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New London city, MN

ZIP 56273 — 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 56273

Median Home Value
$299,400
Median Rent
$744
Affordability Snapshot
$82,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,923/mo PITI).

10%
Rent-to-Income Ratio

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

3.3x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

33.5 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 56273 in New London city, MN, a household would need roughly $82,000 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 $1,923. That sits below the local median household income ($91,520), 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

Vacancy rate 17% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
86.5%+32% vs US avg
x
Vacancy Rate
16.7%+62% vs US avg
x
Broadband Access
88.0%+1% vs US avg
x
4+ Bedrooms
7.0%-53% vs US avg
x
Built Pre-1939
2.9%-77% vs US avg
x
Built Post-2014
2.2%-68% vs US avg
x
Rent Burden >30%
31.5%-37% vs US avg
x
Mortgage-Free
44.1%+16% vs US avg
x
$299,400
Home Value
$744
Rent
1986
Year Built
2010
Moved In

Residents have lived here since ~2010 on average

Housing Structure

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

  • 1-unit detached87.1%
  • 1-unit attached2.4%
  • 2-9 units2.7%
  • 10+ units4.3%
  • Mobile home & other3.4%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$299,400
Median rent$744
Owner-occupied86.5%
Vacant16.7%
Price-to-income3.3x
Est. income to buy$82,000