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These days, finding an affordable place to live in the 56116 area can be challenging. Home prices in 56116 are now at a median cost of $261,282, lower than the Minnesota average of $345,793.
The average cost of rent is $744/mo in 56116, primarily driven by the current value of real estate in the 56116 area. In 56116, 14.22% of households rent, and 58.98% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in 56116 is $7,799 per month. Households that rent pay about 9.54% of their income on rent here. 56116’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southeastern 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
- 56138, MN: less expensive homes
- 57068, SD: equally priced homes
- 56156, MN: less expensive homes
- 56173, MN: less expensive homes
- 57005, SD: higher priced homes
- 57030, SD: higher priced homes
- 56146, MN: equally priced homes
- 56134, MN: less expensive homes
- 56158, MN: equally priced homes
- 57110, SD: higher priced homes
Zip Codes with Similar Populations
- 41360, KY: less expensive homes
- 97870, OR: equally priced homes
- 47535, IN: less expensive homes
- 47335, IN: less expensive homes
- 45330, OH: less expensive homes
- 45062, OH: less expensive homes
- 44815, OH: less expensive homes
- 43407, OH: equally priced homes
- 43323, OH: less expensive homes
- 43157, OH: higher priced homes
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