Latest available · Census ACS 5-Year (2024)
What Is the Average Rent in ZCTA5 56623, Minnesota?
ZIP code · Census ACS 5-Year estimates
The median gross rent in ZCTA5 56623, Minnesota (ZIP 56623) is $942/month (±$117), based on Census ACS 5-Year estimates (2024). The median home value is $232,800 (±$22,847), and the median household income is $87,750/year. The unemployment rate in Lake of the Woods County, Minnesota was 5.6% as of April 2026 (preliminary). Source: U.S. Census Bureau, American Community Survey, 2024 5-Year Estimates.
Housing Metrics for ZIP 56623
| Metric | Value |
|---|---|
| Median Gross Rent | $942 |
| Median Home Value | $232,800 |
| Median Household Income | $87,750 |
| Total Housing Units | 1,343 |
| Renter-Occupied Units | 244 |
| Renter-Occupied Share | 18% |
| Households Paying 50%+ Income | 39 households |
| Unemployment Rate(April 2026) | 5.6% |
How does ZIP 56623 compare?
Median gross rent ranked against all ZIP codes in Minnesota.
Higher rent than 52% of ZIP codes in Minnesota · 362th of 759
| # | ZIP code | Value |
|---|---|---|
| 1 | ZCTA5 55042 | $2,407 |
| 2 | ZCTA5 55001 | $2,333 |
| 3 | ZCTA5 55054 | $2,200 |
| … 358 more … | ||
| 362 | ZCTA5 56623(you are here) | $942 |
| … 394 more … | ||
| 757 | ZCTA5 56527 | $390 |
| 758 | ZCTA5 55764 | $336 |
| 759 | ZCTA5 56591 | $196 |
Geography
ZIP 56623 is in Lake of the Woods County, Minnesota.
It covers part of Baudette city, Minnesota.
More data for ZCTA5 56623
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Frequently asked questions
What is the average rent in ZCTA5 56623, Minnesota?
The median gross rent in ZCTA5 56623, Minnesota (ZIP 56623) is $942/month, based on Census ACS 5-Year estimates (2024). Gross rent includes contract rent plus utilities. Source: U.S. Census Bureau, American Community Survey 5-Year Estimates, 2024.
What is the average rent for a 2-bedroom in ZCTA5 56623, Minnesota?
The median rent for a 2-bedroom in ZCTA5 56623, Minnesota is not available based on Census ACS 5-Year estimates (2024). Source: U.S. Census Bureau, American Community Survey 5-Year Estimates, 2024.
What is the median home value in ZCTA5 56623, Minnesota?
The median home value in ZCTA5 56623, Minnesota (ZIP 56623) is $232,800 according to Census ACS 5-Year estimates (2024).
What percentage of renters in ZCTA5 56623 are rent-burdened?
In ZCTA5 56623, Minnesota, 39 households pay 50% or more of their income for rent. A household is considered rent-burdened when it spends more than 30% of income on housing costs.
What is the median household income in ZCTA5 56623, Minnesota?
The median household income in ZCTA5 56623, Minnesota is $87,750/year according to Census ACS 5-Year estimates (2024).
How reliable is Census ACS data for small areas?
The ACS 5-Year estimates combine 60 months of data for more reliable figures in smaller geographies. Each estimate has a margin of error (MOE). For example, the median rent of $942 has a margin of error of ±$117. In very small areas, MOEs can be large relative to the estimate.
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