56531 ZIP Code Profile, Map, Data & Demographics

ZIP Code Type: STANDARD
County: Grant County
Centroid: Latitude 45.995, Longitude -95.969
Time Zone: Central Time Zone (UTC -6 hours)
Observes DST: Yes

ZIP Code 56531 has segments in 2 Counties (Grant, Otter Tail).

Businesses Addresses: 115
PO Box Addresses: 143
Residential Addresses: 776

Multi-Family Addresses: 67
Single Family Addresses: 709

Foreclosures in MN 56531

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

Elbow Lake, MN 56531 Data & Demographics (As of July 1, 2022)

POPULATION
Total Population	2,048 (100%)
Population in Households	2,027 (99.0%)
Population in Families	1,591 (77.7%)
Population in Group Quarters¹	21 ( 1.0%)
Population Density	13
Diversity Index²	16


INCOME
Median Household Income	$57,589
Average Household Income	$77,336
% of Income for Mortgage⁴	11%
Per Capita Income	$31,911
Wealth Index⁵	68

HOUSING
Total HU (Housing Units)	998 (100%)
Owner Occupied HU	655 (65.6%)
Renter Occupied HU	172 (17.2%)
Vacant Housing Units	171 (17.1%)
Median Home Value	$123,775
Average Home Value	$180,858
Housing Affordability Index³	229

HOUSEHOLDS
Total Households	827
Average Household Size	2.45
Family Households	510
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.

Elbow Lake, MN 56531 - Peer Comparisons by Rank and Percentile

The table below compares 56531 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	0.15%	0.04%
Households	-0.43%	-0.10%
Families		-0.12%
Median Household Income		2.70%
Per Capita Income		2.46%
Owner Occupied HU		0.09%

Variable Description	Rank	Percentile
Total Population	# 409	54th
Population Density	# 618	30th
Median Household Income	# 762	13th
Housing Affordability Index	# 824	94th
Per Capita Income	# 743	15th
Diversity Index	# 549	37th

56531 ZIP Code Profile, Map, Data & Demographics

ZIP Code 56531: Basic Data & USPS Preferred City Name

Elbow Lake, MN 56531 Data & Demographics (As of July 1, 2022)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Elbow Lake, MN 56531 - Peer Comparisons by Rank and Percentile

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