55060, Owatonna, MN

The 55060 zip code of Owatonna, Minnesota is home to a population of around 30,000 people. The median household income in the 55060 zip code is $59,000, and the median home value is $199,000. The average mortgage rate in the 55060 zip code is 4.5%, and the average home equity loan rate is 2%.

According to Zillow’s Home Value Index for Owatonna, MN, the median home value has increased by 5% over the past year. This growth can be attributed to strong job growth in Owatonna as well as low interest rates. In addition, there has been an increase in demand for homes due to increasing wages and population growth.

While there are many factors that contribute to changes in home values, one of the most important factors is local market conditions. In general, markets that have strong job growth and low interest rates tend to have higher home values than markets that experience slower economic growth or high interest rates.

Overall, it appears that homeownership rates are high in Owatonna and house prices are relatively stable compared to other areas of Minnesota. This may be a result of strong job growth coupled with low interest rates – which make it more affordable for people to buy a home than rent one – as well as limited inventory availability due to increasing demand from buyers