The first Habitat 500, coordinated by Twin Cities Habitat for Humanity, took place in 1993 and traveled to Winnipeg for the Jimmy Carter Work Project. Since then, the ride has toured around the Midwest, though mostly Minnesota, visiting Habitat affiliates, Habitat worksites and Habitat homeowners along the way (in addition to roadside attractions).

In 2000, Twin Cities Habitat asked Habitat Minnesota to take over the coordination of the ride due to the fact that it was a fundraiser for affiliates around the state of Minnesota, not just Twin Cities Habitat.

Habitat Minnesota took over the coordination of the ride in 2002. Funds raised in the years since then have consistently totaled over $300,000 per year.