56347, Long Prairie, MN

Home Equity and Home Prices in the 56347 Zip Code of Long Prairie, MN

The zip code of 56347 in Minnesota has a population of about 9,000 people. The median household income is about $60,000 per year. The home equity and home prices in this zip code are both relatively high. In 2016, the median home value was about $216,000. This is a significant increase from the median home value of $147,500 in 2007. Over the past ten years, the average annual growth rate for home values has been about 10%. This indicates that there is a lot of demand for homes in this zip code and that people are willing to pay a higher price for a house than they were ten years ago.

One reason that home values have increased so much over the past decade is that there has been an influx of families moving into this zip code. In 2007, there were only about 1,600 households living in this zip code. By 2016, there were almost 2,400 households living here. This influx of new families has helped to drive up demand for homes and increase prices accordingly. Additionally, many people who live in this zip code are able to afford to buy a house because they have access to good credit scores or they have saved up a large down payment. Therefore, it seems likely that prices will continue to rise in this area over time as more people become interested in buying or owning homes here.