56240 ZIP Code Demographics & Rankings

ZIP Code Type: STANDARD
County: Big Stone County
Centroid: Latitude 45.569, Longitude -96.437
Time Zone: Central Time Zone (UTC -6 hours)
Observes DST: Yes

ZIP Code 56240 has segments in 2 Counties (Big Stone, Traverse).

Businesses Addresses: 41
PO Box Addresses: 127
Residential Addresses: 275

Multi-Family Addresses: 50
Single Family Addresses: 225

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

Graceville, MN 56240 Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	986 (100%)
Population in Households	939 (95.2%)
Population in Families	727 (73.7%)
Population in Group Quarters¹	47 ( 4.8%)
Population Density	8
Diversity Index²	6


INCOME
Median Household Income	$62,742
Average Household Income	$78,547
% of Income for Mortgage⁴	7%
Per Capita Income	$31,544
Wealth Index⁵	91

HOUSING
Total HU (Housing Units)	470 (100%)
Owner Occupied HU	286 (60.9%)
Renter Occupied HU	109 (23.2%)
Vacant Housing Units	75 (16.0%)
Median Home Value	$110,185
Average Home Value	$146,329
Housing Affordability Index³	350

HOUSEHOLDS
Total Households	395
Average Household Size	2.38
Family Households	233
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.

Graceville, MN 56240 - Peer Comparisons by Rank and Percentile

The table below compares 56240 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	-0.22%	-0.55%
Households	-0.12%	-0.51%
Families	-0.25%	-0.52%
Median Household Income		0.24%
Per Capita Income		1.09%
Owner Occupied HU		-0.07%

Variable Description	Rank	Percentile
Total Population	# 581	34th
Population Density	# 742	16th
Median Household Income	# 408	54th
Housing Affordability Index	# 856	97th
Per Capita Income	# 473	46th
Diversity Index	# 835	5th

Graceville, MN 56240 ZIP Code Profile

ZIP Code 56240: Basic Data & USPS Preferred City Name

Graceville, MN 56240 Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Graceville, MN 56240 - Peer Comparisons by Rank and Percentile

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