55363, Montrose, MN

The 55363 zip code of Montrose, MN has a median home value of $243,000 and a median home equity value of $162,000. These values are relatively high when compared to other zip codes in the Twin Cities metro area. The average home value in Minneapolis is $146,500 and the average home equity value is $118,700.

One reason that the median home values in the 55363 zip code are higher than average is that there is a greater concentration of expensive homes in this area. In fact, nearly half (47%) of all homes in this zip code are worth more than $300,000. This high concentration of expensive homes has led to increased demand for property and consequently increased prices.

Another factor that may contribute to the high median home values in the 55363 zip code are the low levels of unemployment and poverty here. While these conditions do not always lead to increased demand for property or higher prices, they can have an indirect impact on housing prices by creating an environment where people are more likely to invest in property. In addition, low levels of unemployment and poverty can make it easier for people to afford larger mortgages which can increase their chances of owning a house outright rather than renting.

Overall, it appears that both factors – high concentrations of expensive homes and low levels of unemployment and poverty – play a role in driving up home values in the 55363 zip code. While there may be some variation from neighborhood to neighborhood within this zip code, on average it appears that properties here are worth considerably more than those found elsewhere in Minneapolis