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City Report · MN

Wayzata

Pop. 4,354·25th most expensive in Minnesota·Rental market data updated monthly for Wayzata, MN
Median rent (all units)
$1,829/mo
Year-over-Year
Stable
Month-over-Month
-1.4%
vs US Median
-$133
Falling (Monthly)
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Most AffordableMost Expensive
Wayzata · $1,829
More affordable than 52% of US cities · National median $1,962/mo
Affordability
17% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,829/mo, rent takes about 17% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$73,000/yr
Local median income
$131,614/yr
Based on the 30%-of-income rule using Wayzata's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

1 BR
$1,400
2 BR
$1,924
3 BR
$2,865
Fair Market Rent (HUD)
$1,924/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,829 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: August 17, 2026

Annual cost
$21,948/yr
At $1,829/mo median
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 0.0% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+0.0% YoY, -1.4% MoM), not inventory.
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Demographics

Who lives here

Wayzata, MN is majority owner-occupied, has a large retiree population, has a median income above the national average, 72.7% of residents hold a bachelor's degree or higher.

Population
4,354
Median income
$131,614
Median age
55.7
Renters
40.9%
Age distribution
18.9%
18.3%
15.5%
35.6%
Under 1818.9%
18–3411.6%
35–5418.3%
55–6415.5%
65+35.6%
Gender
46.4%
53.6%
Male46.4%
Female53.6%
Race & ethnicity
87.4%
White87.4%
Black0.6%
Hispanic5%
Asian3.3%
Other3.8%
Education (25+)
16%
72.7%
No HS diploma1.5%
HS diploma9.8%
Some college16%
Bachelor's+72.7%
Housing tenure
59.1%
40.9%
Owner59.1%
Renter40.9%

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

2021 vs 2026

How Wayzata, MN has changed in 5 years

Income
$94,097 → $131,614
up 39.9%
Population
4,367 → 4,354
down 0.3%
Renter share
42.6% → 40.9%
-1.7 pts
Bachelor's+
62.3% → 72.7%
+10.4 pts

Household income in the area moved from $94,097 to $131,614 across the same window, up 39.9% versus 2021. The renter share has eased from 42.6% to 40.9%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 62.3% to 72.7% across the same window.

Community

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View Wayzata rent history (2015–2026) →
Salary vs rent

Can you afford rent in Wayzata on your salary?

At $1,829/mo, how Wayzata rent compares to typical pay (30% rule).

By apartment size

Wayzata rent by bedroom count

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

Local insights

Tips for renters in Wayzata

About renting in Wayzata, MN

Last updated: August 17, 2026

The median rent in Wayzata is $1,829/mo as of August 2026. a 2-bedroom runs $1,924/mo. One-bedroom apartments average $1,400/mo and 3-bedroom units go for $2,865/mo.

At 17% of local median household income ($131,614/yr), Wayzata ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Wayzata an affordable city for renters?

Wayzata is considered very affordable for renters. At $1,829/mo, rent takes approximately 17% of the local median household income ($131,614/yr). The standard benchmark is 30%. Wayzata falls comfortably within that range.

How much income do you need to rent in Wayzata?

To keep rent at or below 30% of gross income, you would need to earn at least $73,000/year (~$35/hour full-time) to afford the median rent of $1,829/mo in Wayzata. The local median household income is $131,614/yr, meaning the typical Wayzata household meets that threshold.

Is rent going up or down in Wayzata?

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

How does Wayzata rent compare to other cities in Minnesota?

Wayzata is middle-of-the-pack for Minnesota for rent, ranking #25 out of 67 tracked cities at $1,829/mo.

Which nearby cities are cheaper to rent in than Wayzata?

Several nearby cities have lower median rents than Wayzata ($1,829/mo): Hopkins ($1,584/mo), Crystal ($1,587/mo).

What percentage of Wayzata residents rent vs. own?

According to Census data, approximately 40.9% of Wayzata households are renters, while 59.1% are owner-occupied. Wayzata leans toward homeownership, which can mean a smaller rental inventory.

How does Wayzata rent compare to the national average?

Wayzata's median rent of $1,829/mo is $133 (7%) below the US national median of $1,962/mo. Within Minnesota, it ranks #25 out of 67 tracked cities.
Income Affordability
17%
VERY AFFORDABLE

At $1,829/mo, rent takes ~17% of Wayzata's median household income ($131,614/yr). The standard benchmark is 30%.

Wayzata 17%Benchmark 30%
State income tax5.35–9.85%
Run the Wayzata affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Wayzata, MN

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