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Hayfield city, MN

ZIP 55940 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55940

Median Home Value
$240,700
Median Rent
$674
Affordability Snapshot
$66,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,546/mo PITI).

10%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.9x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

29.8 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 55940 in Hayfield city, MN, a household would need roughly $66,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,546. That sits below the local median household income ($83,906), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
78.4%+20% vs US avg
x
Vacancy Rate
5.8%-43% vs US avg
x
Broadband Access
86.3%-1% vs US avg
x
4+ Bedrooms
5.8%-61% vs US avg
x
Built Pre-1939
1.9%-85% vs US avg
x
Built Post-2014
0.6%-91% vs US avg
x
Rent Burden >30%
43.1%-13% vs US avg
x
Mortgage-Free
35.2%-8% vs US avg
x
$240,700
Home Value
$674
Rent
1971
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached81.9%
  • 1-unit attached4.1%
  • 2-9 units0.8%
  • 10+ units10.1%
  • Mobile home & other3.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$240,700
Median rent$674
Owner-occupied78.4%
Vacant5.8%
Price-to-income2.9x
Est. income to buy$66,000