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These days, finding an affordable place to live in the 56055 area can be challenging. Home prices in 56055 are now at a median cost of $227,560, lower than the Minnesota average of $345,793.
The average cost of rent is $960/mo in 56055, primarily driven by the current value of real estate in the 56055 area. In 56055, 16.62% of households rent, and 36.74% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in 56055 is $7,529 per month. Households that rent pay about 12.75% of their income on rent here. 56055’s most expensive areas are in the western 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
- 56034, MN: higher priced homes
- 56003, MN: higher priced homes
- 56037, MN: higher priced homes
- 56062, MN: less expensive homes
- 56001, MN: higher priced homes
- 56021, MN: higher priced homes
- 56074, MN: higher priced homes
- 56041, MN: less expensive homes
- 56050, MN: higher priced homes
- 56024, MN: higher priced homes
Zip Codes with Similar Populations
- 90704, CA: higher priced homes
- 21782, MD: higher priced homes
- 28338, NC: less expensive homes
- 00715, PR: less expensive homes
- 43844, OH: less expensive homes
- 43532, OH: less expensive homes
- 35049, AL: less expensive homes
- 31773, GA: less expensive homes
- 30833, GA: less expensive homes
- 28741, NC: higher priced homes
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