How much is a home worth in ZIP code 55406?

The typical home in 55406 is worth $346,990, based on the Zillow Home Value Index.

Are home values rising in 55406?

Home values in 55406 are up 2.4% over the past year, and up 1.8% a year over five years.

What is the typical rent in 55406?

A typical home in 55406 rents for about $1,470 a month, a gross rental yield of 5.1%.

What is the property tax rate in 55406?

The effective property tax rate in 55406 is 1.2% — roughly $4,098 a year on a typical home.

ZIP code 55406 has a population of 36,581 and a median household income of $93,910.

HousingHandbookReference data

…

U.S. ZIP Code · MN55406

Hennepin County · Minneapolis-St. Paul-Bloomington, MN-WI

Typical home value

$346,990^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +2.4%
5-year / yr: +1.8%
10-year / yr: +4.4%

Relative price

vs U.S.: +22.2%
vs metro: -9.2%
vs state: +16.5%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 55406 is worth $346,990 — 9.2% below the Minneapolis-St. Paul-Bloomington, MN-WI median. Over the past year, values have risen 2.4%. Homes here rent for a typical $1,470 a month — a 5.1% gross rental yield. The effective property tax rate is 1.2%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,470^[2]
Gross yield: 5.1%^[2]
Cap rate: 3.1%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.2%^[3]
Typical annual tax: $4,098^[3]

#Climate risk

FEMA National Risk Index ratings for Hennepin County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively High
Coastal flood: Not Applicable
Wildfire: Relatively Low
Drought: Relatively Low
Heat wave: Relatively High
Hurricane: Not Applicable
Tornado: Very High
Earthquake: Very Low
Winter weather: Very High

#Who lives here

Population: 36,581^[3]
Median household income: $93,910^[3]

#Migration

Household moves in and out of Hennepin County over a year, from IRS tax-return data.

Net migration: -2,269^[5]
Moved in: 38,182
Moved out: 40,451

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 22
Elementary: 12
Middle: 3
High: 5

Roosevelt High
High · Grades 9–12 · Minneapolis Public School District
1,121 students
Hiawatha Collegiate High School
High · Grades 8–12 · HIAWATHA ACADEMIES
710 students
SANFORD MIDDLE
Middle · Grades 6–8 · Minneapolis Public School District
705 students
SULLIVAN ELEMENTARY
Elementary · Grades PK–8 · Minneapolis Public School District
598 students
Seward Elementary
Elementary · Grades PK–5 · Minneapolis Public School District
557 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield5.1%

Net yield (after ~40% expenses)3.1%

Annual rent$17,642

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,755

Loan principal$277,592

Down payment$69,398

Total interest paid$354,053

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.62

Monthly cost to own$2,385

Monthly rent$1,470

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 9th percentile^[1]
Rental yield: 40th percentile^[2]
Property tax: 82nd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 55406?: The typical home in 55406 is worth $346,990, based on the Zillow Home Value Index.
Are home values rising in 55406?: Home values in 55406 are up 2.4% over the past year, and up 1.8% a year over five years.
What is the typical rent in 55406?: A typical home in 55406 rents for about $1,470 a month, a gross rental yield of 5.1%.
What is the property tax rate in 55406?: The effective property tax rate in 55406 is 1.2% — roughly $4,098 a year on a typical home.
Who lives in 55406?: ZIP code 55406 has a population of 36,581 and a median household income of $93,910.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

55448 vs 55406 →
Coon Rapids, MN
Typical home
$347,325
Gross yield
6.0%
55084 vs 55406 →
Taylors Falls, MN
Typical home
$348,111
Gross yield
—
56330
Foreston, MN
Typical home
$348,437
Gross yield
—
55414
Minneapolis, MN
Typical home
$345,309
Gross yield
5.2%
55085
Vermillion, MN
Typical home
$345,303
Gross yield
—
55397
Norwood Young America, MN
Typical home
$345,240
Gross yield
—

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#Jump to section

U.S. ZIP Code · MN55406

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