56229, Cottonwood, MN

The 56229 zip code of Cottonwood, MN is located in the southeastern part of the Twin Cities metropolitan area. The zip code has a population of about 27,000 and an average household size of 2.5 people. The median household income in the zip code is $68,000, which is lower than the Minnesota statewide median income of $71,994. The unemployment rate in the zip code is 3.4%, which is lower than the Minnesota statewide unemployment rate of 4.1%.

The home equity and home prices in the 56229 zip code are below average when compared to other parts of Minnesota. The median home value in this zip code is $166,500, which is less than half of the statewide median home value of $269,500 and less than one-third of the national median home value of $227,700. Additionally, there are a significant number of homes that are worth less than $100K in this zip code. In fact, there are more homes that are worth less than $50K (14%)than homes that are worth more than $250K (8%).

Despite these low values, there has been an increase in home equity and home prices over recent years due to strong demand from buyers and limited supply from sellers. Between January 2006 and January 2016 alone there was an increase in home equity values by 49%. This indicates that despite low values relative to other parts of Minnesota, buyers have been able to purchase homes at a reasonable price given their current financial situation.