56501, Detroit Lakes, MN

Detroit Lakes is located in the 56501 zip code in Minnesota. According to the 2010 census, Detroit Lakes has a population of 9,853 people. The median household income was $67,711 and the median family income was $79,906. In 2010, there were 2,527 housing units in Detroit Lakes. The average home value was $183,000 and the average home equity was $137,000.

The Detroit Lakes housing market is very stable with prices remaining relatively consistent over the past few years. Home values have increased by an average of 6% each year since 2007 which indicates that there is strong demand for homes in this area. This stability can be attributed to a number of factors including low unemployment rates and a strong economy overall. Additionally, many homes in Detroit Lakes are owner-occupied which contributes to stability as homeowners tend to be more committed to their property than renters who may be more likely to move if they feel that their current home is not meeting their needs or desires.

Despite these positive trends, there are some areas where Detroit Lakes could improve upon its housing market performance including increasing inventory levels and attracting more investors into the market who may drive up prices faster than typical homebuyers would be able to do on their own. Overall though, it appears that the Detroit Lakes housing market is poised for continued growth over the next few years