ZIP Code · MN

ZIP 56007

Part of Albert Lea, MN

Pop. 21,377·Freeborn County·121st most expensive ZIP in Minnesota

Median rent (all units)

$1,043/mo

Year-over-Year

Stable

Month-over-Month

-2.9%

vs US Median

-$889

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 56007 · $1,043

More affordable than 97% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$670

1 BR

$740

2 BR

$970

3 BR

$1,280

4 BR+

$1,430

Research median

$970/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($68,846) is $1,721 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,430).

From Zillow's monthly rent index (ZORI) for ZIP 56007. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$12,516/yr

At $1,043/mo median

Location

CityAlbert Lea

StateMN

CountyFreeborn County

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 0.0% YoY), so renters have negotiating leverage.

Based on rent-price momentum (+0.0% YoY, -2.9% MoM), not inventory.

Demographics

Who lives here

ZIP 56007 (Albert Lea, MN) is majority owner-occupied, has a large retiree population, 18.2% of residents hold a bachelor's degree or higher.

Population

21,377

Median income

$68,846

Median age

44.3

Renters

23.3%

Age distribution

21.8%

17.9%

22.4%

13.1%

24.8%

Under 1821.8%

18–3417.9%

35–5422.4%

55–6413.1%

65+24.8%

Gender

50.5%

49.5%

Male50.5%

Female49.5%

Race & ethnicity

81.3%

13.5%

White81.3%

Black2.2%

Hispanic13.5%

Asian4.2%

Education (25+)

32.9%

38.9%

18.2%

No HS diploma10%

HS diploma32.9%

Some college38.9%

Bachelor's+18.2%

Housing tenure

76.7%

23.3%

Owner76.7%

Renter23.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 56007 in Albert Lea, MN has changed in 5 years

Income

$55,450 → $68,846

up 24.2%

Population

21,639 → 21,377

down 1.2%

Renter share

25.1% → 23.3%

-1.8 pts

Bachelor's+

16.9% → 18.2%

+1.3 pts

Median age

43.6 → 44.3

+0.7 yrs

Household income in the area moved from $55,450 to $68,846 across the same window, up 24.2% versus 2021. Census counts show ZIP 56007 in Albert Lea, MN losing about 262 residents over the five-year window, down 1.2% on net. The renter share has eased from 25.1% to 23.3%, with owner-occupied housing accounting for the remainder.

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Local insights

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About renting in ZIP 56007

Last updated: October 17, 2026

ZIP code 56007 covers Albert Lea, MN. The median rent here is $1,043/mo as of October 2026. A 1-bedroom rents for a median of $740/mo. A 2-bedroom rents for a median of $970/mo.

At 18% of local median household income ($68,846/yr), ZIP 56007 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 56007?

To keep rent at or below 30% of gross income, you would need to earn at least $42,000/year (about $20/hour full-time) to afford the median rent of $1,043/mo in ZIP 56007. The local median household income is $68,846/yr, so the typical household meets that bar.