ZIP 55423 - 860Z200US55423 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 55423, located in the Minneapolis-St. Paul metro area, this demographic and housing snapshot offers a clear picture of the community. With data from 2023, we’ll break down population trends, income levels, housing costs, and cultural diversity to help homebuyers, real estate investors, small-business owners, and analysts make informed decisions. Let’s dive into the numbers for this vibrant area, often associated with Richfield, Minnesota, and uncover what makes it unique.

Population & Households

ZIP 55423 is home to a population of 36,779 residents, making it a moderately sized community with a suburban feel near urban amenities. This area supports 16,254 households, reflecting a mix of families, singles, and retirees. With 16,792 total housing units, there’s a slight surplus of homes compared to occupied households, which could indicate some availability for new residents or investors looking for rental opportunities. Understanding the balance between population and housing is key for anyone planning to settle or invest here.

Income & Housing Costs

The median household income in ZIP 55423 stands at $84,102, suggesting a solid economic base for many residents. This income level supports a comfortable lifestyle in the region, especially when paired with the area’s amenities and proximity to major employment hubs. On the housing front, the median home value is $320,300, reflecting a competitive yet accessible market for the Twin Cities area. For renters, the median rent is $1,334 per month, which aligns with the income levels and offers a viable alternative to homeownership. These figures provide a benchmark for affordability and investment potential.

Race & Ethnicity

ZIP 55423 boasts a diverse community, which adds to its cultural richness and appeal for a wide range of residents and businesses. The racial composition includes 61.11% White, 9.84% Black, 6.15% Asian, and 18.37% Hispanic or Latino residents. This diversity fosters a welcoming environment and offers opportunities for businesses catering to varied cultural needs, as well as for families seeking an inclusive place to call home. Understanding the demographic makeup helps in planning everything from community engagement to targeted marketing strategies.

Key Facts

• Total population: 36,779 residents, offering a suburban community with urban access.
• Total households: 16,254, indicating a mix of family and individual living arrangements.
• Total housing units: 16,792, suggesting some availability for new occupants or rentals.
• Median household income: $84,102, supporting a stable economic environment.
• Median home value: $320,300, competitive for the Minneapolis-St. Paul region.
• Median rent: $1,334, providing an affordable option compared to buying.
• Diversity: 61.11% White, 18.37% Hispanic, 9.84% Black, 6.15% Asian, reflecting a vibrant cultural mix.

What This Means for You

For homebuyers, ZIP 55423 offers a balanced market with a median home value of $320,300, which is reasonable for the area, paired with a median income of $84,102 that supports mortgage affordability. The slight surplus of housing units (16,792 vs. 16,254 households) might mean less competition for available properties. Investors and real estate agents can capitalize on this dynamic, especially with rental demand reflected in the $1,334 median rent—ideal for buy-to-rent strategies in a growing suburb. Small-business owners will find a diverse customer base of 36,779 residents, with cultural variety opening doors for niche products or services tailored to Hispanic, Asian, or other communities. Analysts can use these metrics to track suburban growth trends near major metro areas, focusing on income stability and housing turnover. Whether you’re settling down, investing, or launching a venture, these insights provide a foundation for smart decision-making.

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