55407, Minneapolis, MN

Home Equity and Home Prices in the 55407 Zip Code of Minneapolis, MN

The 55407 zip code of Minneapolis, MN has a median home value of $243,500. This is higher than the statewide median home value of $177,500. The average home value in this zip code is also higher than the citywide average home value of $203,700. This indicates that there are more expensive homes in this zip code than in other parts of the city.

The percentage of homes with a mortgage in this zip code is lower than the citywide percentage of mortgages at 47%. This indicates that many homeowners in this zip code have equity in their homes. Additionally, the percentage of homeowners who owe more on their mortgage than their home is worth is also lower here at 14%. This suggests that many homeowners here are able to pay off their mortgages relatively easily.

Despite these positive indicators, there are still some areas where homeownership rates may be lower here compared to other parts of Minneapolis. For example, 27% of homeowners in this zip code have a loan-to-value ratio (LTV) greater than 100%. This compares to only 10% citywide. Additionally, 31% of homeowners here have less than 20% equity in their homes while only 9% have less than 10%. These numbers suggest that there may be some areas where more investment may be necessary for those looking to purchase or upgrade a property within this zip code.