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Fairmont city, MN

ZIP 56031 — 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 56031

Median Home Value
$175,600
Median Rent
$664
Affordability Snapshot
$48,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,128/mo PITI).

13%
Rent-to-Income Ratio

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

2.9x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

22.0 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 56031 in Fairmont city, MN, a household would need roughly $48,000 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 $1,128. That sits below the local median household income ($61,373), 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
68.5%+5% vs US avg
x
Vacancy Rate
6.5%-37% vs US avg
x
Broadband Access
85.6%-2% vs US avg
x
4+ Bedrooms
6.9%-53% vs US avg
x
Built Pre-1939
5.6%-56% vs US avg
x
Built Post-2014
0.1%-99% vs US avg
x
Rent Burden >30%
15.2%-69% vs US avg
x
Mortgage-Free
43.4%+14% vs US avg
x
$175,600
Home Value
$664
Rent
1964
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

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

  • 1-unit detached70.8%
  • 1-unit attached2.8%
  • 2-9 units11.7%
  • 10+ units12.7%
  • Mobile home & other2.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$175,600
Median rent$664
Owner-occupied68.5%
Vacant6.5%
Price-to-income2.9x
Est. income to buy$48,000