Housing market/Minnesota/ZIP 56531
ZIP 56531 Elbow Lake, Otter Tail County, Minnesota
Otter Tail 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 56531 · MN — sent to you.
ZIP 56531 · MN
ACS rent vs 2BR SAFMR
ZIP 56531 — Elbow Lake, 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 56531
- 1-unit detached77383.7%
- 1-unit attached131.4%
- 2–4 units182.0%
- 5–49 units9510.3%
- Mobile242.6%
2–4 unit share 1.9% · 5–49 unit share 10.3% · combined 2–49 12.2%.
Units by bedrooms
Rent burden
- ACS median gross rent $785 (all bedrooms, occupied rentals).
- Median contract rent $636.
- Renters paying ≥30% of income 27.6%; ≥50% 13.5%.
- FY2027 2BR SAFMR $1,100 (1.401× ACS median gross rent).
Population
1,948 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: -1.0%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: not published for this ZIP.
- HUD project-based assisted MF: not published for this ZIP.
- HCV household counts (Picture of Subsidized Households) are not on this page yet.
New apartment permits
About 0 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 56531 24.5% of occupied households are renters; vacancy is 15.0%; ACS median gross rent is $785; population changed -1.0% between the 2018 and 2023 ACS vintages; the housing stock includes 18 units in 2–4-unit structures and 95 units in 5–49-unit structures; FY2027 2BR SAFMR is $1,100 versus ACS median gross rent of $785. 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 56531 is a Census / HUD profile for Otter Tail County, MN. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 56531 — Elbow Lake, 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 56531?
ZIP 56531 (Otter Tail County, MN) has 1,948 residents, 785 households, a renter share of 24.5%, median household income of $73,162, and ACS 2023 median gross rent of $785. Vacancy is 15.0%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 56531?
ACS counts 0 units in 2-unit buildings, 18 in 3–4 unit buildings, 12 in 5–9, 63 in 10–19, and 20 in 20–49. Combined 2–49 unit stock is 113 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 56531?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,100. See the full schedule and 90–110% payment-standard band on the ZIP 56531 — Elbow Lake, MN HUD Section 8 Payment Standards / SAFMR.
Does this Minnesota ZIP profile include Georgia listings?
No. ZIP 56531 is Census / HUD research for Otter Tail 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.