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ZIP Code · MN

ZIP 55345

Pop. 20,789·Hennepin County·23rd most expensive ZIP in Minnesota
Median rent (all units)
$1,971/mo
Year-over-Year
Stable
Month-over-Month
+19.2%
vs US Median
+$6
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 55345 · $1,971
More expensive than 59% of US ZIP codes · National median $1,965/mo
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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: July 20, 2026

Annual cost
$23,652/yr
At $1,971/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +19.2% 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

Tips for renters in ZIP 55345

About renting in ZIP 55345

Last updated: July 20, 2026

ZIP code 55345 covers Minnetonka, MN. The median rent here is $1,971/mo as of July 2026. A 1-bedroom rents for a median of $1,580/mo. A 2-bedroom rents for a median of $1,920/mo.

At 16% 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 is rent in ZIP code 55345?

As of July 20, 2026, the median monthly rent in ZIP 55345 (Minnetonka, MN) is $1,971. This is based on aggregated data from public sources and community submissions.

How does ZIP 55345 rent compare to the US average?

ZIP 55345's median rent of $1,971/mo is $6 (0%) above the US national median of $1,965/mo.

How does ZIP 55345 compare to other ZIPs in Minnesota?

ZIP 55345 is one of the pricier ZIP codes in Minnesota, ranking #23 out of 123 ZIPs tracked at $1,971/mo.

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 $79,000/year (~$38/hour full-time) to afford the median rent of $1,971/mo in ZIP 55345. The local median household income is $145,332/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55345?

Rent in ZIP 55345 has been relatively stable over the past year, with a 0.0% change year over year as of July 20, 2026.

Is ZIP 55345 an affordable place to rent?

ZIP 55345 is considered very affordable for renters. At $1,971/mo, rent takes approximately 16% of the local median household income ($145,332/yr). The standard benchmark is 30%. ZIP 55345 falls comfortably within that range.

What percentage of ZIP 55345 residents rent vs. own?

According to Census data, approximately 14.7% of ZIP 55345 households are renters, while 85.3% are owner-occupied. ZIP 55345 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 55345 compare to the rest of Minnetonka?

ZIP 55345 is pricier than Minnetonka as a whole. At $1,971/mo, it's $114 above the Minnetonka citywide median of $1,857/mo.

When was rent data for ZIP 55345 last updated?

Rent data for ZIP 55345 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
16%
VERY AFFORDABLE

At $1,971/mo, rent takes ~16% of ZIP 55345's median household income ($145,332/yr). The standard benchmark is 30%.

ZIP 55345 16%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

Public schools near ZIP 55345 (Minnetonka, MN)

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