ZIP 55406 - 860Z200US55406 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business venture in ZIP 55406, located in Minneapolis, Minnesota, this demographic and housing snapshot offers a clear picture of the area in 2023. With a population of over 35,000 and a diverse community, this ZIP code presents unique opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Let’s dive into the latest data to help you make informed decisions about living, working, or investing here.

Population & Households

ZIP 55406 is home to a population of 35,863 residents as of 2023. This sizable community is spread across 16,653 households, indicating a mix of family and individual living arrangements. The total number of housing units stands at 17,439, suggesting a slight surplus of available homes or rentals compared to occupied households. For those looking to settle or invest, this balance could mean opportunities to find a place that fits your needs or portfolio.

Income & Housing Costs

The median household income in ZIP 55406 is $91,865, reflecting a relatively strong earning capacity among residents. This income level supports a robust local economy, which can be a draw for businesses and investors. On the housing front, the median house value is $335,500, positioning this area as a moderately priced market within the Minneapolis region. For renters, the median rent is $1,276 per month, which aligns with the income levels and suggests a balanced cost of living for those not ready to buy. These figures provide a solid benchmark for assessing affordability and investment potential.

Race & Ethnicity

The demographic makeup of ZIP 55406 shows a predominantly white population at 69.67%, with significant representation from other groups, including Black residents at 12.38%, Hispanic or Latino individuals at 6.86%, and Asian residents at 2.52%. This diversity contributes to a vibrant cultural landscape, which can be a key consideration for businesses aiming to serve a varied customer base or for families seeking an inclusive community. Understanding this mix helps tailor decisions, whether you’re opening a shop or choosing a neighborhood to call home.

Key Facts

• Total population: 35,863 residents in 2023.
• Total households: 16,653, with a mix of family and solo living.
• Total housing units: 17,439, indicating potential availability.
• Median household income: $91,865, supporting a stable local economy.
• Median house value: $335,500, a moderate price point for the area.
• Median rent: $1,276, reflecting reasonable rental costs.
• Racial diversity: 69.67% white, 12.38% Black, 6.86% Hispanic, 2.52% Asian.

What This Means for You

For homebuyers, ZIP 55406 offers a moderately priced housing market with a median value of $335,500, paired with a strong median income of $91,865. This suggests a stable area where you can invest in a home with confidence in the community’s economic health. The slight surplus of housing units (17,439 vs. 16,653 households) may also give you negotiating power.

For real estate investors and agents, the data points to a balanced market with opportunities for both sales and rentals. The median rent of $1,276 indicates a steady demand for leasing, while the diversity of the population could attract a wide range of tenants or buyers.

For small-business owners, the diverse demographic profile and solid household income levels suggest a customer base with varied needs and purchasing power. Whether you’re opening a retail store or a service-based business, tailoring your offerings to this community’s cultural mix could drive success.

For analysts, these metrics provide a foundation for deeper research into trends like housing occupancy rates or income growth, helping you build comprehensive reports or forecasts for clients.

Run This Study Yourself

• Want to explore ZIP 55406 or another area in greater detail? Start by visiting ZipcodeGPT for a user-friendly platform to access demographic and housing data.
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