56256, Madison, MN

The 56256 zip code of Madison, MN has a median home value of $269,000 and a median home equity value of $142,000. The zip code has a population of 34,824 and an average household size of 2.47 people. The median age in the zip code is 36 years old.

The 56256 zip code is located in the Twin Cities metropolitan area and has a relatively high rate of home ownership compared to other metro areas in Minnesota. In 2016, 69% of households in the zip code owned their homes outright while 27% were owner-occupied with a mortgage. This compares favorably to the statewide homeownership rate of 60%. Additionally, the percentage of households that are renters is lower than the statewide average (26%) and also lower than the Twin Cities metro area average (30%). This indicates that there is strong demand for housing in this area and that homeownership rates are likely to continue to be high due to strong demand from buyers as well as limited availability for properties on the market.

One factor that may contribute to high homeownership rates in this zip code is its low rate of unemployment. In 2016, unemployment was 3% which is below both the statewide unemployment rate (4%) and Twin Cities metro area unemployment rate (3%). Additionally, wages are relatively high in this area which may help contribute to higher home values. In 2016, the average wage in this zip code was $92,200 which is above both the statewide average wage ($76,500) and Twin Cities metro area average wage ($86,500). These factors indicate that there is strong demand for housing here and that potential buyers are able to afford homes at prices that reflect these elevated wages.