55021, Faribault, MN

The 55021 zip code of Faribault, Minnesota has a median home value of $146,500 and a median home equity value of $111,000. This is significantly lower than the statewide median home value of $257,500 and statewide median home equity value of $212,000. The 55021 zip code also has a significantly lower rate of homeownership than the statewide rate of 68%.

There are several factors that may contribute to the low home values in the 55021 zip code. First, Faribault is located in an economically depressed region of Minnesota. Second, there is a high concentration of rental properties in this zip code which may depress home values due to competition from renters. Third, there is a significant amount of student housing in this area which may also depress home values. Finally, Faribault experiences high levels of turnover which may lead to decreased demand for homes and consequently depressed prices.

Despite these factors, there are some indications that the market for homes in the 55021 zip code is starting to improve. In recent years there has been an increase in sales activity and prices have begun to rise modestly on average. Additionally, while student housing continues to be a major factor depressing prices in this area, it appears that this trend may be reversing as more students are moving out and into independent living arrangements which could lead to increased demand for homes in the future.