56048, Janesville, MN

Home Equity and Home Prices in the 56048 Zip Code of Janesville, MN

The home equity and home prices in the 56048 zip code of Janesville, MN are very high. The median home value in this zip code is $269,000, which is significantly higher than the national median home value of $177,500. Additionally, the percentage of homes that are owned outright or with a mortgage is above the national average. This indicates that there are a lot of homeowners in this zip code who have a significant amount of equity in their homes.

One reason for this high level of equity may be the low unemployment rate in this zip code. The unemployment rate in Janesville was 3.8% as of September 2017, which is lower than the national unemployment rate of 4.1%. This low unemployment rate may make it easier for people to afford a house and maintain a high level of equity in it. Additionally, there is a lot of demand for housing stock in Janesville due to its proximity to major cities like Minneapolis and Saint Paul as well as its many amenities like parks and schools. As a result, homeownership rates tend to be higher here than elsewhere in Minnesota or nationally.

Overall, it appears that there are plenty of reasons why homeownership rates and home values are high in the 56048 zip code of Janesville. This may make it difficult for potential buyers or renters to find affordable housing options within this area unless they have significant savings or income available to them on an annual basis.