56241 ZIP Code Profile, Map, Data & Demographics

ZIP Code Type: STANDARD
County: Yellow Medicine County
Centroid: Latitude 44.808, Longitude -95.549
Time Zone: Central Time Zone (UTC -6 hours)
Observes DST: Yes

ZIP Code 56241 has segments in 3 Counties (Chippewa, Renville, Yellow Medicine).

Businesses Addresses: 198
PO Box Addresses: 55
Residential Addresses: 1,749

Multi-Family Addresses: 244
Single Family Addresses: 1,505

Foreclosures in MN 56241

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

Granite Falls, MN 56241 Data & Demographics (As of July 1, 2022)

POPULATION
Total Population	3,954 (100%)
Population in Households	3,887 (98.3%)
Population in Families	3,104 (78.5%)
Population in Group Quarters¹	67 ( 1.7%)
Population Density	24
Diversity Index²	37


INCOME
Median Household Income	$65,193
Average Household Income	$80,997
% of Income for Mortgage⁴	13%
Per Capita Income	$34,767
Wealth Index⁵	67

HOUSING
Total HU (Housing Units)	1,907 (100%)
Owner Occupied HU	1,283 (67.3%)
Renter Occupied HU	424 (22.2%)
Vacant Housing Units	200 (10.5%)
Median Home Value	$160,505
Average Home Value	$201,520
Housing Affordability Index³	192

HOUSEHOLDS
Total Households	1,707
Average Household Size	2.28
Family Households	1,100
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.

Granite Falls, MN 56241 - Peer Comparisons by Rank and Percentile

The table below compares 56241 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	-0.28%	-0.67%
Households	-1.07%	-0.66%
Families		-0.66%
Median Household Income		0.61%
Per Capita Income		1.60%
Owner Occupied HU		-0.36%

Variable Description	Rank	Percentile
Total Population	# 292	67th
Population Density	# 448	49th
Median Household Income	# 592	33rd
Housing Affordability Index	# 721	82nd
Per Capita Income	# 590	33rd
Diversity Index	# 195	78th

56241 ZIP Code Profile, Map, Data & Demographics

ZIP Code 56241: Basic Data & USPS Preferred City Name

Granite Falls, MN 56241 Data & Demographics (As of July 1, 2022)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Granite Falls, MN 56241 - Peer Comparisons by Rank and Percentile

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