ZIP Code 56118 — Bingham Lake city, MN Demographics & Data

ZIP code 56118 covers Bingham Lake, MN in Cottonwood County with a population of about 501.

At a glance, the area shows median age of 47.8 versus a U.S. median of about 38.9.

It sits in telephone area code 507; U.S. House district MN-7; the MINNEAPOLIS - ST. PAUL media market.

Median household income in ZIP 56118 is about $89,076 — about 19% above the U.S. median ($75,149).

On socioeconomic markers, US5 shows a poverty rate of 7.0%; unemployment rate near 0.0%; 21.6% of adults with a bachelor’s degree or higher (about 12.1 points below the national share (33.7%)).

Labor and commute patterns include leading industry context around Agriculture, Manufacturing, and Healthcare; about 20.6% of workers reporting work-from-home (about 5.4 points above the U.S. share (15.2%)); a mean commute of about 180.0 minutes (U.S. average near 26.8).

Median home value is about $251,600 — about 28% below the U.S. median home value ($348,079).

Housing tenure and rents show owner-occupancy near 95.9% (about 30.5 points above the national owner-occupancy rate (65.4%)).

To comfortably buy a median-priced home in ZIP 56118 in Bingham Lake, MN, a household would need roughly $69,000 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 $1,616. That sits below the local median household income ($89,076), 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.

FEMA’s National Risk Index rates natural-hazard risk for Bingham Lake city, MN as Very Low (composite score 27.7), which is relatively lower than many U.S. communities. The strongest component scores on US5 are wildfire (32.6) and flood (30.9). These scores are county-linked NRI values published for planning context — all ZIP codes in the same county share the same composite score on US5. Useful when comparing insurance and disaster exposure across areas, not a substitute for a parcel-level flood or fire determination.

Climate normals for Bingham Lake city, MN show little to no average snow and around 31.7 inches of annual precipitation.

IRS migration statistics show a net inflow of about 36 for ZIP 56118 (Bingham Lake city, MN) on US5’s published series — a signal of people/tax filers moving in relative to those leaving. Inflows often track job growth, housing demand, or lifestyle migration; treat the figure as a directional indicator rather than a precise headcount.