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City Report · MN

New Hope

Pop. 21,181·51st most expensive in Minnesota·New Hope rents are up 7.1% over the past year
Median rent (all units)
$1,442/mo
Year-over-Year
+7.1%
Month-over-Month
+0.6%
vs US Median
-$523
Rising (Monthly)
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Most AffordableMost Expensive
New Hope · $1,442
More affordable than 79% of US cities · National median $1,965/mo
Rent Reality Score
46/100
Fairly priced
OverheatedFairGreat value

Rents are 2% above what New Hope's 10-year trend predicts — running hotter than its own history.

Actual rent
$1,442/mo
Expected by trend
$1,411/mo
The Rent Reality Score compares today's median rent to where New Hope's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,100
1 BR
$1,250
2 BR
$1,520
3 BR
$2,020
4 BR+
$2,270
Research median
$1,520/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$17,304/yr
At $1,442/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.1% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.1% YoY, +0.6% MoM), not inventory.
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Demographics

Who lives here

New Hope, MN is roughly split between renters and owners, 36.1% of residents hold a bachelor's degree or higher.

Population
21,181
Median income
$77,662
Median age
40.5
Renters
47.4%
Age distribution
22.8%
20.9%
26.3%
12.2%
17.9%
Under 1822.8%
18–3420.9%
35–5426.3%
55–6412.2%
65+17.9%
Gender
47.4%
52.6%
Male47.4%
Female52.6%
Race & ethnicity
57.7%
25.1%
White57.7%
Black25.1%
Hispanic10.3%
Asian3.1%
Other3.7%
Education (25+)
26.7%
32%
36.1%
No HS diploma5.3%
HS diploma26.7%
Some college32%
Bachelor's+36.1%
Housing tenure
52.6%
47.4%
Owner52.6%
Renter47.4%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How New Hope, MN has changed in 5 years

Rent
$1,204 → $1,442
up 19.8%
Income
$64,929 → $77,662
up 19.6%
Population
21,683 → 21,181
down 2.3%
Renter share
44.3% → 47.4%
+3.1 pts
Bachelor's+
32.6% → 36.1%
+3.5 pts
Median age
41.2 → 40.5
-0.7 yrs

The median rent in New Hope, MN stood at $1,204 in 2023 and currently runs about $1,442, reflecting a 19.8% increase over the period. On the earnings side, the typical household in New Hope, MN now reports about $77,662, up from $64,929 in 2021. The population has contracted by 2.3% since 2021, moving from about 21,683 residents to roughly 21,181. Renters now make up 47.4% of households, compared with 44.3% five years ago. College-educated residents now make up 36.1% of adults here, versus 32.6% in 2021. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and New Hope, MN reflects that arc in its own way.

Community

Discussions about New Hope

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View New Hope rent history (2015–2026) →
Salary vs rent

Can you afford rent in New Hope on your salary?

At $1,442/mo, how New Hope rent compares to typical pay (30% rule).

By apartment size

New Hope rent by bedroom count

Median rent for each apartment size in New Hope. Click any size for full breakdown.

Local insights

Tips for renters in New Hope

About renting in New Hope, MN

Last updated: July 20, 2026

The median rent in New Hope is $1,442/mo as of July 2026. A studio apartment averages $1,100/mo while a 2-bedroom runs $1,520/mo. One-bedroom apartments average $1,250/mo and 3-bedroom units go for $2,020/mo.

At 22% of local median household income ($77,662/yr), New Hope ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.1% over the past year.

FAQ

Frequently asked questions

Is New Hope an affordable city for renters?

New Hope is considered very affordable for renters. At $1,442/mo, rent takes approximately 22% of the local median household income ($77,662/yr). The standard benchmark is 30%. New Hope falls comfortably within that range.

How much income do you need to rent in New Hope?

To keep rent at or below 30% of gross income, you would need to earn at least $58,000/year (~$28/hour full-time) to afford the median rent of $1,442/mo in New Hope. The local median household income is $77,662/yr, meaning the typical New Hope household meets that threshold.

Is rent going up or down in New Hope?

Rent in New Hope has increased 7.1% over the past year as of July 2026, putting upward pressure on renter budgets.

How does New Hope rent compare to other cities in Minnesota?

New Hope is one of the more affordable cities in Minnesota for rent, ranking #51 out of 67 tracked cities at $1,442/mo.

Which nearby cities are cheaper to rent in than New Hope?

Brooklyn Center is nearby and more affordable at $1,408/mo, which is $34 less than New Hope.

What percentage of New Hope residents rent vs. own?

According to Census data, approximately 47.4% of New Hope households are renters, while 52.6% are owner-occupied. New Hope leans toward homeownership, which can mean a smaller rental inventory.

How does New Hope rent compare to the national average?

New Hope's median rent of $1,442/mo is $523 (27%) below the US national median of $1,965/mo. Within Minnesota, it ranks #51 out of 67 tracked cities.
Income Affordability
22%
VERY AFFORDABLE

At $1,442/mo, rent takes ~22% of New Hope's median household income ($77,662/yr). The standard benchmark is 30%.

New Hope 22%Benchmark 30%
State income tax5.35–9.85%
Run the New Hope affordability calculator →
Lowest-rent ZIP codes in New Hope
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near New Hope, MN

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