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ZIP Code · MN

ZIP 55403

Pop. 17,601·Hennepin County·96th most expensive ZIP in Minnesota
Median rent (all units)
$1,451/mo
Year-over-Year
+5.5%
Month-over-Month
+0.9%
vs US Median
-$514
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 55403 · $1,451
More affordable than 77% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,240
1 BR
$1,400
2 BR
$1,700
3 BR
$2,250
4 BR+
$2,520
Research median
$1,700/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
$17,412/yr
At $1,451/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 5.5% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+5.5% YoY, +0.9% MoM), not inventory.
Demographics

Who lives here

ZIP 55403 (Minneapolis, MN) is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 57.9% of residents hold a bachelor's degree or higher.

Population
17,601
Median income
$60,873
Median age
34.3
Renters
75%
Age distribution
45.1%
23.1%
13.8%
Under 187.1%
18–3445.1%
35–5423.1%
55–6411%
65+13.8%
Gender
54.8%
45.2%
Male54.8%
Female45.2%
Race & ethnicity
65.9%
16.7%
White65.9%
Black16.7%
Hispanic9.4%
Asian4.4%
Other3.6%
Education (25+)
26.6%
57.9%
No HS diploma3.5%
HS diploma11.9%
Some college26.6%
Bachelor's+57.9%
Housing tenure
25%
75%
Owner25%
Renter75%

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

2021 vs 2026

How ZIP 55403 in Minneapolis, MN has changed in 5 years

Rent
$1,209 → $1,451
up 20.0%
Income
$55,520 → $60,873
up 9.6%
Population
16,349 → 17,601
up 7.7%
Renter share
76.6% → 75%
-1.6 pts
Bachelor's+
59.7% → 57.9%
-1.8 pts

Rent in ZIP 55403 in Minneapolis, MN has increased 20.0% since 2021, going from about $1,209 per month to roughly $1,451 today. On the earnings side, the typical household in ZIP 55403 in Minneapolis, MN now reports about $60,873, up from $55,520 in 2021. Rent outpaced income growth by roughly 10.4 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 16,349 to 17,601 between 2021 and 2024, a 7.7% change. About 75% of households rent today, against 76.6% in 2021. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 55403 in Minneapolis, MN reflects that arc in its own way.

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Local insights

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About renting in ZIP 55403

Last updated: July 20, 2026

ZIP code 55403 covers Minneapolis, MN. The median rent here is $1,451/mo as of July 2026. A 1-bedroom rents for a median of $1,400/mo. A 2-bedroom rents for a median of $1,700/mo.

At 29% of local median household income ($60,873/yr), ZIP 55403 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.5% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55403?

As of July 20, 2026, the median monthly rent in ZIP 55403 (Minneapolis, MN) is $1,451. This is based on aggregated data from public sources and community submissions.

How does ZIP 55403 rent compare to the US average?

ZIP 55403's median rent of $1,451/mo is $514 (26%) below the US national median of $1,965/mo.

How does ZIP 55403 compare to other ZIPs in Minnesota?

ZIP 55403 is among the more affordable ZIP codes in Minnesota, ranking #96 out of 123 ZIPs at $1,451/mo.

How much income do you need to rent in ZIP 55403?

To keep rent at or below 30% of gross income, you would need to earn at least $58,000/year (~$28/hour full-time) to afford the median rent of $1,451/mo in ZIP 55403. The local median household income is $60,873/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55403?

Rent in ZIP 55403 has increased 5.5% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55403 an affordable place to rent?

ZIP 55403 is considered affordable for renters. At $1,451/mo, rent takes approximately 29% of the local median household income ($60,873/yr). The standard benchmark is 30%. ZIP 55403 falls comfortably within that range.

What percentage of ZIP 55403 residents rent vs. own?

According to Census data, approximately 75% of ZIP 55403 households are renters, while 25% are owner-occupied. With a majority renter population, ZIP 55403 has a strong rental market.

How does ZIP 55403 compare to the rest of Minneapolis?

ZIP 55403 is more affordable than Minneapolis overall. At $1,451/mo, it's $235 below the Minneapolis citywide median of $1,686/mo.

When was rent data for ZIP 55403 last updated?

Rent data for ZIP 55403 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
29%
AFFORDABLE

At $1,451/mo, rent takes ~29% of ZIP 55403's median household income ($60,873/yr). The standard benchmark is 30%.

ZIP 55403 29%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

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