Rice Lake, MN 55803 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Rice Lake, MN—55803

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$338,000

4.0% YoY Growth

Household Income

$104,000

36.9% YoY Growth

Days on Market

21.0% Shorter YoY

Home Price Forecast

2.5%

Median Rent

$2,000

16.5% YoY Growth

1-Bed Rent

$1,080

14.0% YoY Growth

2-Bed Rent

$2,000

20.8% YoY Growth

3-Bed Rent

$2,500

5.1% YoY Growth

Home Price Trends — Rice Lake, MN

As of Dec '25, the median home price in Rice Lake, MN is $338,000, with a year-over-year change of 4.0%. This indicates that home prices in Rice Lake, MN are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$338,000	4.0%
Single Family	$338,000	4.6%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

4.6%

1 Bedroom

29.3%

2 Bedrooms

38.5%

3 Bedrooms

16.2%

4 Bedrooms

9.3%

5+ Bedrooms

2.1%

Property Listings — Rice Lake, MN

As of Dec '25, Realtor.com reports that the median days on market for a home in Rice Lake, MN is 41. This is a decrease of -23.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$317,000	-15.0%
Listing Count	26	-4.0%
Listings as % of Homes	0.2%	-4.0%
Days on Market	60	-21.0%

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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%

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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%

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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%

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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

Rice Lake, MN—55803

Key Metrics at a Glance

Home Price Trends — Rice Lake, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Rice Lake, MN

% of Rental Stock

Property Listings — Rice Lake, MN

Demographics — Rice Lake, MN

Race and Ethnicity

Mortgage and Risk — Rice Lake, MN

Mortgages

Rentals and Section 8 — Rice Lake, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Rice Lake, MN

Home Price to Income Ratio

Rice Lake, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Duluth, MN

Duluth, MN

Duluth, MN

Birchwood Mobile Estates

Duluth, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.9
Median Home Price	$338,000
Median Household Income	$104,000

Rice Lake, MN—55803

Key Metrics at a Glance

Home Price Trends — Rice Lake, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Rice Lake, MN

% of Rental Stock

Property Listings — Rice Lake, MN

Demographics — Rice Lake, MN

Race and Ethnicity

Mortgage and Risk — Rice Lake, MN

Mortgages

Rentals and Section 8 — Rice Lake, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Rice Lake, MN

Home Price to Income Ratio

Rice Lake, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Duluth, MN

Duluth, MN

Duluth, MN

Birchwood Mobile Estates

Duluth, MN

Frequently Asked Questions

What is the average home price in Rice Lake, MN 55803?

How have home prices in Rice Lake, MN 55803 changed over the past year?

What is the home price projection for Rice Lake, MN 55803?

What are the demographics of Rice Lake, MN 55803?

How long does it take homes to sell in Rice Lake, MN 55803?

What is the average rent price in Rice Lake, MN 55803?