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ZIP Code · MN

ZIP 55331

Pop. 19,805·Hennepin County·2nd most expensive ZIP in Minnesota
Median rent (all units)
$2,665/mo
Year-over-Year
+52.3%
Month-over-Month
+5.3%
vs US Median
+$700
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 55331 · $2,665
More expensive than 83% of US ZIP codes · National median $1,965/mo
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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
$31,980/yr
At $2,665/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 52.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+52.3% YoY, +5.3% MoM), not inventory.
Demographics

Who lives here

ZIP 55331 (Shorewood, MN) is majority owner-occupied, has a median income above the national average, 71.6% of residents hold a bachelor's degree or higher.

Population
19,805
Median income
$159,450
Median age
48.2
Renters
13.9%
Age distribution
23.3%
26.9%
21.9%
17.6%
Under 1823.3%
18–3410.3%
35–5426.9%
55–6421.9%
65+17.6%
Gender
50.3%
49.7%
Male50.3%
Female49.7%
Race & ethnicity
90.9%
White90.9%
Black0.7%
Hispanic3.5%
Asian2.2%
Other2.8%
Education (25+)
17.8%
71.6%
No HS diploma0.8%
HS diploma9.7%
Some college17.8%
Bachelor's+71.6%
Housing tenure
86.1%
13.9%
Owner86.1%
Renter13.9%

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

2021 vs 2026

How ZIP 55331 in Shorewood, MN has changed in 5 years

Income
$144,697 → $159,450
up 10.2%
Population
19,317 → 19,805
up 2.5%
Renter share
13.3% → 13.9%
+0.6 pts
Bachelor's+
69.9% → 71.6%
+1.7 pts

Census figures show median household income at $159,450 today, compared with $144,697 five years earlier. The population has grown by 2.5% since 2021, moving from about 19,317 residents to roughly 19,805.

Community

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Local insights

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About renting in ZIP 55331

Last updated: July 20, 2026

ZIP code 55331 covers Shorewood, MN. The median rent here is $2,665/mo as of July 2026. A 1-bedroom rents for a median of $1,250/mo. A 2-bedroom rents for a median of $1,520/mo.

At 20% of local median household income ($159,450/yr), ZIP 55331 ranks as affordable compared to the national benchmark of 30%. Rents have increased 52.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55331?

As of July 20, 2026, the median monthly rent in ZIP 55331 (Shorewood, MN) is $2,665. This is based on aggregated data from public sources and community submissions.

How does ZIP 55331 rent compare to the US average?

ZIP 55331's median rent of $2,665/mo is $700 (36%) above the US national median of $1,965/mo.

How does ZIP 55331 compare to other ZIPs in Minnesota?

ZIP 55331 is one of the pricier ZIP codes in Minnesota, ranking #2 out of 123 ZIPs tracked at $2,665/mo.

How much income do you need to rent in ZIP 55331?

To keep rent at or below 30% of gross income, you would need to earn at least $107,000/year (~$51/hour full-time) to afford the median rent of $2,665/mo in ZIP 55331. The local median household income is $159,450/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55331?

Rent in ZIP 55331 has increased 52.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55331 an affordable place to rent?

ZIP 55331 is considered very affordable for renters. At $2,665/mo, rent takes approximately 20% of the local median household income ($159,450/yr). The standard benchmark is 30%. ZIP 55331 falls comfortably within that range.

What percentage of ZIP 55331 residents rent vs. own?

According to Census data, approximately 13.9% of ZIP 55331 households are renters, while 86.1% are owner-occupied. ZIP 55331 leans toward homeownership, which can mean a smaller rental inventory.

When was rent data for ZIP 55331 last updated?

Rent data for ZIP 55331 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
20%
VERY AFFORDABLE

At $2,665/mo, rent takes ~20% of ZIP 55331's median household income ($159,450/yr). The standard benchmark is 30%.

ZIP 55331 20%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

Public schools near ZIP 55331 (Shorewood, MN)

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