56283 ZIP Code Demographics & Rankings

ZIP Code Type: STANDARD
County: Redwood County
Centroid: Latitude 44.54, Longitude -95.111
Time Zone: Central Time Zone (UTC -6 hours)
Observes DST: Yes

ZIP Code 56283 has segments in 2 Counties (Redwood, Renville).

Businesses Addresses: 326
PO Box Addresses: 74
Residential Addresses: 2,895

Multi-Family Addresses: 372
Single Family Addresses: 2,523

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

Redwood Falls, MN 56283 Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	6,754 (100%)
Population in Households	6,540 (96.8%)
Population in Families	5,068 (75.0%)
Population in Group Quarters¹	214 ( 3.2%)
Population Density	35
Diversity Index²	34


INCOME
Median Household Income	$53,702
Average Household Income	$68,864
% of Income for Mortgage⁴	10%
Per Capita Income	$29,186
Wealth Index⁵	68

HOUSING
Total HU (Housing Units)	3,172 (100%)
Owner Occupied HU	2,066 (65.1%)
Renter Occupied HU	792 (25.0%)
Vacant Housing Units	314 ( 9.9%)
Median Home Value	$126,951
Average Home Value	$163,771
Housing Affordability Index³	250

HOUSEHOLDS
Total Households	2,858
Average Household Size	2.29
Family Households	1,738
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.

Redwood Falls, MN 56283 - Peer Comparisons by Rank and Percentile

The table below compares 56283 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	-0.09%	-0.38%
Households	-0.11%	-0.41%
Families	-0.25%	-0.49%
Median Household Income		0.64%
Per Capita Income		1.42%
Owner Occupied HU		-0.32%

Variable Description	Rank	Percentile
Total Population	# 211	76th
Population Density	# 387	56th
Median Household Income	# 683	22nd
Housing Affordability Index	# 665	76th
Per Capita Income	# 646	27th
Diversity Index	# 175	80th

Redwood Falls, MN 56283 ZIP Code Profile

ZIP Code 56283: Basic Data & USPS Preferred City Name

Redwood Falls, MN 56283 Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Redwood Falls, MN 56283 - Peer Comparisons by Rank and Percentile

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