ZIP Code · MN

ZIP 56387

Part of Waite Park, MN

Pop. 7,756·Stearns County·117th most expensive ZIP in Minnesota

Median rent (all units)

$1,143/mo

Year-over-Year

Stable

Month-over-Month

+1.5%

vs US Median

-$789

Reported rents

Rising (Monthly)

Be the first to discuss 56387 rents ↓

Most AffordableMost Expensive

ZIP 56387 · $1,143

More affordable than 94% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$910

1 BR

$950

2 BR

$1,250

3 BR

$1,660

4 BR+

$1,940

Research median

$1,250/mo

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

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($59,009) is $1,475 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,250); a 3-bedroom is $1,660.

Cheaper nearby

ZIP 56303, 3 miles away, rents for 17% less ($949/mo), about $2,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 56387. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$13,716/yr

At $1,143/mo median

Location

CityWaite Park

StateMN

CountyStearns County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +1.5% MoM), not inventory.

Demographics

Who lives here

ZIP 56387 (Waite Park, MN) is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 21.8% of residents hold a bachelor's degree or higher.

Population

7,756

Median income

$59,009

Median age

37.5

Renters

51.3%

Age distribution

25.7%

21.5%

21.3%

12.4%

19.1%

Under 1825.7%

18–3421.5%

35–5421.3%

55–6412.4%

65+19.1%

Gender

44.5%

55.5%

Male44.5%

Female55.5%

Race & ethnicity

54%

38.7%

White54%

Black38.7%

Hispanic3.9%

Asian1.7%

Other1.7%

Education (25+)

14.8%

29.5%

33.9%

21.8%

No HS diploma14.8%

HS diploma29.5%

Some college33.9%

Bachelor's+21.8%

Housing tenure

48.7%

51.3%

Owner48.7%

Renter51.3%

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

2021 vs 2026

How ZIP 56387 in Waite Park, MN has changed in 5 years

Income

$47,816 → $59,009

up 23.4%

Population

7,722 → 7,756

up 0.4%

Renter share

60.6% → 51.3%

-9.3 pts

Bachelor's+

16.1% → 21.8%

+5.7 pts

Median age

35.7 → 37.5

+1.8 yrs

On the earnings side, the typical household in ZIP 56387 in Waite Park, MN now reports about $59,009, up from $47,816 in 2021. The renter share has eased from 60.6% to 51.3%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 16.1% to 21.8% across the same window.

Community

Discussions about ZIP 56387

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 56387

About renting in ZIP 56387

Last updated: October 17, 2026

ZIP code 56387 covers Waite Park, MN. The median rent here is $1,143/mo as of October 2026. A 1-bedroom rents for a median of $950/mo. A 2-bedroom rents for a median of $1,250/mo.

At 23% of local median household income ($59,009/yr), ZIP 56387 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 56387?

To keep rent at or below 30% of gross income, you would need to earn at least $46,000/year (about $22/hour full-time) to afford the median rent of $1,143/mo in ZIP 56387. The local median household income is $59,009/yr, so the typical household meets that bar.