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These days, finding an affordable place to live in the Pennington area can be challenging. Home prices in Pennington are now at a median cost of $211,300, lower than the Minnesota average of $345,793.
The average cost of rent is $918/mo in Pennington, primarily driven by the current value of real estate in the Pennington area. In Pennington, 12.25% of households rent, and 56.97% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Pennington is $5,708 per month. Households that rent pay about 16.08% of their income on rent here. Pennington’s most expensive areas are in the southwestern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Cass Lake, MN: less expensive homes
- Farris, MN: higher priced homes
- Turtle River, MN: higher priced homes
- Schley, MN: less expensive homes
- Tenstrike, MN: higher priced homes
- Bemidji, MN: higher priced homes
- Hines, MN: higher priced homes
- Bena, MN: less expensive homes
- Laporte, MN: higher priced homes
- Blackduck, MN: less expensive homes
Cities with Similar Populations
- Flat Rock, IL: less expensive homes
- Gracey, KY: equally priced homes
- Gordonville, MO: higher priced homes
- Gilbert, LA: equally priced homes
- Garland, NE: higher priced homes
- Garden Prairie, IL: higher priced homes
- Fulton, OH: equally priced homes
- Frost, TX: less expensive homes
- Freedom, ME: equally priced homes
- Freedom, IN: less expensive homes
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