56367, Rice, MN

Rice, MN is located in the southeastern corner of Minnesota and has a population of just over 20,000 people. The 56367 zip code covers just over 2 square miles and has a median home value of $128,500. Home equity in this zip code has increased by more than 50% since 2007, making it one of the fastest growing areas in Minnesota.

The main drivers of home equity growth in Rice are strong job growth and low interest rates. Employment growth has been strong throughout the state of Minnesota, which is good news for residents in Rice who have jobs. Additionally, low interest rates have helped to increase home equity values by making it easier for homeowners to pay off their mortgages.

Despite these positive trends, there are some risks associated with increasing home equity values. If the economy weakens or interest rates rise, homeowners could find themselves struggling to pay off their mortgages. Additionally, if someone decides to sell their home quickly (due to an unexpected financial crisis or other event), their home may not sell at its current value and they may end up losing money on their investment.