ZIP 55407 - 860Z200US55407 — Demographic Snapshot (2023)

Overview

If you're considering ZIP code 55407 in Minneapolis, Minnesota, as a place to live, invest, or start a business, understanding the local demographics and housing landscape is essential. This snapshot, based on 2023 data, provides a clear picture of the area's population, income levels, housing costs, and cultural diversity. Whether you're a homebuyer seeking an affordable yet vibrant community, an investor analyzing market potential, or a small-business owner scouting locations, these insights will help you make informed decisions about ZIP 55407.

Population & Households

ZIP 55407 is home to a population of 36,992 residents, making it a moderately sized urban area with a lively community feel. These residents are distributed across 14,781 households, reflecting a mix of family and individual living arrangements. With 15,979 total housing units in the area, there’s a slight surplus of housing stock compared to occupied households, which could indicate opportunities for buyers or renters looking to move in. This balance between population and housing suggests a stable yet dynamic neighborhood with room for growth.

Income & Housing Costs

The median household income in ZIP 55407 stands at $78,206, which offers a solid economic foundation for many residents and signals a community with moderate purchasing power. For homebuyers and investors, the median house value of $317,000 is noteworthy—it’s a competitive price point for an urban area like Minneapolis, potentially appealing to first-time buyers or those seeking value in a growing market. Renters, meanwhile, face a median rent of $1,219 per month, which aligns with the income levels and suggests a manageable cost of living for many in the area. These figures highlight ZIP 55407 as a balanced market for both owning and renting.

Race & Ethnicity

ZIP 55407 boasts a diverse cultural makeup, which adds to its vibrancy and appeal for residents and businesses alike. The racial composition includes 49.98% White, 18.33% Black, 1.8% Asian, and 23.28% Hispanic residents. This diversity fosters a rich community environment, offering opportunities for cultural exchange and a broad customer base for small businesses. For investors and business owners, this mix can translate into a dynamic market with varied needs and preferences, while homebuyers may appreciate the inclusive and multifaceted neighborhood atmosphere.

Key Facts

• Total population: 36,992 residents, reflecting a robust urban community.
• Total households: 14,781, indicating a mix of family and solo living.
• Total housing units: 15,979, suggesting some availability for new residents.
• Median household income: $78,206, supporting a stable local economy.
• Median house value: $317,000, a competitive price for urban homebuyers.
• Median rent: $1,219, offering a reasonable rental market.
• Diverse population: Nearly 50% White, with significant Hispanic (23.28%) and Black (18.33%) representation.

What This Means for You

For homebuyers, ZIP 55407 presents a promising opportunity to enter the housing market at a median value of $317,000, which is accessible compared to other urban areas in Minneapolis. The slight surplus of housing units could mean less competition for available properties. Investors and real estate agents should note the balanced rental market, with a median rent of $1,219, and the area’s diversity, which supports demand for varied housing types. The income level of $78,206 suggests residents have the means to sustain rental or mortgage payments, reducing risk. For small-business owners, the diverse population of 36,992 offers a wide customer base, while the income levels indicate disposable income for goods and services. Analysts can use these metrics to benchmark ZIP 55407 against neighboring areas, identifying trends in housing affordability and demographic shifts.

Run This Study Yourself

Curious to dive deeper into ZIP 55407 or compare it with other areas? Follow these simple steps to uncover detailed insights tailored to your needs:

• Visit ZipcodeGPT to access powerful demographic and housing analysis tools.
• Enter any ZIP code, including 55407, to generate a comprehensive report with the latest data.
• Use the insights to make informed decisions for buying, investing, or starting a business in your target area.