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ZIP Code · MN

ZIP 56007

Pop. 21,377·Freeborn County·123rd most expensive ZIP in Minnesota
Median rent (all units)
$960/mo
Year-over-Year
Stable
Month-over-Month
+4.0%
vs US Median
-$1,005
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 56007 · $960
More affordable than 98% of US ZIP codes · National median $1,965/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: May 18, 2026

Annual cost
$11,520/yr
At $960/mo median
Location
StateMN
CountyFreeborn County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +4.0% 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.

Community

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Local insights

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About renting in ZIP 56007

Last updated: May 18, 2026

ZIP code 56007 covers Albert Lea, MN. The median rent here is $960/mo as of May 2026. A 1-bedroom rents for a median of $740/mo. A 2-bedroom rents for a median of $970/mo.

At 17% 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 is rent in ZIP code 56007?

As of May 18, 2026, the median monthly rent in ZIP 56007 (Albert Lea, MN) is $960. This is based on aggregated data from public sources and community submissions.

How does ZIP 56007 rent compare to the US average?

ZIP 56007's median rent of $960/mo is $1,005 (51%) below the US national median of $1,965/mo.

How does ZIP 56007 compare to other ZIPs in Minnesota?

ZIP 56007 is among the more affordable ZIP codes in Minnesota, ranking #123 out of 123 ZIPs at $960/mo.

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 $38,000/year (~$18/hour full-time) to afford the median rent of $960/mo in ZIP 56007. The local median household income is $68,846/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 56007?

Rent in ZIP 56007 has been relatively stable over the past year, with a 0.0% change year over year as of May 18, 2026.

Is ZIP 56007 an affordable place to rent?

ZIP 56007 is considered very affordable for renters. At $960/mo, rent takes approximately 17% of the local median household income ($68,846/yr). The standard benchmark is 30%. ZIP 56007 falls comfortably within that range.

What percentage of ZIP 56007 residents rent vs. own?

According to Census data, approximately 23.3% of ZIP 56007 households are renters, while 76.7% are owner-occupied. ZIP 56007 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 56007 compare to the rest of Albert Lea?

ZIP 56007 sits right at the Albert Lea citywide median of $960/mo.

When was rent data for ZIP 56007 last updated?

Rent data for ZIP 56007 reflects May 18, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
17%
VERY AFFORDABLE

At $960/mo, rent takes ~17% of ZIP 56007's median household income ($68,846/yr). The standard benchmark is 30%.

ZIP 56007 17%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

Public schools near ZIP 56007 (Albert Lea, MN)

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