ZIP Code · MN

ZIP 55345

Part of Minnetonka, MN

Pop. 20,789·Hennepin County·71st most expensive ZIP in Minnesota

Median rent (all units)

$1,627/mo

Year-over-Year

Stable

Month-over-Month

-0.2%

vs US Median

-$305

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 55345 · $1,627

More affordable than 63% 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

$1,400

1 BR

$1,580

2 BR

$1,920

3 BR

$2,540

4 BR+

$2,840

Research median

$1,920/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

What a typical income covers

30% of the median household income ($145,332) is $3,633 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,840).

Cheaper nearby

ZIP 55405, 10 miles away, rents for 17% less ($1,357/mo), about $3,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55345. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$19,524/yr

At $1,627/mo median

Location

CityMinnetonka

StateMN

CountyHennepin County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+0.0% YoY, -0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 55345 (Minnetonka, MN) is majority owner-occupied, has a large retiree population, has a median income above the national average, 65.2% of residents hold a bachelor's degree or higher.

Population

20,789

Median income

$145,332

Median age

44.6

Renters

14.7%

Age distribution

24.6%

28.9%

13.1%

22.1%

Under 1824.6%

18–3411.2%

35–5428.9%

55–6413.1%

65+22.1%

Gender

50.5%

49.5%

Male50.5%

Female49.5%

Race & ethnicity

85.9%

White85.9%

Black1.3%

Hispanic4.6%

Asian5%

Other3.2%

Education (25+)

22.1%

65.2%

No HS diploma2.5%

HS diploma10.2%

Some college22.1%

Bachelor's+65.2%

Housing tenure

85.3%

14.7%

Owner85.3%

Renter14.7%

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

2021 vs 2026

How ZIP 55345 in Minnetonka, MN has changed in 5 years

Income

$120,204 → $145,332

up 20.9%

Population

21,528 → 20,789

down 3.4%

Renter share

16.3% → 14.7%

-1.6 pts

Bachelor's+

63.3% → 65.2%

+1.9 pts

Median age

44 → 44.6

+0.6 yrs

Household income in the area moved from $120,204 to $145,332 across the same window, up 20.9% versus 2021. The population has contracted by 3.4% since 2021, moving from about 21,528 residents to roughly 20,789. Renters now make up 14.7% of households, compared with 16.3% five years ago.

Community

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Local insights

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About renting in ZIP 55345

Last updated: October 17, 2026

ZIP code 55345 covers Minnetonka, MN. The median rent here is $1,627/mo as of October 2026. A 1-bedroom rents for a median of $1,580/mo. A 2-bedroom rents for a median of $1,920/mo.

At 13% of local median household income ($145,332/yr), ZIP 55345 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55345?

To keep rent at or below 30% of gross income, you would need to earn at least $65,000/year (about $31/hour full-time) to afford the median rent of $1,627/mo in ZIP 55345. The local median household income is $145,332/yr, so the typical household meets that bar.