55902, Rochester, MN

The Rochester, MN 55902 zip code has a population of around 112,000 people and is located in the southeastern part of the Twin Cities metro area. The median home value in this zip code is $161,500 which is about $38/per square foot. This means that the average home in this zip code is worth about 2/3 of a million dollars.

There are a lot of factors that affect home prices including interest rates, local market conditions, and availability of homes for sale. However, one of the most important factors affecting home prices is how much equity homeowners have in their homes. Home equity refers to the value of a homeowner's property minus all outstanding mortgages and other debts on that property. In general, homeowners with more equity are more likely to be able to sell their homes quickly and for a higher price than homeowners who have less equity.

One reason why home prices in Rochester are so high is because there are very few available homes for sale compared to other parts of the Twin Cities metro area. In fact, according to Zillow®, there were only 2 active listings in Rochester as of March 2019 which was less than 1% of all listings nationwide! This means that if you want to buy a house in Rochester you're going to have to be prepared to spend a lot of money!