Interested in purchasing investment houses in the 56118 zip code in Bingham Lake, MN?
The zip code 56118 is in both Cottonwood and Jackson counties with a latitude of -95.032090000000 and longitude of 43.938220000000, is in the state of Minnesota. The average asking price of houses and condos is $304,667.00 and the average sale price was $203,292.00. this regions is classified as the Minneapolis - Saint Paul metro area and is in the 507 area code. The location in degrees is 43° 56' 17.592" N, 95° 1' 55.524" W. The county F.I.P.S. is 27033. The total land area is 52.7 square miles and the water area is 0.8 square miles. The elevation in this area is 1342 - 1447 feet. The zip code is on central standard time and observes daylight savings time.
The zip 56118 is in county number 063 and is L. Sector 96, L. Segment 01, H. Sector 01, and H. Segment 01. The population was 420 in 2019 and 421 in 2010. This further breaks down to 206 males (49.0%) and 214 females (51.0%). The median age of residents is 37.7 years. The population density (people per square mile) is 8. This zip code has a combined total of 174 houses and condos. There are 10 rented appartments. 6% of residents rent versus the 6% of residents in the state who rent.
The financial status of those living in this area is considered lower middle class. The average individual gross adjusted income is $63,039 and the average salary is $35,979. The median household income of individuals is $43,447.00 and the average is $71,210.00. This zip code has a mean commute time to work of 22.8 minutes. The unemployment rate is 3.5%. Income earners by percent breakdown as 59.30% (Under $50,000), 34.10% ($50,000-$100,000), and 6.60% earn over $100,000. 0.2% of residents live below poverty line versus the 9.0% in the state that are below this line. The cost of living index is 84.4. The educational breakdown is 94.8% have a high school education or higher, 20.9% have a bachelor's degree or higher, and 4.7% have some kind of profesional degree.
This area has 163 households and the average size is 2.6 people. Individuals who are single and have never been married are 20.2%, 74.1% are now married, 0.6% are separated, 4.5% are widowed, and 0.7% are divorced. The average yearly contribution amount given by people to charity was $3,750 versus the state average of $3,948. The percent of residents who gave to charity was 17.4%.
The estimated median value of houses and condos is $120,305. The median monthly owner costs of mortgage holders was $798, where as the costs for those who don't have a mortgage are $463. The median number of rooms in houses and condos are 6.4 versus apartments which had a median number of 5.8.
The real estate tax percent rate is 0.8% which equated to an average real estate tax amount payment of $967. In comparision, the average real estate tax percent rate in the state is 1.1% which equated to an average real estate tax amount payment in the state of $2,670. The median housing property tax percent for residents with mortgages was 1.0% which amounted to an average tax amount of $912. Conversely, the median housing property tax percent for residents who don't have mortgages was 0.5% which amounted to an average tax amount of $1,037. Reported taxable interest for persons was $560, dividends $600, capital gains +$4,575, and itemized deductions $19,417. The average earned income tax credit is $2,233. The percent of individuals that use a tax preparer is 73.9%. The total average income taxes paid by individuals was $8,267. Businesses reported an average profit of $3,300.
P J's II Lounge
820 Highway 60, Bingham Lake, MN 56118
Bergen Bar & Grill
89982 540th Ave, Windom, MN 56101 (4.6 miles away)
Laker Grill
999 2nd Ave, Mountain Lake, MN 56159 (6.7 miles away)
Buckshots Bar & Grill
505 Hubbard Ave, Butterfield, MN 56120 (13.4 miles away)
HomeTown Buffet
249 10th St NW, Heron Lake, MN 56137 (15.5 miles away)
Shady Drive Inn
124 State Highway 30, Storden, MN 56174 (16.8 miles away)
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