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  1. Home
  2. /Browse ZIP Codes
  3. /Minnesota
  4. /Two Harbors, MN - 55616

Two Harbors, MN—55616

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$304,000
5.3% YoY Growth
Household Income
$77,200
25.2% YoY Growth
Days on Market
45
42.0% Longer YoY
Home Price Forecast
1.6%
Median Rent
$600
83.2% YoY Growth
1-Bed Rent
N/A
N/A
2-Bed Rent
N/A
N/A
3-Bed Rent
N/A
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Two Harbors, MN

As of May '26, the median home price in Two Harbors, MN is $304,000, with a year-over-year change of 5.3%. This indicates that home prices in Two Harbors, MN are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$304,0005.3%
Single Family $304,0005.6%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $195,000
    3.7%
    2 Bed
    		$280,0004.9%
    3 Bed
    		$344,0006.2%
    4 Bed
    		$372,0007.2%
    5 Bed N/AN/A
    Loading chart...

    % of Housing Stock

    Studio
    3.7%
    1 Bedroom
    9.3%
    2 Bedrooms
    25.8%
    3 Bedrooms
    39.5%
    4 Bedrooms
    18.0%
    5+ Bedrooms
    3.7%

    Rental Trends — Two Harbors, MN

    As of July '25, Rentcast reports the average rent in Two Harbors, MN is $600, with a year-over-year rent change of -83.2%. Per bedroom, the median rent as of July '25 in Two Harbors, MN is 4-bedrooms: $600. The most common rental property sizes in Two Harbors, MN are 2-bedroom and 1-bedroom, accounting for 52.1% and 31.2% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$600$600
    Studio Rent N/AN/A
    1 Bed Rent N/AN/A
    2 Bed Rent N/AN/A
    3 Bed Rent N/AN/A
    4 Bed Rent $600$600
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    % of Rental Stock

    1 Bedroom
    31.2%
    2 Bedrooms
    52.1%
    3 Bedrooms
    12.9%
    4 Bedrooms
    2.1%
    5+ Bedrooms
    1.8%

    Property Listings — Two Harbors, MN

    As of May '26, Realtor.com reports that the median days on market for a home in Two Harbors, MN is 45. This is a increase of 42.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$290,000-24.0%
    Listing Count
    		576.0%
    Listings as % of Homes0.4%6.0%
    Days on Market
    		4542.0%
    Loading chart...

    Demographics — Two Harbors, MN

    As of the latest ACS Survey released in 2023, Two Harbors, MN has a population of 7,280, which has increased by 5.7% over the past 5 years. Two Harbors, MN is a moderately popular place for families, as children make up 21.7% of the population. The area has a poorly educated workforce, with 24.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.2% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		7,2805.7%
    % Under 18
    		21.7%8.5%
    % Seniors
    		21.7%-1.4%
    % WFH
    		11.2%83.6%
    % w/ College Degree
    		24.2%-12.0%
    Loading chart...

    As of the latest ACS Survey released in 2023, Two Harbors, MN is a predominantly white area, with 95.4% of the population identifying as white. The white population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Two Harbors, MN is hispanic, making up 1.3% of the population. Foreign-born residents account for 0.5% of the population in Two Harbors, MN, and this percentage has decreased by 64.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		95.4%-1.3%
    % Black
    		0.5%-44.4%
    % Hispanic
    		1.3%44.4%
    % Asian
    		0.0%-100.0%
    % Foreign Born
    		0.5%-64.3%
    Loading chart...

    Mortgage and Risk — Two Harbors, MN

    According to HUD data as of 2023, there were 174 mortgage originations in Two Harbors, MN, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Two Harbors, MN. Investor activity is low, as 3.0% of loans were by investors. 28.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		174
    % Conventional Loans
    		89.0%
    % Government Loans
    		11.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		10.0%
    % Cash Out Refinance
    		28.0%
    Loading chart...
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    Rentals and Section 8 — Two Harbors, MN

    Two Harbors, MN lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		142
    Total Units Section 8
    		84
    % Rentals under Section 8
    		14.4%
    % Occupied Section 8
    		87.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 BedroomN/AN/A$990
    2 BedroomN/AN/A$1,300
    3 BedroomN/AN/A$1,570
    4 Bedroom$1,580$600$2,180

    Affordability — Two Harbors, MN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.4
    Median Home Price$304,000
    Median Household Income$77,200

    Two Harbors, MN — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    55602

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    55614

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    Knife River

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    Duluth, MN

    55804

    Frequently Asked Questions