The story of this market
The typical home in ZIP 55607 sells for about $211,658, or $116 per square foot.
Homes take about 120 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,576 a month.
ZIP 55607
The housing market in 55607 is characterized by extremely low transaction volume and high vacancy rates, typical of a remote, rural area. Prices remain relatively affordable compared to national averages, with limited inventory and minimal price volatility. Most figures for rental and specific school metrics are not published for this ZIP code.
This ZIP is best suited for those seeking remote, rural living, recreational property owners, or individuals looking for affordable, low-density housing away from urban centers.
Median prices moved sideways 0.0% year over year.
Homes spend a median of 120 days on market with 2.8 months of supply — a balanced-paced market.
0% of listings have cut prices · homes sell at 96.6% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 24.1% · poverty 10.1% — a mixed stability profile.
ZCTA 55607, Lake County MN
The area faces moderate flood risk and is subject to increasing heat trends, with projections indicating a significant rise in days exceeding 81°F over the next 30 years.
The area is characterized by a rural, low-density economy with limited infrastructure development and minimal large-scale corporate presence.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
The area is highly rural with an average commute time of approximately 42 minutes, reflecting the distance to regional employment hubs.
The area is defined by its proximity to the Superior National Forest, offering extensive access to wilderness trails, lakes, and outdoor recreation.
The rental market is extremely limited with a very high vacancy rate, suggesting minimal investor activity and a lack of formal rental housing stock.
The local economy is primarily driven by tourism, outdoor recreation, and forestry, with limited industrial or corporate employment.
Lake County Assessor manages property valuations based on state-mandated assessment cycles.
Parcels are subject to Lake County general levies and local school district taxation.
Property insurance premiums are influenced by wildfire risk and the remote nature of the geography.
Data retrieved from ZCTA-level census profiles.
No public schools report a street address in this area. Source: NCES EDGE public school locations 2023-24.
Provides vast wilderness access for hiking, hunting, and fishing.
Local water feature serving as a primary recreational anchor.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.