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Lake Park city, MN

ZIP 56554 — 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 56554

Median Home Value
$306,200
Median Rent
$765
Affordability Snapshot
$84,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,967/mo PITI).

10%
Rent-to-Income Ratio

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

3.4x
Home Price-to-Income Ratio

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

33.4 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 56554 in Lake Park city, MN, a household would need roughly $84,000 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 $1,967. That is roughly in line with the local median household income ($91,379). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 39% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
92.2%+41% vs US avg
x
Vacancy Rate
39.1%+279% vs US avg
x
Broadband Access
90.0%+3% vs US avg
x
4+ Bedrooms
11.7%-21% vs US avg
x
Built Pre-1939
2.3%-82% vs US avg
x
Built Post-2014
1.7%-76% vs US avg
x
Rent Burden >30%
10.6%-79% vs US avg
x
Mortgage-Free
45.1%+18% vs US avg
x
$306,200
Home Value
$765
Rent
1982
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 detached91.2%
  • 1-unit attached1.0%
  • 2-9 units1.2%
  • 10+ units0.5%
  • Mobile home & other6.1%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$306,200
Median rent$765
Owner-occupied92.2%
Vacant39.1%
Price-to-income3.4x
Est. income to buy$84,000