ZIP 55408 - 860Z200US55408 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 55408, located in the vibrant heart of Minneapolis, Minnesota, this demographic and housing snapshot offers a clear picture of the area in 2023. With a diverse population, a mix of housing options, and a median income that supports a dynamic local economy, this ZIP code presents unique opportunities for homebuyers, real estate investors, agents, small-business owners, and analysts. Let’s break down the key metrics to help you make informed decisions about living, investing, or operating in 55408.

Population & Households

ZIP 55408 is home to a population of 32,534 residents as of 2023, making it a moderately sized urban community. These residents are distributed across 17,153 households, reflecting a mix of family and individual living arrangements. The total number of housing units in the area stands at 17,874, indicating a slight surplus of available homes or apartments relative to occupied households. This could suggest opportunities for renters or buyers looking to settle in a lively neighborhood with access to urban amenities.

Income & Housing Costs

The median household income in ZIP 55408 is $72,421, which points to a relatively stable economic base for residents. This income level supports a housing market where the median house value is $387,500—a figure that reflects the area’s appeal and proximity to downtown Minneapolis. For renters, the median rent is $1,385 per month, which aligns with the cost of living in an urban setting. These numbers suggest that while homeownership is attainable for many, renting remains a significant part of the housing landscape, catering to a diverse range of lifestyles and budgets.

Race & Ethnicity

The demographic makeup of ZIP 55408 highlights a diverse community, which can be a draw for those seeking an inclusive environment. The racial composition includes 59.39% White, 17.27% Black, 4.76% Asian, and 11.32% Hispanic residents. This diversity fosters a culturally rich neighborhood, offering a blend of perspectives and experiences that can benefit businesses, schools, and social interactions. For investors and business owners, this mix can translate into a broad customer base with varied needs and preferences.

Key Facts

• Total population: 32,534 residents in 2023, indicating a robust urban community.
• Total households: 17,153, reflecting a mix of family and solo living arrangements.
• Total housing units: 17,874, suggesting some availability for new residents or investors.
• Median household income: $72,421, supporting a stable local economy.
• Median house value: $387,500, indicative of a desirable housing market.
• Median rent: $1,385, catering to a significant renter population.
• Diverse demographics: 59.39% White, 17.27% Black, 4.76% Asian, and 11.32% Hispanic.

What This Means for You

For homebuyers, ZIP 55408 offers a competitive yet accessible housing market with a median home value of $387,500. The slight surplus of housing units (17,874 vs. 17,153 households) may provide some negotiating room, especially in a diverse and culturally vibrant area. Investors and real estate agents can capitalize on the rental demand, with a median rent of $1,385 signaling a steady income stream for property owners. The area’s diversity and population size also suggest a consistent demand for housing. Small-business owners will find a promising customer base in the 32,534 residents, with a median household income of $72,421 indicating disposable income for local goods and services. The cultural diversity can inspire tailored offerings that resonate with varied demographics. Analysts can use these metrics to benchmark 55408 against other ZIP codes, identifying trends in urban housing and income dynamics.

Run This Study Yourself

Want to dive deeper into ZIP 55408 or compare it with another area? Follow these simple steps to get personalized insights:

• Visit ZipcodeGPT to access a powerful tool for demographic and housing analysis.
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• Use the data to inform your decisions, whether you’re buying, investing, or starting a business.