55024, Farmington, MN

The 55024 zip code of Farmington, MN has a median home value of $151,000 and a median home equity of $104,000. This is higher than the state median home value of $146,600 and the national median home value of $177,200. The zip code also has a lower than average percentage of homes with mortgages at 66%. This is higher than the state percentage of 62% and the national percentage of 63%. The 55024 zip code has a lower than average percentage of homes with no mortgage at 14%. This is higher than the state percentage of 12% and the national percentage of 10%.

There are many factors that contribute to home values in a given area. Some factors that may influence home values in Farmington include: population density (more people means more demand for housing), school district ratings (higher ratings mean more desirable neighborhoods), proximity to amenities (things like shopping, dining, entertainment), and historical trends (for example, if there have been recent increases or decreases in prices across similar areas).

Overall, it appears that Farmington residents are generally happy with their current homes and property values. While there may be some variations from neighborhood to neighborhood within this zip code due to different factors such as school ratings or commute times, on average residents seem content with their current situation.