56537, Fergus Falls, MN

The 56537 zip code of Fergus Falls, Minnesota is located in the southeastern part of the state and has a population of around 30,000. The median household income in this zip code is $60,000 which is lower than the statewide median household income of $72,500. The homeownership rate in this zip code is 68% which is higher than the statewide homeownership rate of 63%. The percentage of households that own their homes outright is 12% while the percentage that owns their homes with a mortgage is 82%.

Home prices in this zip code have been increasing over the past few years. In March 2017, the median home price was $158,900 which was up from $146,200 in March 2016. Over the past year, home prices have increased by 9%. However, over the past five years home prices have increased by 26%. This increase can be attributed to several factors including an increase in demand for housing due to an influx of new residents and an increase in interest rates.

Despite these increases, home equity remains low relative to other areas of Minnesota. The average home equity value in this zip code is $41,100 which ranks it as #564 out of 565 zip codes across Minnesota. This low level of equity may be due to high levels of debt among homeowners or a lack of available housing stock that would allow for larger down payments.