55406, Minneapolis, MN

The Minneapolis, MN 55406 zip code has a population of about 298,000 people. The median home value in this zip code is $269,900 which is about $101,000 more than the national median home value. The homeownership rate in this zip code is about 68% which is higher than the national homeownership rate of 63%. About one-third of homes in this zip code are occupied by renters.

Home equity and home prices have been on the rise in the Minneapolis, MN 55406 zip code over the past few years. In 2016, the median home value was up 6% from 2015 and was significantly higher than both the Minnesota statewide median home value and national average home value. In 2017, there was an even larger increase in home values with a 12% increase from 2016 to bring the median home value up to $270,500. This year so far there has been another modest increase with a 3% increase bringing the median home value to $271,100 as of September 2018. These increases are likely due to strong demand for housing combined with limited supply and increasing interest rates across all markets nationwide.

While it’s important to keep in mind that these numbers are only indicative of one specific area within Minneapolis and do not necessarily reflect trends throughout all 55406 zip codes within Minnesota or nationwide, they provide an interesting snapshot into what may be driving these changes in housing prices over time. It’s also worth noting that while prices have increased significantly over recent years, they are still relatively affordable when compared to other large cities such as San Francisco or Seattle where comparable homes can easily sell for millions of dollars more.