ElderCareCost
Showing results for ZIP 55407 (MN)
Home ZIP 55378

Nursing Care Facilities Market: ZIP 55378

Opportunity Score
83 / 100 Excellent
Based on walkability, population density, income levels, and local business competition.

Market Summary

ZIP 55378 is an urban area with low foot traffic. with a population of 32,072 and household incomes well above the national median ($122,237).

Area Profile

32,072
Population
$122,237
Median Income
+64% vs. national
Urban
Area Type
9.8/20
Foot Traffic
Very Car-Dependent
Median Age: 37.3 — mixed-age market, broad menu appeal.
College-Educated: 34.4% — balanced market for quality & value.

Competition

Nursing Care Facilities and related businesses in ZIP 55378.

7
Home Health Agencies
2.2 per 10K residents

Operating Costs

Local cost levels affect space, labor, and operating expenses.

$2,030
2BR Fair Market Rent
$1,608
Median Gross Rent
$390 K
Median Home Value
6
Bank Branches
$440 K deposits

Tips for Starting a Elder Care Business in Minnesota

  • State licensing for assisted living takes 6-12 months and involves facility inspections, staffing plans, and background checks. Start early.
  • Staffing is your #1 cost and #1 challenge. CNA turnover runs 50-75% annually in most markets. Budget for constant recruiting.
  • Medicare and Medicaid reimbursement rates vary by state. Some states pay well. Others don't cover costs. Know your state's rates before committing.
  • Start small. A residential care home (6-8 beds) requires far less capital than a 50-bed facility and lets you prove your model.
  • The median income here is $122,237. That gives you pricing room most markets don't offer. Don't underprice.

Data sources

U.S. Census Bureau (ACS, ZBP) · HUD Fair Market Rents · EPA Walkability Index · USDA RUCA · IRS SOI · FDIC Summary of Deposits