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North Mankato city, MN

ZIP 56003 — 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 56003

Median Home Value
$260,800
Median Rent
$866
Affordability Snapshot
$72,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,675/mo PITI).

13%
Rent-to-Income Ratio

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

3.2x
Home Price-to-Income Ratio

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

25.1 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 56003 in North Mankato city, MN, a household would need roughly $72,000 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 $1,675. That sits below the local median household income ($80,587), 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
74.1%+13% vs US avg
x
Vacancy Rate
2.5%-76% vs US avg
x
Broadband Access
89.1%+2% vs US avg
x
4+ Bedrooms
8.9%-40% vs US avg
x
Built Pre-1939
3.0%-77% vs US avg
x
Built Post-2014
0.6%-92% vs US avg
x
Rent Burden >30%
15.0%-70% vs US avg
x
Mortgage-Free
35.3%-8% vs US avg
x
$260,800
Home Value
$866
Rent
1982
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

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

  • 1-unit detached66.6%
  • 1-unit attached6.5%
  • 2-9 units9.4%
  • 10+ units11.6%
  • Mobile home & other6.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$260,800
Median rent$866
Owner-occupied74.1%
Vacant2.5%
Price-to-income3.2x
Est. income to buy$72,000