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  4. /Forest Lake, MN - 55025

Forest Lake, MN—55025

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$443,000
3.5% YoY Growth
Household Income
$96,000
13.0% YoY Growth
Days on Market
36
29.0% Shorter YoY
Home Price Forecast
-0.3%
Median Rent
$1,550
4.1% YoY Growth
1-Bed Rent
$1,160
0.8% YoY Growth
2-Bed Rent
$1,710
51.4% YoY Growth
3-Bed Rent
$2,000
0.5% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Forest Lake, MN

As of May '26, the median home price in Forest Lake, MN is $443,000, with a year-over-year change of 3.5%. This indicates that home prices in Forest Lake, 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 TypeMedian Home ValueYoY % Change
All Homes
$443,0003.5%
Single Family $445,0003.5%
Condos $297,0002.8%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $357,000
    7.9%
    2 Bed
    		$341,0003.0%
    3 Bed
    		$422,0003.4%
    4 Bed
    		$499,0003.5%
    5 Bed $535,3482.7%
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    % of Housing Stock

    Studio
    1.1%
    1 Bedroom
    8.3%
    2 Bedrooms
    24.9%
    3 Bedrooms
    34.1%
    4 Bedrooms
    25.5%
    5+ Bedrooms
    6.0%

    Rental Trends — Forest Lake, MN

    As of July '25, Rentcast reports the average rent in Forest Lake, MN is $1,860, with a year-over-year rent change of -4.1%. Per bedroom, the median rent as of July '25 in Forest Lake, MN is studios: $1,240, 1-bedrooms: $1,250, 2-bedrooms: $2,090, 3-bedrooms: $2,060, 4-bedrooms: $2,720. The most common rental property sizes in Forest Lake, MN are 2-bedroom and 1-bedroom, accounting for 38.7% and 28.0% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,550$1,860
    Studio Rent $1,040$1,240
    1 Bed Rent $1,160$1,250
    2 Bed Rent $1,710$2,090
    3 Bed Rent $2,000$2,060
    4 Bed Rent $2,400$2,720
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    % of Rental Stock

    Studio
    4.1%
    1 Bedroom
    28.0%
    2 Bedrooms
    38.7%
    3 Bedrooms
    23.3%
    4 Bedrooms
    5.1%
    5+ Bedrooms
    0.8%

    Property Listings — Forest Lake, MN

    As of May '26, Realtor.com reports that the median days on market for a home in Forest Lake, MN is 36. This is a decrease of -29.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$477,000-4.0%
    Listing Count
    		11920.0%
    Listings as % of Homes0.5%20.0%
    Days on Market
    		36-29.0%
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    Demographics — Forest Lake, MN

    As of the latest ACS Survey released in 2023, Forest Lake, MN has a population of 25,800, which has increased by 4.4% over the past 5 years. Forest Lake, MN is a moderately popular place for families, as children make up 23.2% of the population. The area has a moderately educated workforce, with 35.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.5% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		25,8004.4%
    % Under 18
    		23.2%-1.3%
    % Seniors
    		16.6%17.7%
    % WFH
    		16.5%161.9%
    % w/ College Degree
    		35.8%24.3%
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    As of the latest ACS Survey released in 2023, Forest Lake, MN is a predominantly white area, with 83.9% of the population identifying as white. The white population has shrunk by 6.9% in the last 5 years. The second most common race or ethnicity in Forest Lake, MN is asian, making up 5.4% of the population. Foreign-born residents account for 5.1% of the population in Forest Lake, MN, and this percentage has increased by 70.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		83.9%-6.9%
    % Black
    		2.9%163.6%
    % Hispanic
    		3.7%-7.5%
    % Asian
    		5.4%217.6%
    % Foreign Born
    		5.1%70.0%
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    Mortgage and Risk — Forest Lake, MN

    According to HUD data as of 2023, there were 476 mortgage originations in Forest Lake, MN, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Forest Lake, MN. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		476
    % Conventional Loans
    		88.0%
    % Government Loans
    		12.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		8.0%
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    Rentals and Section 8 — Forest Lake, MN

    As of 2024, the percent of homes in Forest Lake, MN under the Section 8 program is 6.9%. 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 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Forest Lake, MN, because HUD payments exceed market rent, while 2-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		222
    Total Units Section 8
    		182
    % Rentals under Section 8
    		6.9%
    % Occupied Section 8
    		85.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$190$1,160$1,350
    2 Bedroom-$60$1,710$1,650
    3 Bedroom$200$2,000$2,200
    4 Bedroom$60$2,400$2,460

    Affordability — Forest Lake, MN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio4.3
    Median Home Price$443,000
    Median Household Income$96,000

    Forest Lake, MN — ZIP Code Boundary Map

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    Frequently Asked Questions