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Elgin city, MN

ZIP 55932 — Housing & Real Estate

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

Upper Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55932

Median Home Value
$288,600
Median Rent
$656
Affordability Snapshot
$79,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,854/mo PITI).

8%
Rent-to-Income Ratio

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

2.8x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

36.7 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 55932 in Elgin city, MN, a household would need roughly $79,000 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 $1,854. That sits below the local median household income ($102,727), 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
82.6%+26% vs US avg
x
Vacancy Rate
7.8%-24% vs US avg
x
Broadband Access
92.7%+7% vs US avg
x
4+ Bedrooms
10.7%-27% vs US avg
x
Built Pre-1939
1.5%-88% vs US avg
x
Built Post-2014
3.7%-46% vs US avg
x
Rent Burden >30%
4.3%-91% vs US avg
x
Mortgage-Free
40.2%+5% vs US avg
x
$288,600
Home Value
$656
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 detached85.2%
  • 1-unit attached2.2%
  • 2-9 units8.3%
  • 10+ units2.2%
  • Mobile home & other2.1%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$288,600
Median rent$656
Owner-occupied82.6%
Vacant7.8%
Price-to-income2.8x
Est. income to buy$79,000