56118 ZIP Code Profile, Map, Data & Demographics

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: 7
PO Box Addresses: 0
Residential Addresses: 168

Multi-Family Addresses: 0
Single Family Addresses: 168

Foreclosures in MN 56118

The ZIP Code maps and database are updated 4 times per year.
Database updated: January 1, 2023, Maps updated: August 12, 2022.

Bingham Lake, MN 56118 Data & Demographics (As of July 1, 2022)

POPULATION
Total Population	434 (100%)
Population in Households	415 (95.6%)
Population in Families	355 (81.8%)
Population in Group Quarters¹	19 ( 4.4%)
Population Density	8
Diversity Index²	21


INCOME
Median Household Income	$68,757
Average Household Income	$86,858
% of Income for Mortgage⁴	14%
Per Capita Income	$33,136
Wealth Index⁵	73

HOUSING
Total HU (Housing Units)	188 (100%)
Owner Occupied HU	129 (68.6%)
Renter Occupied HU	36 (19.1%)
Vacant Housing Units	23 (12.2%)
Median Home Value	$184,259
Average Home Value	$212,403
Housing Affordability Index³	191

HOUSEHOLDS
Total Households	165
Average Household Size	2.52
Family Households	120
Average Family Size	3.00

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 878 ZIP Codes in Minnesota by rank and percentile using July 1, 2022 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	2020-2022	2022-2027
Population	-1.01%	0.18%
Households	0.82%	0.48%
Families		0.50%
Median Household Income		2.57%
Per Capita Income		2.23%
Owner Occupied HU		1.06%

Variable Description	Rank	Percentile
Total Population	# 723	18th
Population Density	# 737	16th
Median Household Income	# 509	42nd
Housing Affordability Index	# 710	81st
Per Capita Income	# 697	21st
Diversity Index	# 391	56th

56118 ZIP Code Profile, Map, Data & Demographics

ZIP Code 56118: Basic Data & USPS Preferred City Name

Bingham Lake, MN 56118 Data & Demographics (As of July 1, 2022)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

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

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Cottonwood County