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ZIP Code · MN

ZIP 55401

Pop. 11,816·Hennepin County·16th most expensive ZIP in Minnesota
Median rent (all units)
$2,014/mo
Year-over-Year
+15.6%
Month-over-Month
+2.0%
vs US Median
+$49
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 55401 · $2,014
More expensive than 61% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,860
1 BR
$2,100
2 BR
$2,560
3 BR
$3,390
4 BR+
$3,790
Research median
$2,560/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
$24,168/yr
At $2,014/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 15.6% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+15.6% YoY, +2.0% MoM), not inventory.
Demographics

Who lives here

ZIP 55401 (Minneapolis, MN) is majority renter-occupied, skews toward younger working-age adults, has a median income above the national average, 76.7% of residents hold a bachelor's degree or higher.

Population
11,816
Median income
$113,522
Median age
35.2
Renters
71.6%
Age distribution
45%
25.9%
13.1%
Under 184.2%
18–3445%
35–5425.9%
55–6413.1%
65+11.7%
Gender
57.2%
42.8%
Male57.2%
Female42.8%
Race & ethnicity
78.6%
White78.6%
Black4.9%
Hispanic7.5%
Asian7.2%
Other1.8%
Education (25+)
17.3%
76.7%
No HS diploma1.2%
HS diploma4.9%
Some college17.3%
Bachelor's+76.7%
Housing tenure
28.4%
71.6%
Owner28.4%
Renter71.6%

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

2021 vs 2026

How ZIP 55401 in Minneapolis, MN has changed in 5 years

Rent
$1,593 → $2,014
up 26.4%
Income
$106,756 → $113,522
up 6.3%
Population
10,957 → 11,816
up 7.8%
Renter share
67.2% → 71.6%
+4.4 pts
Bachelor's+
77.4% → 76.7%
-0.7 pts

Across the past five years, the going rent in ZIP 55401 in Minneapolis, MN has shifted from $1,593 to $2,014, up 26.4% since 2021. On the earnings side, the typical household in ZIP 55401 in Minneapolis, MN now reports about $113,522, up from $106,756 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 55401 in Minneapolis, MN adding about 859 residents over the five-year window, up 7.8% on net. The renter share has risen from 67.2% to 71.6%, with owner-occupied housing accounting for the remainder. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 55401 in Minneapolis, MN reflects that arc in its own way.

Community

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Local insights

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About renting in ZIP 55401

Last updated: July 20, 2026

ZIP code 55401 covers Minneapolis, MN. The median rent here is $2,014/mo as of July 2026. A 1-bedroom rents for a median of $2,100/mo. A 2-bedroom rents for a median of $2,560/mo.

At 21% of local median household income ($113,522/yr), ZIP 55401 ranks as affordable compared to the national benchmark of 30%. Rents have increased 15.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55401?

As of July 20, 2026, the median monthly rent in ZIP 55401 (Minneapolis, MN) is $2,014. This is based on aggregated data from public sources and community submissions.

How does ZIP 55401 rent compare to the US average?

ZIP 55401's median rent of $2,014/mo is $49 (2%) above the US national median of $1,965/mo.

How does ZIP 55401 compare to other ZIPs in Minnesota?

ZIP 55401 is one of the pricier ZIP codes in Minnesota, ranking #16 out of 123 ZIPs tracked at $2,014/mo.

How much income do you need to rent in ZIP 55401?

To keep rent at or below 30% of gross income, you would need to earn at least $81,000/year (~$39/hour full-time) to afford the median rent of $2,014/mo in ZIP 55401. The local median household income is $113,522/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55401?

Rent in ZIP 55401 has increased 15.6% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55401 an affordable place to rent?

ZIP 55401 is considered very affordable for renters. At $2,014/mo, rent takes approximately 21% of the local median household income ($113,522/yr). The standard benchmark is 30%. ZIP 55401 falls comfortably within that range.

What percentage of ZIP 55401 residents rent vs. own?

According to Census data, approximately 71.6% of ZIP 55401 households are renters, while 28.4% are owner-occupied. With a majority renter population, ZIP 55401 has a strong rental market.

How does ZIP 55401 compare to the rest of Minneapolis?

ZIP 55401 is pricier than Minneapolis as a whole. At $2,014/mo, it's $328 above the Minneapolis citywide median of $1,686/mo.

When was rent data for ZIP 55401 last updated?

Rent data for ZIP 55401 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
21%
VERY AFFORDABLE

At $2,014/mo, rent takes ~21% of ZIP 55401's median household income ($113,522/yr). The standard benchmark is 30%.

ZIP 55401 21%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

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