56029, Emmons, MN

The 56029 zip code of Emmons, Minnesota has a median home value of $128,000 and a median home equity value of $111,000. These values are significantly lower than the statewide median home value of $218,500 and statewide median home equity value of $157,200. The 56029 zip code also has a significantly lower homeownership rate than the statewide homeownership rate of 63%.

One potential explanation for these low home values in the 56029 zip code is that it is located in one of Minnesota's more rural areas. According to the U.S. Census Bureau's 2016 American Community Survey 5-Year Estimates, only 2% of residents in the 56029 zip code were living in a metropolitan statistical area (MSA), compared to 12% of residents statewide. Additionally, only 1% of residents in the 56029 zip code were living in a large city (population over 500,000), compared to 11% statewide. This lack of population density may make it harder for buyers and sellers to find each other and drive up prices.

Despite these factors, there are still some homes for sale in the 56029 zip code that are within reach for many buyers. The average list price for homes currently available in the 56029 zip code is $119,000 - which is below the statewide average list price ($135,700). Additionally, according to Zillow's Home Value Index®, Emmons ranks as one of Minnesota's most affordable cities when looking at both current and historical rates.*

Overall, despite its lower home values relative to other parts of Minnesota, the 56029 zip code offers some homes that are still within reach for many buyers. If you're looking for a rural location with affordable housing rates - or if you're just looking to buy your first home - this could be an ideal area for you!