55395, Winsted, MN

The 55395 zip code of Winsted, MN has a median home value of $130,000 and a median home equity value of $101,000. This is significantly lower than the statewide median home value of $218,500 and statewide median home equity value of $146,200. The main reasons for this are likely the lower incomes in the area and the lack of available housing.

Income is one factor that can affect home values. In Winsted, MN, the average household income is just over $50,000 which is significantly lower than the statewide average income of over $70,000. This means that there are a lot more households that are struggling to afford a house in Winsted than there are households that can afford to buy one. Additionally, there isn't as much available housing in Winsted as there is elsewhere in Minnesota which also contributes to low home values.

One other factor that affects home values is interest rates. When interest rates rise (as they have recently done), it makes it more difficult for people to borrow money to buy a house and also makes it more expensive for people who already own houses to borrow money against them. As a result, when interest rates rise in an area like Winsted where homes are already relatively affordable compared to other areas of Minnesota, this can lead to decreases in home values.