56118 ZIP Code Demographics & Rankings

ZIP Code Type: STANDARD
County: Cottonwood County
Centroid: Latitude 43.909, Longitude -95.047
Time Zone: Central Time Zone (UTC -6 hours)
Observes DST: Yes

ZIP Code 56118 has segments in 2 Counties (Cottonwood, Jackson).

Businesses Addresses: 9
PO Box Addresses: 0
Residential Addresses: 174

Multi-Family Addresses: 0
Single Family Addresses: 174

The ZIP Code maps and database are updated 4 times per year.
Database updated: July 1, 2020, Maps updated: May 1, 2020.

Bingham Lake, MN 56118 Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	469 (100%)
Population in Households	469 (100.0%)
Population in Families	399 (85.1%)
Population in Group Quarters¹	0
Population Density	8
Diversity Index²	24


INCOME
Median Household Income	$68,223
Average Household Income	$82,409
% of Income for Mortgage⁴	10%
Per Capita Income	$32,155
Wealth Index⁵	88

HOUSING
Total HU (Housing Units)	203 (100%)
Owner Occupied HU	158 (77.8%)
Renter Occupied HU	25 (12.3%)
Vacant Housing Units	20 ( 9.9%)
Median Home Value	$167,857
Average Home Value	$199,842
Housing Affordability Index³	257

HOUSEHOLDS
Total Households	183
Average Household Size	2.56
Family Households	133
Average Family Size	3

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

Bingham Lake, MN 56118 - Peer Comparisons by Rank and Percentile

The table below compares 56118 to the other 879 ZIP Codes in Minnesota by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	0.0%	-0.26%
Households	0.05%	-0.22%
Families	-0.07%	-0.3%
Median Household Income		2.0%
Per Capita Income		1.83%
Owner Occupied HU		-0.13%

Variable Description	Rank	Percentile
Total Population	# 725	18th
Population Density	# 736	16th
Median Household Income	# 290	67th
Housing Affordability Index	# 688	78th
Per Capita Income	# 430	51st
Diversity Index	# 263	70th

Bingham Lake, MN 56118 ZIP Code Profile

ZIP Code 56118: Basic Data & USPS Preferred City Name

Bingham Lake, MN 56118 Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Bingham Lake, MN 56118 - Peer Comparisons by Rank and Percentile

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