56756, Salol, MN

The 56756 zip code of Salol, MN has a median home value of $163,000. The home equity in this zip code is $71,000. This means that the homeowners in this zip code have a net worth of $106,000. The average homeowner in this zip code has a mortgage worth $137,500. This means that the average homeowner in this zip code is paying off their mortgage debt at a rate of nearly 30%.

There are several factors that contribute to the high home equity and home prices in the 56756 zip code of Salol, MN. First and foremost is the fact that this area is located within one of the most desirable areas in Minnesota. Secondly, there are very few homes for sale in this area which has led to an increase in prices. Finally, many homeowners here have taken advantage of low interest rates over the past few years to borrow more money against their homes than they actually need to cover their mortgages. As a result, many homeowners here are effectively "cash-rich" and can afford to pay higher prices for homes than would be possible elsewhere in Minnesota or even nationally.