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Grove City city, MN

ZIP 56243 — 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 56243

Median Home Value
$173,400
Median Rent
$650
Affordability Snapshot
$48,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,114/mo PITI).

12%
Rent-to-Income Ratio

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

2.6x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

22.2 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 56243 in Grove City 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 $1,114. That sits below the local median household income ($65,625), 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

Vacancy rate 13% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
81.1%+24% vs US avg
x
Vacancy Rate
12.9%+25% vs US avg
x
Broadband Access
81.8%-6% vs US avg
x
4+ Bedrooms
5.8%-61% vs US avg
x
Built Pre-1939
7.0%-45% vs US avg
x
Built Post-2014
0.5%-93% vs US avg
x
Rent Burden >30%
15.8%-68% vs US avg
x
Mortgage-Free
39.8%+4% vs US avg
x
$173,400
Home Value
$650
Rent
1972
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 detached86.5%
  • 1-unit attached2.0%
  • 2-9 units3.3%
  • 10+ units2.7%
  • Mobile home & other5.5%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$173,400
Median rent$650
Owner-occupied81.1%
Vacant12.9%
Price-to-income2.6x
Est. income to buy$48,000