ZIP Code · MN

ZIP 55343

Part of Hopkins, MN

Pop. 27,102·Hennepin County·68th most expensive ZIP in Minnesota

Median rent (all units)

$1,647/mo

Year-over-Year

+4.0%

Month-over-Month

+0.7%

vs US Median

-$285

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 55343 · $1,647

More affordable than 62% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,310

1 BR

$1,480

2 BR

$1,800

3 BR

$2,380

4 BR+

$2,670

Research median

$1,800/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

Cheapest month to sign

January. Asking rents in ZIP 55343 usually run 1.7% below trend in January and 0.9% above it in July, about $43 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 55343 is at its highest level since Zillow's records here began in February 2020.

Past year vs. the rest of Minnesota

Rent in ZIP 55343 changed +4.0% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Since before the pandemic

Rent in ZIP 55343 is 29.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($83,143) is $2,079 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,800); a 3-bedroom is $2,380.

Cheaper nearby

ZIP 55405, 7 miles away, rents for 18% less ($1,357/mo), about $3,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55343. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$19,764/yr

At $1,647/mo median

Location

CityHopkins

StateMN

CountyHennepin County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.0% YoY, +0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 55343 (Hopkins, MN) is roughly split between renters and owners, 51.4% of residents hold a bachelor's degree or higher.

Population

27,102

Median income

$83,143

Median age

38.3

Renters

53.5%

Age distribution

18.4%

28.3%

22.6%

12.7%

18.1%

Under 1818.4%

18–3428.3%

35–5422.6%

55–6412.7%

65+18.1%

Gender

47.4%

52.6%

Male47.4%

Female52.6%

Race & ethnicity

66.9%

17.1%

White66.9%

Black17.1%

Hispanic4.2%

Asian4%

Other7.8%

Education (25+)

17.4%

27.7%

51.4%

No HS diploma3.4%

HS diploma17.4%

Some college27.7%

Bachelor's+51.4%

Housing tenure

46.5%

53.5%

Owner46.5%

Renter53.5%

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

2021 vs 2026

How ZIP 55343 in Hopkins, MN has changed in 5 years

Rent

$1,287 → $1,647

up 28.0%

Income

$71,659 → $83,143

up 16.0%

Population

26,472 → 27,102

up 2.4%

Renter share

57.1% → 53.5%

-3.6 pts

Bachelor's+

51% → 51.4%

+0.4 pts

Median age

36.3 → 38.3

+2.0 yrs

The median rent in ZIP 55343 in Hopkins, MN stood at $1,287 in 2021 and currently runs about $1,647, reflecting a 28.0% increase over the period. Median household income rose from $71,659 to $83,143 between 2021 and 2024, a 16.0% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 2.4% since 2021, moving from about 26,472 residents to roughly 27,102. Renters now make up 53.5% of households, compared with 57.1% five years ago. Taken together, the five-year picture in ZIP 55343 in Hopkins, 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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About renting in ZIP 55343

Last updated: October 17, 2026

ZIP code 55343 covers Hopkins, MN. The median rent here is $1,647/mo as of October 2026. A 1-bedroom rents for a median of $1,480/mo. A 2-bedroom rents for a median of $1,800/mo.

At 24% of local median household income ($83,143/yr), ZIP 55343 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55343?

To keep rent at or below 30% of gross income, you would need to earn at least $66,000/year (about $32/hour full-time) to afford the median rent of $1,647/mo in ZIP 55343. The local median household income is $83,143/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55343?

Rent in ZIP 55343 has risen 4.0% over the past year as of September 2026. That is the highest level since Zillow's records here began in February 2020.

When is the cheapest time to rent in ZIP 55343?

Asking rents in ZIP 55343 are usually lowest in January, about 1.7% below their yearly trend, and highest in July, about 0.9% above it. At today's median that is a gap of roughly $43 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 55343 compare to other ZIPs in Minnesota?

ZIP 55343 is in the middle among Minnesota ZIP codes for rent, ranking #68 of 123 at $1,647/mo. Over the year to September 2026, rent in ZIP 55343 changed +4.0%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.