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These days, finding an affordable place to live in the 56016 area can be challenging. Home prices in 56016 are now at a median cost of $167,459, lower than the Minnesota average of $269,934.
The average cost of rent is $784/mo in 56016, primarily driven by the current value of real estate in the 56016 area. While nearly 45.40% of residents own their homes outright in 56016, 11.80% rent.
Housing affordability isn’t just about home prices, though. The average household income in 56016 is $6,701 per month. Households that rent pay about 11.69% of their income on rent here. 56016's most expensive areas are in the central regions, while the cheapest areas are in the southeastern parts of the zip.
Nearby Zip Codes
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- 56020, MN: higher priced homes
Zip Codes with Similar Populations
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- 64446, MO: less expensive homes
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