Rice Lake, MN—55803
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Rice Lake, MN
As of Oct '25, the median home price in Rice Lake, MN is $340,000, with a year-over-year change of 3.5%. This indicates that home prices in Rice Lake, MN are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $340,000 | 3.5% |
| Single Family | $340,000 | 4.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $201,000 | 1.0% |
2 Bed | $283,000 | 4.4% |
3 Bed | $356,000 | 3.8% |
4 Bed | $433,000 | 4.1% |
| 5 Bed | $499,000 | 4.8% |
% of Housing Stock
Rental Trends — Rice Lake, MN
As of July '25, Rentcast reports the average rent in Rice Lake, MN is $1,920, with a year-over-year rent change of -16.5%. Per bedroom, the median rent as of July '25 in Rice Lake, MN is studios: $900, 1-bedrooms: $1,110, 2-bedrooms: $1,920, 3-bedrooms: $2,430, 4-bedrooms: $2,000. The most common rental property sizes in Rice Lake, MN are 2-bedroom and 1-bedroom, accounting for 38.5% and 29.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $1,920 |
| Studio Rent | $900 | $900 |
| 1 Bed Rent | $1,080 | $1,110 |
| 2 Bed Rent | $2,000 | $1,920 |
| 3 Bed Rent | $2,500 | $2,430 |
| 4 Bed Rent | $2,000 | $2,000 |
% of Rental Stock
Property Listings — Rice Lake, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Rice Lake, MN is 34. This is a decrease of -18.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $392,000 | 3.0% |
Listing Count | 42 | -13.0% |
| Listings as % of Homes | 0.2% | -13.0% |
Days on Market | 34 | -18.0% |
Demographics — Rice Lake, MN
As of the latest ACS Survey released in 2023, Rice Lake, MN has a population of 17,800, which has decreased by -1.4% over the past 5 years. Rice Lake, MN is a moderately popular place for families, as children make up 19.3% of the population. The area has a highly educated workforce, with 48.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,800 | -1.4% |
% Under 18 | 19.3% | -3.5% |
% Seniors | 22.5% | 27.8% |
% WFH | 11.2% | 103.6% |
% w/ College Degree | 48.7% | 19.7% |
As of the latest ACS Survey released in 2023, Rice Lake, MN is a predominantly white area, with 95.7% of the population identifying as white. The white population has grown by 1.8% in the last 5 years. The second most common race or ethnicity in Rice Lake, MN is asian, making up 1.0% of the population. Foreign-born residents account for 2.0% of the population in Rice Lake, MN, and this percentage has increased by 5.3% 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 | 95.7% | 1.8% |
% Black | 0.1% | -87.5% |
% Hispanic | 0.7% | -41.7% |
% Asian | 1.0% | -16.7% |
% Foreign Born | 2.0% | 5.3% |
Mortgage and Risk — Rice Lake, MN
According to HUD data as of 2023, there were 411 mortgage originations in Rice Lake, MN, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Rice Lake, MN. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 411 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 6.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Rice Lake, MN
As of 2024, the percent of homes in Rice Lake, MN under the Section 8 program is 8.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Rice Lake, MN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 89 |
Total Units Section 8 | 89 |
% Rentals under Section 8 | 8.0% |
% Occupied Section 8 | 90.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,080 | $1,230 |
| 2 Bedroom | -$440 | $2,000 | $1,560 |
| 3 Bedroom | -$400 | $2,500 | $2,100 |
| 4 Bedroom | $620 | $2,000 | $2,620 |
Affordability — Rice Lake, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $340,000 |
| Median Household Income | $104,000 |