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Richmond city, MN

ZIP 56368 — 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 56368

Median Home Value
$309,500
Median Rent
$580
Affordability Snapshot
$85,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,988/mo PITI).

7%
Rent-to-Income Ratio

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

3.3x
Home Price-to-Income Ratio

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

44.5 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 56368 in Richmond city, MN, a household would need roughly $85,000 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 $1,988. That is roughly in line with the local median household income ($92,963). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 28% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
91.1%+39% vs US avg
x
Vacancy Rate
28.3%+175% vs US avg
x
Broadband Access
87.0%-0% vs US avg
x
4+ Bedrooms
6.0%-59% vs US avg
x
Built Pre-1939
3.3%-74% vs US avg
x
Built Post-2014
1.0%-85% vs US avg
x
Rent Burden >30%
9.5%-81% vs US avg
x
Mortgage-Free
42.1%+10% vs US avg
x
$309,500
Home Value
$580
Rent
1980
Year Built
2009
Moved In

Residents have lived here since ~2009 on average

Housing Structure

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

  • 1-unit detached92.0%
  • 1-unit attached0.4%
  • 2-9 units0.9%
  • 10+ units1.1%
  • Mobile home & other5.5%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$309,500
Median rent$580
Owner-occupied91.1%
Vacant28.3%
Price-to-income3.3x
Est. income to buy$85,000