How much rent can you afford in Hopkins, MN?
Run your salary against Hopkins's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Hopkins
At a median rent of $1,617/mo, Hopkins is affordable when measured against Hopkins median household income of $75,234/yr. Rent would consume roughly 26% of pre-tax income, and a salary of about $64,680 keeps rent at the recommended 30% threshold.
How Hopkins compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Hopkins?
On a $75,234 salary (the Hopkins median household income), the recommended ceiling is 30% of pre-tax income, or about $1,881/mo. Hopkins's median rent is $1,617/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Hopkins?
To keep Hopkins's $1,617/mo median rent under 30% of income, you'd need about $64,680/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Hopkins affordable on the median Minnesota income?
Hopkins is affordable on a $75,234 income. Rent would take 26% of pre-tax pay, inside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".