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These days, finding an affordable place to live in the 56118 area can be challenging. Home prices in 56118 are now at a median cost of $230,657, lower than the Minnesota average of $345,793.
The average cost of rent is $932/mo in 56118, primarily driven by the current value of real estate in the 56118 area. In 56118, 9.12% of households rent, and 61.16% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in 56118 is $6,857 per month. Households that rent pay about 13.59% of their income on rent here. 56118’s most expensive areas are in the central regions, while the cheapest areas are in the northern 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
- 56101, MN: less expensive homes
- 56159, MN: less expensive homes
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- 56022, MN: less expensive homes
- 56160, MN: equally priced homes
- 56174, MN: less expensive homes
- 56137, MN: less expensive homes
- 56162, MN: equally priced homes
- 56081, MN: less expensive homes
Zip Codes with Similar Populations
- 45646, OH: less expensive homes
- 50148, IA: less expensive homes
- 50108, IA: less expensive homes
- 50103, IA: less expensive homes
- 50039, IA: equally priced homes
- 98836, WA: higher priced homes
- 49959, MI: less expensive homes
- 47966, IN: less expensive homes
- 47917, IN: equally priced homes
- 47881, IN: less expensive homes
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