Nursing Care Facilities Market: ZIP 56024
Opportunity Score
82
/ 100
Excellent
Based on walkability, population density, income levels, and local business competition.
Market Summary
ZIP 56024 is an urban area. with a population of 3,595 and household incomes above the national median ($96,667).
Area Profile
3,595
Population
$96,667
Median Income
+30% vs. national
Urban
Area Type
Median Age: 32.7 —
mixed-age market, broad menu appeal.
College-Educated: 23.7% —
value-focused market, keep prices competitive.
Operating Costs
Local cost levels affect space, labor, and operating expenses.
$1,590
2BR Fair Market Rent
$1,405
Median Gross Rent
$260 K
Median Home Value
2
Bank Branches
$18 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.
Quick Facts
- Area Type
- Urban
- Bank Branches
- 2
vs. National Average
Median Income
+30% vs. $74,580
Nearby Markets
56080
4.5 mi
Pop: 759
$100,750
Walk: 4.6
56063
5.1 mi
Pop: 3,059
$100,156
Walk: 6.0
56048
9.3 mi
Pop: 4,203
$82,813
56001
9.7 mi
Pop: 50,960
$67,224
Walk: 8.7
56028
10.1 mi
Pop: 1,057
$103,542
56050
10.9 mi
Pop: 1,367
$85,000
Walk: 6.3
56078
10.9 mi
Pop: 494
$79,688
Walk: 5.8
56017
11.2 mi
Pop: 1,757
$94,250
Check Another Market
Or estimate costs with the ElderCareCost calculator.
About This Data
Data sources
U.S. Census Bureau (ACS, ZBP) · HUD Fair Market Rents · EPA Walkability Index · USDA RUCA · IRS SOI · FDIC Summary of Deposits