% Under 18 | 25.7% | -6.9% |
% Seniors | 13.3% | 40.0% |
% WFH | 20.1% | 415.4% |
% w/ College Degree | 49.0% | 20.7% |
As of the latest ACS Survey released in 2023, Hugo, MN is a predominantly white area, with 86.7% of the population identifying as white. The white population has shrunk by 7.5% in the last 5 years. The second most common race or ethnicity in Hugo, MN is asian, making up 4.4% of the population. Foreign-born residents account for 3.4% of the population in Hugo, MN, and this percentage has increased by 30.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 86.7% | -7.5% |
% Black | 3.0% | 500.0% |
% Hispanic | 3.1% | 34.8% |
% Asian | 4.4% | 131.6% |
% Foreign Born | 3.4% | 30.8% |
Mortgage and Risk — Hugo, MN
According to HUD data as of 2023, there were 428 mortgage originations in Hugo, MN, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Hugo, MN. Investor activity is low, as 1.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 428 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Hugo, MN
Hugo, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,790 |
| 2 Bedroom | $480 | $1,700 | $2,180 |
| 3 Bedroom | $300 | $2,600 | $2,900 |
| 4 Bedroom | $530 | $2,720 | $3,250 |
Affordability — Hugo, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $447,000 |
| Median Household Income | $127,000 |