56327 ZIP Code Demographics & Rankings

ZIP Code Type: STANDARD
County: Douglas County
Centroid: Latitude 45.769, Longitude -95.627
Time Zone: Central Time Zone (UTC -6 hours)
Observes DST: Yes

ZIP Code 56327 has segments in 2 Counties (Douglas, Pope).

Businesses Addresses: 8
PO Box Addresses: 26
Residential Addresses: 330

Multi-Family Addresses: 0
Single Family Addresses: 330

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

Farwell, MN 56327 Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	868 (100%)
Population in Households	867 (99.9%)
Population in Families	741 (85.4%)
Population in Group Quarters¹	1 ( 0.1%)
Population Density	15
Diversity Index²	6


INCOME
Median Household Income	$68,338
Average Household Income	$86,442
% of Income for Mortgage⁴	15%
Per Capita Income	$33,761
Wealth Index⁵	107

HOUSING
Total HU (Housing Units)	590 (100%)
Owner Occupied HU	300 (50.8%)
Renter Occupied HU	39 ( 6.6%)
Vacant Housing Units	251 (42.5%)
Median Home Value	$245,833
Average Home Value	$284,833
Housing Affordability Index³	180

HOUSEHOLDS
Total Households	339
Average Household Size	2.56
Family Households	250
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.

Farwell, MN 56327 - Peer Comparisons by Rank and Percentile

The table below compares 56327 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	0.49%	0.59%
Households	0.5%	0.58%
Families	0.44%	0.48%
Median Household Income		2.01%
Per Capita Income		2.01%
Owner Occupied HU		0.59%

Variable Description	Rank	Percentile
Total Population	# 615	30th
Population Density	# 581	34th
Median Household Income	# 285	68th
Housing Affordability Index	# 342	39th
Per Capita Income	# 329	63rd
Diversity Index	# 832	5th

Farwell, MN 56327 ZIP Code Profile

ZIP Code 56327: Basic Data & USPS Preferred City Name

Farwell, MN 56327 Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Farwell, MN 56327 - Peer Comparisons by Rank and Percentile

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