US5.com
  1. Home
  2. States
  3. Minnesota
  4. ZIP 56387
  5. Housing & Real Estate
Waite Park city, MN

ZIP 56387 — Housing & Real Estate

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

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 56387

Median Home Value
$230,500
Median Rent
$946
Affordability Snapshot
$63,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,481/mo PITI).

20%
Rent-to-Income Ratio

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

4.0x
Home Price-to-Income Ratio

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

20.3 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 56387 in Waite Park city, MN, a household would need roughly $63,000 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 $1,481. That is roughly in line with the local median household income ($57,387). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
48.6%-26% vs US avg
x
Vacancy Rate
4.0%-62% vs US avg
x
Broadband Access
83.6%-4% vs US avg
x
4+ Bedrooms
0.1%-99% vs US avg
x
Built Pre-1939
3.8%-70% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
32.5%-35% vs US avg
x
Mortgage-Free
41.6%+9% vs US avg
x
$230,500
Home Value
$946
Rent
1992
Year Built
2015
Moved In

Residents have lived here since ~2015 on average

Housing Structure

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

  • 1-unit detached50.7%
  • 1-unit attached2.2%
  • 2-9 units3.5%
  • 10+ units43.6%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$230,500
Median rent$946
Owner-occupied48.6%
Vacant4.0%
Price-to-income4.0x
Est. income to buy$63,000