US5.com
  1. Home
  2. States
  3. Minnesota
  4. ZIP 56531
  5. Housing & Real Estate
Elbow Lake city, MN

ZIP 56531 — 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 56531

Median Home Value
$151,600
Median Rent
$636
Affordability Snapshot
$42,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$974/mo PITI).

10%
Rent-to-Income Ratio

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

2.1x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

19.9 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 56531 in Elbow Lake city, MN, a household would need roughly $42,000 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 $974. That sits below the local median household income ($73,162), 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 15% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
75.5%+16% vs US avg
x
Vacancy Rate
15.0%+46% vs US avg
x
Broadband Access
91.5%+5% vs US avg
x
4+ Bedrooms
7.0%-53% vs US avg
x
Built Pre-1939
11.0%-14% vs US avg
x
Built Post-2014
0.2%-97% vs US avg
x
Rent Burden >30%
13.5%-73% vs US avg
x
Mortgage-Free
45.2%+18% vs US avg
x
$151,600
Home Value
$636
Rent
1962
Year Built
2011
Moved In

Residents have lived here since ~2011 on average

Housing Structure

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

  • 1-unit detached83.7%
  • 1-unit attached1.4%
  • 2-9 units3.2%
  • 10+ units9.0%
  • Mobile home & other2.7%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$151,600
Median rent$636
Owner-occupied75.5%
Vacant15.0%
Price-to-income2.1x
Est. income to buy$42,000