There are currently 8,317 real estate properties in Detroit Lakes, MN, with a median automated valuation model (AVM) price of $381,932.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Detroit Lakes, MN, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Detroit Lakes, MN, is $503,088.00, with the most expensive house in Detroit Lakes, MN, topping out at $10,168,000.00 and the cheapest home in Detroit Lakes, MN, clocking in at $15,000.00. In other words, there’s something for every potential homebuyer or savvy investor in Detroit Lakes, MN!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Detroit Lakes, MN, is on a rollercoaster ride. The average rent price in Detroit Lakes, MN, is $1,521.00. Indeed, when looking to rent in Detroit Lakes, MN, you can expect to pay as little as $450.00 or as much as $2,920.00, with the average rent median estimated to be $1,430.00. The good news is that finding an affordable and desirable property to rent in Detroit Lakes, MN -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Detroit Lakes is located in Becker, Minnesota, with an estimated municipal population of 9,288 residents. All of the best foreclosed homes for sale in Detroit Lakes are located in the following zip code areas on Foreclosure.com: 56501 56502. The estimated population per square kilometer (.62 miles) in Detroit Lakes is 322.
So, about how much do homes cost in Detroit Lakes? The most recent median value of resident-owned homes in Detroit Lakes is 192,862. An estimated 59 percent of households in Detroit Lakes own their homes, with an average family size of 2.84. The median household income in Detroit Lakes is 49,173, with17.9 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Detroit Lakes, the median commute time of resident workers (in minutes) is 15.2. And last, but certainly not least, are you looking for homes to rent in Detroit Lakes? If so, the average rent price paid by renters in Detroit Lakes is 742, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Detroit Lakes, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Detroit Lakes is 40.3, split between 45.1 percent male versus 54.9 female. The percentage of residents who report being married in Detroit Lakes is 46.4, with an average family size of 2.84.
The percentage of residents who report their race in Detroit Lakes is as follows:
| White | 90.6% |
| Black / African American | 1% |
| Asian | 1.3% |
| American Indian / Alaskan Native | 3.4% |
| Native Hawaiian / Other Pacifc Islander | 0% |
| Multi-racial | 3.7% |
| Other | 0% |
Looking for family-friendly neighborhoods in and/or near Detroit Lakes? Or maybe you are searching for 55+ active adult communities in and/or near Detroit Lakes?
The percentage of residents who report their age in Detroit Lakes is as follows:
| Under 10 | 13.5% |
| Aged 10-19 | 11.2% |
| 20s | 13.6% |
| 30s | 11.1% |
| 40s | 11.9% |
| 50s | 10.3% |
| 60s | 12.3% |
| 70s | 8.1% |
| 80+ | 7.8% |
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Detroit Lakes with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Detroit Lakes.
How do you know that living in -- or moving to -- Detroit Lakes is right where you need to be? Perhaps you grew up in Detroit Lakes or already live nearby; therefore, the decision to buy a home in Detroit Lakes is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Detroit Lakes for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Detroit Lakes:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Detroit Lakes.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Detroit Lakes can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Detroit Lakes, meanwhile, can field multiple offers from more qualified buyers.
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