ZIP Code · MN

ZIP 55123

Part of Eagan, MN

Pop. 26,501·Dakota County·47th most expensive ZIP in Minnesota

Median rent (all units)

$1,771/mo

Year-over-Year

+3.1%

Month-over-Month

+0.2%

vs US Median

-$161

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 55123 · $1,771

More affordable than 53% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,380

1 BR

$1,560

2 BR

$1,900

3 BR

$2,510

4 BR+

$2,810

Research median

$1,900/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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 55123 is at its highest level since Zillow's records here began in February 2022.

Past year vs. the rest of Minnesota

Rent in ZIP 55123 changed +3.1% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent has risen 5 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($139,215) is $3,480 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,810).

Rank in Eagan

3rd cheapest of 3 ZIP codes in Eagan.

Cheaper nearby

ZIP 55121, 3 miles away, rents for 16% less ($1,496/mo), about $3,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55123. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$21,252/yr

At $1,771/mo median

Location

CityEagan

StateMN

CountyDakota County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.1% YoY, +0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 55123 (Eagan, MN) is majority owner-occupied, has a median income above the national average, 65.4% of residents hold a bachelor's degree or higher.

Population

26,501

Median income

$139,215

Median age

40.7

Renters

22.1%

Age distribution

24.2%

17.4%

26.6%

17.4%

14.4%

Under 1824.2%

18–3417.4%

35–5426.6%

55–6417.4%

65+14.4%

Gender

49.7%

50.3%

Male49.7%

Female50.3%

Race & ethnicity

76.7%

White76.7%

Black4.8%

Hispanic6.8%

Asian8.9%

Other2.8%

Education (25+)

24.1%

65.4%

No HS diploma2.2%

HS diploma8.3%

Some college24.1%

Bachelor's+65.4%

Housing tenure

77.9%

22.1%

Owner77.9%

Renter22.1%

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

2022 vs 2026

How ZIP 55123 in Eagan, MN has changed in 5 years

Rent

$1,537 → $1,771

up 15.2%

Income

$123,393 → $139,215

up 12.8%

Population

27,555 → 26,501

down 3.8%

Renter share

19.1% → 22.1%

+3.0 pts

Bachelor's+

63.1% → 65.4%

+2.3 pts

Median age

39.6 → 40.7

+1.1 yrs

Rent in ZIP 55123 in Eagan, MN has increased 15.2% since 2022, going from about $1,537 per month to roughly $1,771 today. Local incomes tracked alongside that move, going from a median of $123,393 in 2021 to $139,215 more recently. Headcount in the area went from 27,555 to 26,501 between 2021 and 2024, a 3.8% change. About 22.1% of households rent today, against 19.1% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 63.1% to 65.4%. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 55123 in Eagan, MN market of 2022.

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About renting in ZIP 55123

Last updated: October 17, 2026

ZIP code 55123 covers Eagan, MN. The median rent here is $1,771/mo as of October 2026. A 1-bedroom rents for a median of $1,560/mo. A 2-bedroom rents for a median of $1,900/mo.

At 15% of local median household income ($139,215/yr), ZIP 55123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55123?

To keep rent at or below 30% of gross income, you would need to earn at least $71,000/year (about $34/hour full-time) to afford the median rent of $1,771/mo in ZIP 55123. The local median household income is $139,215/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55123?

Rent in ZIP 55123 has risen 3.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in February 2022.

How does ZIP 55123 compare to other ZIPs in Minnesota?

ZIP 55123 is in the middle among Minnesota ZIP codes for rent, ranking #47 of 123 at $1,771/mo. Over the year to September 2026, rent in ZIP 55123 changed +3.1%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.