Housing market/Minnesota/ZIP 55731
ZIP 55731 Ely, Lake County, Minnesota
Lake County, MN · Minnesota. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.
ZIP brief
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HUD schedule, ACS stock, and the 90–110% band for ZIP 55731 · MN — sent to you.
ZIP 55731 · MN
ACS rent vs 2BR SAFMR
ZIP 55731 — Ely, MN HUD Section 8 Payment Standards / SAFMR →ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.
Housing stock
ACS 2023 units-in-structure · ZCTA 55731
- 1-unit detached4,14883.7%
- 1-unit attached370.7%
- 2–4 units2094.2%
- 5–49 units3507.1%
- 50+ units811.6%
- Mobile1292.6%
2–4 unit share 4.2% · 5–49 unit share 7.1% · combined 2–49 11.3%.
Units by bedrooms
Rent burden
- ACS median gross rent $641 (all bedrooms, occupied rentals).
- Median contract rent $566.
- Renters paying ≥30% of income 55.5%; ≥50% 32.9%.
- FY2027 2BR SAFMR $1,150 (1.794× ACS median gross rent).
Population
5,292 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: -10.5%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: 1 projects, 30 units.
- HUD project-based assisted MF: 2 properties, 72 assisted units.
- HCV household counts (Picture of Subsidized Households) are not on this page yet.
New apartment permits
About 134 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.
Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.
What the data shows
ZIP 55731 24.6% of occupied households are renters; vacancy is 43.4%; ACS median gross rent is $641; population changed -10.5% between the 2018 and 2023 ACS vintages; the housing stock includes 209 units in 2–4-unit structures and 350 units in 5–49-unit structures; 1 LIHTC projects totaling 30 units; FY2027 2BR SAFMR is $1,150 versus ACS median gross rent of $641. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.
Minnesota research
ZIP 55731 is a Census / HUD profile for Lake County, MN. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 55731 — Ely, MN HUD Section 8 Payment Standards / SAFMR·Minnesota ZIP directory
Nearby ZIPs in this FMR area
Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Minnesota research. Brokerage is Georgia.
FAQ
What is the housing market like in ZIP 55731?
ZIP 55731 (Lake County, MN) has 5,292 residents, 2,802 households, a renter share of 24.6%, median household income of $62,900, and ACS 2023 median gross rent of $641. Vacancy is 43.4%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 55731?
ACS counts 162 units in 2-unit buildings, 47 in 3–4 unit buildings, 91 in 5–9, 12 in 10–19, and 247 in 20–49. Combined 2–49 unit stock is 559 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 55731?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,150. See the full schedule and 90–110% payment-standard band on the ZIP 55731 — Ely, MN HUD Section 8 Payment Standards / SAFMR.
Does this Minnesota ZIP profile include Georgia listings?
No. ZIP 55731 is Census / HUD research for Lake County, MN. Jeff Crowe CRE does not list Minnesota property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.