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ZIP Code · MN

ZIP 55405

Pop. 17,198·Hennepin County·104th most expensive ZIP in Minnesota
Median rent (all units)
$1,393/mo
Year-over-Year
-2.6%
Month-over-Month
-4.2%
vs US Median
-$572
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 55405 · $1,393
More affordable than 81% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,180
1 BR
$1,340
2 BR
$1,630
3 BR
$2,160
4 BR+
$2,410
Research median
$1,630/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
$16,716/yr
At $1,393/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 2.6% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-2.6% YoY, -4.2% MoM), not inventory.
Demographics

Who lives here

ZIP 55405 (Minneapolis, MN) is majority renter-occupied, skews toward younger working-age adults, 60.6% of residents hold a bachelor's degree or higher.

Population
17,198
Median income
$73,053
Median age
32
Renters
63.7%
Age distribution
17.7%
38.6%
23.8%
Under 1817.7%
18–3438.6%
35–5423.8%
55–649.4%
65+10.5%
Gender
47.8%
52.2%
Male47.8%
Female52.2%
Race & ethnicity
59.3%
23.3%
White59.3%
Black23.3%
Hispanic5.1%
Asian3.9%
Other8.4%
Education (25+)
25.3%
60.6%
No HS diploma4.4%
HS diploma9.7%
Some college25.3%
Bachelor's+60.6%
Housing tenure
36.3%
63.7%
Owner36.3%
Renter63.7%

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

2021 vs 2026

How ZIP 55405 in Minneapolis, MN has changed in 5 years

Rent
$1,283 → $1,393
up 8.6%
Income
$64,504 → $73,053
up 13.3%
Population
16,523 → 17,198
up 4.1%
Renter share
61.6% → 63.7%
+2.1 pts
Bachelor's+
58.4% → 60.6%
+2.2 pts

The median rent in ZIP 55405 in Minneapolis, MN stood at $1,283 in 2021 and currently runs about $1,393, reflecting a 8.6% increase over the period. On the earnings side, the typical household in ZIP 55405 in Minneapolis, MN now reports about $73,053, up from $64,504 in 2021. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has grown by 4.1% since 2021, moving from about 16,523 residents to roughly 17,198. Renters now make up 63.7% of households, compared with 61.6% five years ago. College-educated residents now make up 60.6% of adults here, versus 58.4% in 2021. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 55405 in Minneapolis, MN reflects that arc in its own way.

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Local insights

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About renting in ZIP 55405

Last updated: July 20, 2026

ZIP code 55405 covers Minneapolis, MN. The median rent here is $1,393/mo as of July 2026. A 1-bedroom rents for a median of $1,340/mo. A 2-bedroom rents for a median of $1,630/mo.

At 23% of local median household income ($73,053/yr), ZIP 55405 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 2.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55405?

As of July 20, 2026, the median monthly rent in ZIP 55405 (Minneapolis, MN) is $1,393. This is based on aggregated data from public sources and community submissions.

How does ZIP 55405 rent compare to the US average?

ZIP 55405's median rent of $1,393/mo is $572 (29%) below the US national median of $1,965/mo.

How does ZIP 55405 compare to other ZIPs in Minnesota?

ZIP 55405 is among the more affordable ZIP codes in Minnesota, ranking #104 out of 123 ZIPs at $1,393/mo.

How much income do you need to rent in ZIP 55405?

To keep rent at or below 30% of gross income, you would need to earn at least $56,000/year (~$27/hour full-time) to afford the median rent of $1,393/mo in ZIP 55405. The local median household income is $73,053/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55405?

Rent in ZIP 55405 has decreased 2.6% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 55405 an affordable place to rent?

ZIP 55405 is considered very affordable for renters. At $1,393/mo, rent takes approximately 23% of the local median household income ($73,053/yr). The standard benchmark is 30%. ZIP 55405 falls comfortably within that range.

What percentage of ZIP 55405 residents rent vs. own?

According to Census data, approximately 63.7% of ZIP 55405 households are renters, while 36.3% are owner-occupied. With a majority renter population, ZIP 55405 has a strong rental market.

How does ZIP 55405 compare to the rest of Minneapolis?

ZIP 55405 is more affordable than Minneapolis overall. At $1,393/mo, it's $293 below the Minneapolis citywide median of $1,686/mo.

When was rent data for ZIP 55405 last updated?

Rent data for ZIP 55405 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $1,393/mo, rent takes ~23% of ZIP 55405's median household income ($73,053/yr). The standard benchmark is 30%.

ZIP 55405 23%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

Public schools near ZIP 55405 (Minneapolis, MN)

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