The story of this market
The typical home in ZIP 56118 sells for about $155,000, or $108 per square foot.
Prices are up +3.3% from a year ago, so sellers still have some momentum. Homes take about 84 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $850 a month.
ZIP 56118 — Bingham Lake
The housing market in 56118 is characterized by low transaction volume and stable, modest price growth consistent with rural Minnesota trends. Demand is primarily driven by local residents, with limited inventory keeping the market balanced. The area remains an affordable option for those seeking a rural lifestyle.
This ZIP code is best suited for families and individuals seeking a quiet, rural lifestyle with a low cost of living, rather than commuters or investors looking for high-density rental demand.
Median prices moved up 3.3% year over year.
Homes spend a median of 84 days on market with 6.0 months of supply — a balanced-paced market.
17% of listings have cut prices · homes sell at 96.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.2% · poverty 8.8% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 56118, Cottonwood County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in this rural Minnesota ZIP code are consistently low, with incidents significantly below both state and national averages.
The area is served by local public school districts which generally maintain standard rural Minnesota educational performance metrics.
The region is subject to standard Midwestern weather risks including severe thunderstorms and winter weather; flood risk is localized to specific low-lying areas near water bodies.
The local economy is primarily driven by agriculture and small-scale local commerce, with limited large-scale industrial development.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
Residents typically rely on personal vehicles for commuting, with Minnesota State Highway 60 serving as the primary arterial route for regional travel.
Recreational opportunities are centered around local parks and the natural landscape of the Cottonwood County area, with limited commercial shopping districts.
The rental market is characterized by low inventory and limited turnover, typical of small rural communities with a high rate of owner-occupancy.
The economy is heavily reliant on the agricultural sector, with small businesses providing essential services to the local population.
Transportation infrastructure is limited to rural road networks, with no public transit systems serving the area.
There are no major commercial or residential developments currently approved or under construction in this ZIP code.
Cottonwood County Assessor manages property valuations based on annual market analysis and state-mandated assessment cycles.
Parcels are subject to local school district taxes and county-wide administrative levies.
Property insurance premiums are generally stable, though coverage for wind and hail damage is a standard consideration for homeowners in this region.
Net domestic migration is generally flat, with a balance between long-term residents and modest turnover.
Minnesota operates as a judicial foreclosure state, requiring court oversight for the foreclosure process.
Sellers are required to provide a comprehensive disclosure statement regarding the physical condition of the property at the time of sale.
Data retrieved from Census Reporter ZCTA 56118 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A local natural feature providing scenic views and limited recreational access.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.