56297, Wood Lake, MN

Wood Lake, MN is located in the 56297 zip code. According to the 2010 census, the population of Wood Lake was 1,890. The median household income in Wood Lake was $72,000. Home equity and home prices in Wood Lake are among the highest in Minnesota.

The average home value in Wood Lake is $269,000. The median home equity value is $181,500. The average home price has increased by 10% since 2006. Home prices are higher than anywhere else in Minnesota except for Minneapolis-St Paul and Saint Paul-Bloomington.

Home equity is important because it allows homeowners to borrow money against their homes to finance other expenses or investments. Home values also reflect the overall health of a local economy by indicating whether there is a demand for homes and whether people are able to afford them. When housing prices rise rapidly, it can be difficult for people who do not have a lot of savings or who have borrowed money against their homes to keep up with payments. This can lead to foreclosure and ultimately loss of home equity.