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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 $216,155, lower than the Minnesota average of $345,793.
The average cost of rent is $882/mo in 56016, primarily driven by the current value of real estate in the 56016 area. In 56016, 15.01% of households rent, and 41.25% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in 56016 is $7,273 per month. Households that rent pay about 12.13% of their income on rent here. 56016’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the zip.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Zip Codes
- 56035, MN: equally priced homes
- 56045, MN: equally priced homes
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- 56032, MN: less expensive homes
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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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