US5.com
  1. Home
  2. States
  3. Minnesota
  4. ZIP 56007
  5. Housing & Real Estate
Albert Lea city, MN

ZIP 56007 — 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 56007

Median Home Value
$161,100
Median Rent
$684
Affordability Snapshot
$44,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,035/mo PITI).

12%
Rent-to-Income Ratio

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

2.4x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

19.6 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 56007 in Albert Lea city, MN, a household would need roughly $44,000 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 $1,035. That sits below the local median household income ($66,479), 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
76.1%+16% vs US avg
x
Vacancy Rate
8.3%-19% vs US avg
x
Broadband Access
83.7%-4% vs US avg
x
4+ Bedrooms
3.6%-76% vs US avg
x
Built Pre-1939
7.4%-43% vs US avg
x
Built Post-2014
0.1%-99% vs US avg
x
Rent Burden >30%
20.7%-58% vs US avg
x
Mortgage-Free
47.9%+25% vs US avg
x
$161,100
Home Value
$684
Rent
1959
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 detached73.7%
  • 1-unit attached5.4%
  • 2-9 units6.7%
  • 10+ units12.3%
  • Mobile home & other1.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$161,100
Median rent$684
Owner-occupied76.1%
Vacant8.3%
Price-to-income2.4x
Est. income to buy$44,000