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City Report · MN

Spring Park

Pop. 1,896·27th most expensive in Minnesota·Rental market data updated monthly for Spring Park, MN
Median rent (all units)
$1,838/mo
Year-over-Year
Stable
Month-over-Month
+25.6%
vs US Median
-$124
Rising (Monthly)
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Most AffordableMost Expensive
Spring Park · $1,838
More affordable than 51% of US cities · National median $1,962/mo
Affordability
46% of income
STRETCHED
0%30% benchmark60%+

At $1,838/mo, rent takes about 46% of the local median household income, well above the 30% benchmark.

Income to afford
$74,000/yr
Local median income
$48,315/yr
Based on the 30%-of-income rule using Spring Park's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,120
1 BR
$1,270
2 BR
$1,550
3 BR
$2,060
4 BR+
$2,310
Fair Market Rent (HUD)
$1,550/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,838 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$22,056/yr
At $1,838/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +25.6% MoM), not inventory.
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Demographics

Who lives here

Spring Park, MN is majority renter-occupied, has a large retiree population, has a median income below the national average, 31.8% of residents hold a bachelor's degree or higher.

Population
1,896
Median income
$48,315
Median age
57
Renters
75.1%
Age distribution
15.8%
20.1%
20.5%
37%
Under 186.7%
18–3415.8%
35–5420.1%
55–6420.5%
65+37%
Gender
45.4%
54.6%
Male45.4%
Female54.6%
Race & ethnicity
86.3%
White86.3%
Black8.2%
Hispanic4%
Asian1.6%
Education (25+)
30.1%
33.3%
31.8%
No HS diploma4.8%
HS diploma30.1%
Some college33.3%
Bachelor's+31.8%
Housing tenure
24.9%
75.1%
Owner24.9%
Renter75.1%

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

2021 vs 2026

How Spring Park, MN has changed in 5 years

Income
$47,117 → $48,315
up 2.5%
Population
1,921 → 1,896
down 1.3%
Renter share
79.3% → 75.1%
-4.2 pts
Bachelor's+
28.6% → 31.8%
+3.2 pts
Median age
55.4 → 57
+1.6 yrs

Local incomes tracked alongside that move, going from a median of $47,117 in 2021 to $48,315 more recently. The population has contracted by 1.3% since 2021, moving from about 1,921 residents to roughly 1,896. Renters now make up 75.1% of households, compared with 79.3% five years ago. College-educated residents now make up 31.8% of adults here, versus 28.6% in 2021.

Community

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View Spring Park rent history (2015–2026) →
Salary vs rent

Can you afford rent in Spring Park on your salary?

At $1,838/mo, how Spring Park rent compares to typical pay (30% rule).

By apartment size

Spring Park rent by bedroom count

Median rent for each apartment size in Spring Park. Click any size for full breakdown.

Local insights

Tips for renters in Spring Park

About renting in Spring Park, MN

Last updated: July 20, 2026

The median rent in Spring Park is $1,838/mo as of July 2026. A studio apartment averages $1,120/mo while a 2-bedroom runs $1,550/mo. One-bedroom apartments average $1,270/mo and 3-bedroom units go for $2,060/mo.

At 46% of local median household income ($48,315/yr), Spring Park ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Spring Park an affordable city for renters?

Spring Park is considered stretched for renters. At $1,838/mo, rent takes approximately 46% of the local median household income ($48,315/yr). The standard benchmark is 30%. Spring Park significantly exceeds that threshold, making it challenging for many renters.

How much income do you need to rent in Spring Park?

To keep rent at or below 30% of gross income, you would need to earn at least $74,000/year (~$36/hour full-time) to afford the median rent of $1,838/mo in Spring Park. The local median household income is $48,315/yr, meaning the typical Spring Park household falls short of that threshold.

Is rent going up or down in Spring Park?

Rent in Spring Park has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Spring Park rent compare to other cities in Minnesota?

Spring Park is middle-of-the-pack for Minnesota for rent, ranking #27 out of 67 tracked cities at $1,838/mo.

Which nearby cities are cheaper to rent in than Spring Park?

Wayzata is nearby and more affordable at $1,829/mo, which is $9 less than Spring Park.

What percentage of Spring Park residents rent vs. own?

According to Census data, approximately 75.1% of Spring Park households are renters, while 24.9% are owner-occupied. With a majority renter population, Spring Park has a strong rental market.

How does Spring Park rent compare to the national average?

Spring Park's median rent of $1,838/mo is $124 (6%) below the US national median of $1,962/mo. Within Minnesota, it ranks #27 out of 67 tracked cities.
Income Affordability
46%
STRETCHED

At $1,838/mo, rent takes ~46% of Spring Park's median household income ($48,315/yr). The standard benchmark is 30%.

Spring Park 46%Benchmark 30%
State income tax5.35–9.85%
Run the Spring Park affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Spring Park, MN

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