56649, International Falls, MN

Home Equity and Home Prices in the 56649 Zip Code of International Falls, MN

There is no doubt that home equity is one of the most important assets a person can have. It gives people the ability to borrow money against their homes, pay off debt, and even use it as a source of retirement income. In addition, home prices are often an indicator of overall economic health. When there is strong demand for homes and prices are rising, this signals that there are many people who are prospering financially. Conversely, when there is little or no demand for homes and prices are falling, this signals that there may be some financial problems on the horizon.

When looking at home equity data in the 56649 zip code of International Falls, MN, it is clear that there has been a lot of growth over the past few years. Between January 2010 and January 2016, home equity values increased by 66%. This indicates that many people in this area are doing very well financially – especially when compared to other areas around the country. In addition, during this same time period (January 2010-January 2016), median household income also grew by 16%. This suggests that while not everyone in this zip code is doing extremely well financially (there are still plenty of people who struggle), on average most residents seem to be doing quite well.

While it’s great to see such strong growth in both home equity values and median household incomes over the past few years, it’s important to keep things in perspective. The 56649 zip code still has a lot of room for improvement – especially when it comes to wages/salaries. For example, according to data from The Daily Review (a local newspaper), between 2009 and 2013 median wages decreased by 2%. This means that while many people have seen their home equity grow over time (due largely to low interest rates), they haven’t seen any real increases in their take-home paychecks during this same time period. As a result, it’s likely that many residents here still face significant financial challenges – even though their home values have grown significantly over recent years.