56474, Pine River, MN

The home equity and home prices in the 56474 zip code of Pine River, MN are very high. The median home value in this zip code is $269,000, which is more than double the national median home value of $123,000. Additionally, the percentage of homes in this zip code that are owned outright is much higher than the national average of 63%. This suggests that there are a lot of people in this zip code who are able to afford to buy a house outright.

One reason why the home equity and home prices in this zip code are so high is likely because there is a lot of demand for homes here. The population density in this zip code is only 2 people per square mile, which is much lower than the national average of 25 people per square mile. This means that there are a lot of potential buyers who can afford to purchase a house here. Additionally, the fact that Pine River is located near several major cities (Minneapolis and St Paul) means that there is a lot of demand for housing here.

Despite these high home values and demand, it's important to remember that not everyone can afford to purchase a house outright in Pine River. The percentage of households earning less than $30,000 per year in this zipcode is significantly higher than the national average of 23%. This suggests that many people who live in this area must rely on other forms of financing when they want to buy a house. For example, some may use mortgage loans or HELOCs (home equity lines of credit).