Lake Park, MN—56554
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Park, MN
Lake Park, MN lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $403,000 | 2.2% |
| Single Family | $402,000 | 2.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $383,000 | 1.6% |
3 Bed | $441,000 | 2.3% |
4 Bed | $555,000 | 0.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake Park, MN
Lake Park, MN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $662 | $678 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $662 | $678 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Lake Park, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Park, MN is 45. This is a increase of 32.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $549,000 | 13.0% |
Listing Count | 23 | 14.0% |
| Listings as % of Homes | 0.6% | 14.0% |
Days on Market | 45 | 32.0% |
Demographics — Lake Park, MN
As of the latest ACS Survey released in 2023, Lake Park, MN has a population of 2,690, which has decreased by -2.6% over the past 5 years. Lake Park, MN is a moderately popular place for families, as children make up 21.2% of the population. The area has a moderately educated workforce, with 35.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,690 | -2.6% |
% Under 18 | 21.2% | -15.5% |
% Seniors | 24.9% | 25.1% |
% WFH | 14.2% | 77.5% |
% w/ College Degree | 35.8% | 27.9% |
As of the latest ACS Survey released in 2023, Lake Park, MN is a predominantly white area, with 90.7% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Lake Park, MN is asian, making up 1.8% of the population. Foreign-born residents account for 1.7% of the population in Lake Park, MN, and this percentage has increased by 240.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.7% | -4.2% |
% Black | 0.0% | -100.0% |
% Hispanic | 0.6% | -80.6% |
% Asian | 1.8% | 1,700.0% |
% Foreign Born | 1.7% | 240.0% |
Mortgage and Risk — Lake Park, MN
According to HUD data as of 2023, there were 91 mortgage originations in Lake Park, MN, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Lake Park, MN. Investor activity is low, as 4.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 91 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 4.0% |
% Second Loans | 22.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Lake Park, MN
Lake Park, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 14 |
Total Units Section 8 | 11 |
% Rentals under Section 8 | 12.9% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $58 | $662 | $720 |
| 2 Bedroom | N/A | N/A | $930 |
| 3 Bedroom | N/A | N/A | $1,250 |
| 4 Bedroom | N/A | N/A | $1,390 |
Affordability — Lake Park, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $403,000 |
| Median Household Income | $91,400 |