3-digit ZIP regional index
Home appreciation in ZIP codes 556xxTwo Harbors, MN area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 556 changed +3.8% over the year to Q2 2026, compared with +3.0% for Minnesota and +3.0% for the United States.
The region covers ZIP codes 55601–55616. Most of its 2010 population lived in Lake County (64%), Cook County (32%). Communities in the region include Silver Bay, Grand Marais, Finland, Lutsen, Beaver Bay. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +3.8%
- 5-year change
- +42.5%
- Since Q1 1995
- +286%
- National rank (1 year)
- 418th
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 556 vs Minnesota and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 556: 385.6
- Minnesota: 375.3
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 556 | MN | U.S. | Gap vs MN | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +3.8% | +3.0% | +3.0% | +0.9 pts | +0.8 pts |
| 3 years | +14.8% | +10.3% | +12.9% | +4.4 pts | +1.9 pts |
| 5 years | +42.5% | +31.2% | +41.3% | +11.3 pts | +1.3 pts |
| 10 years | +88.5% | +76.2% | +93.3% | +12.3 pts | −4.9 pts |
| Since Q1 1995 | +286% | +275% | +292% | +10.3 pts | −6.0 pts |
If you bought in ZIP3 556 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +278% | $1,134,972 |
| Q2 2000 | +186% | $858,495 |
| Q2 2005 | +96.2% | $588,596 |
| Q2 2010 | +103% | $608,443 |
| Q2 2015 | +94.7% | $583,990 |
| Q2 2020 | +59.3% | $477,856 |
| Q2 2021 | +42.5% | $427,629 |
| Q2 2023 | +14.8% | $344,272 |
| Q2 2025 | +3.8% | $311,505 |
How ZIP3 556 ranks
Over the past year ZIP3 556 ranks 418th of 882 3-digit ZIP regions nationally and 5th of 16 in Minnesota. Its one-year change is +0.8 pts versus the nation and +0.9 pts versus Minnesota. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in Minnesota |
|---|---|---|
| 1 year | 418th of 882 | 5th of 16 |
| 3 years | 473rd of 882 | 6th of 16 |
| 5 years | 505th of 882 | 4th of 16 |
| 10 years | 489th of 882 | 4th of 16 |
| Since Q1 1995 | 354th of 879 | 7th of 16 |
Boom, bust, and recovery in ZIP3 556
ZIP3 556's index peaked in Q1 2007, fell 13.6% to its low in Q2 2011, and regained its peak in Q2 2017, about 10.2 years after the top. Today it sits +81.3% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 556 | Q1 2007 | Q2 2011 | -13.6% | Q2 2017 (10.2 yrs) | +81.3% |
| MN | Q1 2007 | Q2 2012 | -21.8% | Q3 2017 (10.5 yrs) | +65.5% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 556's index has changed +74.1% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 556 after inflation | MN after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -0.0% | -0.9% | -0.8% |
| 3 years | +9.8% | +4.5% | +0.5% | +2.8% |
| 5 years | +24.0% | +14.9% | +5.8% | +13.9% |
| 10 years | +39.1% | +35.5% | +26.7% | +39.0% |
| Since Q1 1995 | +121% | +74.1% | +69.5% | +76.8% |
Estimate appreciation for a home in ZIP3 556
Regional estimate
$565,378
- Estimated gain
- $265,378
- Index change
- +88.46%
- Start index
- 204.58
- End index
- 385.55
ZIP3 556 (Two Harbors, MN area), Q2 2016 to Q2 2026. Index type: Balance of State.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 558 · Duluth, MN area | MN | +2.3% | +42.0% | +348% |
| 557 · Hibbing, MN area | MN | +5.5% | +53.7% | +337% |
| 548 · Superior, WI area | WI | +5.3% | +58.6% | +369% |
| 499 · Houghton, MI area | MI | +5.6% | +57.9% | +272% |
| 545 · Rhinelander, WI area | WI | +5.5% | +70.4% | +327% |
| 566 · Bemidji, MN area | MN | -1.5% | +39.4% | +258% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 385.55 |
| Q1 2026 | 378.24 |
| Q4 2025 | 376.17 |
| Q3 2025 | 375.50 |
| Q2 2025 | 371.31 |
| Q1 2025 | 360.50 |
| Q4 2024 | 357.93 |
| Q3 2024 | 362.93 |
| Q2 2024 | 352.02 |
| Q1 2024 | 344.29 |
| Q4 2023 | 336.83 |
| Q3 2023 | 338.24 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 556?
- Based on FHFA HPI® data for 3-digit ZIP region 556, the regional index changed +3.8% over the year to Q2 2026, +42.5% over five years, +88.5% over ten years, and +286% since Q1 1995.
- Is ZIP3 556 appreciating faster than Minnesota and the U.S.?
- Over the past year the region's index +3.8% compares with +3.0% for Minnesota and +3.0% for the U.S., a gap of +0.8 pts versus the nation. Over five years the gap versus the nation is +1.3 pts.
- Which ZIP codes are in 3-digit ZIP region 556?
- All ZIP codes that begin with 556. Census 2010 ZIP Code Tabulation Areas in this region run from 55601 to 55616 (13 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.