55345, Minnetonka, MN

The 55345 zip code of Minnetonka, MN has a median home value of $1,039,200 and a median home equity value of $269,000. The 55345 zip code ranks #2 in the state of Minnesota and #5 in the Minneapolis-St. Paul metropolitan area for home equity values. The 55345 zip code has a population of 34,898 and an average household size of 2.47 people.

The percent of households that own their homes outright is 74% while the percent that owe more than their homes are worth is 16%. The percent of households that have used some form of refinancing to increase their home equity is 9%. The percent of households that have used some form of debt consolidation to reduce their debt is 3%.

There are many factors that contribute to the high home equity values in the 55345 zip code including: low interest rates, strong job market, stable housing prices, and ample available credit. In addition to these factors, homeownership rates have remained relatively stable over the past few decades which has helped keep prices high.

While there are many reasons why homeownership rates in the 55345 zip code remain high relative to other parts of the country, one reason may be Minnetonka's strong economy which provides families with more resources to invest in their homes. Additionally, Minnetonka's close proximity to Minneapolis and Saint Paul makes it an attractive place to live and work.