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ZIP Code · MN

ZIP 55124

Pop. 55,658·Dakota County·26th most expensive ZIP in Minnesota
Median rent (all units)
$1,955/mo
Year-over-Year
+1.7%
Month-over-Month
+0.3%
vs US Median
-$10
Stable (Monthly)
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Most AffordableMost Expensive
ZIP 55124 · $1,955
More expensive than 58% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,420
1 BR
$1,610
2 BR
$1,960
3 BR
$2,590
4 BR+
$2,900
Research median
$1,960/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
$23,460/yr
At $1,955/mo median
Location
StateMN
CountyDakota County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (1.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+1.7% YoY, +0.3% MoM), not inventory.
Demographics

Who lives here

ZIP 55124 (Apple Valley, MN) is majority owner-occupied, has a median income above the national average, 45.9% of residents hold a bachelor's degree or higher.

Population
55,658
Median income
$97,727
Median age
39
Renters
26.5%
Age distribution
24.9%
20.1%
25.4%
12.4%
17.1%
Under 1824.9%
18–3420.1%
35–5425.4%
55–6412.4%
65+17.1%
Gender
47.2%
52.8%
Male47.2%
Female52.8%
Race & ethnicity
68.5%
White68.5%
Black11.1%
Hispanic7%
Asian6%
Other7.3%
Education (25+)
19.4%
29.7%
45.9%
No HS diploma5%
HS diploma19.4%
Some college29.7%
Bachelor's+45.9%
Housing tenure
73.5%
26.5%
Owner73.5%
Renter26.5%

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

2021 vs 2026

How ZIP 55124 in Apple Valley, MN has changed in 5 years

Rent
$1,604 → $1,955
up 21.9%
Income
$91,936 → $97,727
up 6.3%
Population
55,237 → 55,658
up 0.8%
Renter share
24.2% → 26.5%
+2.3 pts
Bachelor's+
45% → 45.9%
+0.9 pts
Median age
37.5 → 39
+1.5 yrs

Across the past five years, the going rent in ZIP 55124 in Apple Valley, MN has shifted from $1,604 to $1,955, up 21.9% since 2021. Median household income climbed from $91,936 to $97,727 between 2021 and 2024, a 6.3% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. The renter share has risen from 24.2% to 26.5%, with owner-occupied housing accounting for the remainder. Taken together, the five-year picture in ZIP 55124 in Apple Valley, MN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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Local insights

Tips for renters in ZIP 55124

About renting in ZIP 55124

Last updated: July 20, 2026

ZIP code 55124 covers Apple Valley, MN. The median rent here is $1,955/mo as of July 2026. A 1-bedroom rents for a median of $1,610/mo. A 2-bedroom rents for a median of $1,960/mo.

At 24% of local median household income ($97,727/yr), ZIP 55124 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55124?

As of July 20, 2026, the median monthly rent in ZIP 55124 (Apple Valley, MN) is $1,955. This is based on aggregated data from public sources and community submissions.

How does ZIP 55124 rent compare to the US average?

ZIP 55124's median rent of $1,955/mo is $10 (1%) below the US national median of $1,965/mo.

How does ZIP 55124 compare to other ZIPs in Minnesota?

ZIP 55124 is one of the pricier ZIP codes in Minnesota, ranking #26 out of 123 ZIPs tracked at $1,955/mo.

How much income do you need to rent in ZIP 55124?

To keep rent at or below 30% of gross income, you would need to earn at least $78,000/year (~$38/hour full-time) to afford the median rent of $1,955/mo in ZIP 55124. The local median household income is $97,727/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55124?

Rent in ZIP 55124 has increased 1.7% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55124 an affordable place to rent?

ZIP 55124 is considered very affordable for renters. At $1,955/mo, rent takes approximately 24% of the local median household income ($97,727/yr). The standard benchmark is 30%. ZIP 55124 falls comfortably within that range.

What percentage of ZIP 55124 residents rent vs. own?

According to Census data, approximately 26.5% of ZIP 55124 households are renters, while 73.5% are owner-occupied. ZIP 55124 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 55124 compare to the rest of Apple Valley?

ZIP 55124 sits right at the Apple Valley citywide median of $1,955/mo.

When was rent data for ZIP 55124 last updated?

Rent data for ZIP 55124 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
24%
VERY AFFORDABLE

At $1,955/mo, rent takes ~24% of ZIP 55124's median household income ($97,727/yr). The standard benchmark is 30%.

ZIP 55124 24%Benchmark 30%
State income tax5.35–9.85%
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