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ZIP Code · MN

ZIP 55406

Pop. 36,581·Hennepin County·99th most expensive ZIP in Minnesota
Median rent (all units)
$1,436/mo
Year-over-Year
+0.9%
Month-over-Month
-1.6%
vs US Median
-$529
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 55406 · $1,436
More affordable than 78% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,190
1 BR
$1,350
2 BR
$1,640
3 BR
$2,170
4 BR+
$2,430
Research median
$1,640/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
$17,232/yr
At $1,436/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (up only 0.9% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+0.9% YoY, -1.6% MoM), not inventory.
Demographics

Who lives here

ZIP 55406 (Minneapolis, MN) is majority owner-occupied, has a median income above the national average, 57.3% of residents hold a bachelor's degree or higher.

Population
36,581
Median income
$93,910
Median age
39.8
Renters
34%
Age distribution
18.6%
22.4%
29.7%
13.6%
15.7%
Under 1818.6%
18–3422.4%
35–5429.7%
55–6413.6%
65+15.7%
Gender
48.3%
51.7%
Male48.3%
Female51.7%
Race & ethnicity
69.5%
13.9%
White69.5%
Black13.9%
Hispanic7.1%
Asian2.7%
Other6.9%
Education (25+)
12.2%
22.3%
57.3%
No HS diploma8.3%
HS diploma12.2%
Some college22.3%
Bachelor's+57.3%
Housing tenure
66%
34%
Owner66%
Renter34%

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

2021 vs 2026

How ZIP 55406 in Minneapolis, MN has changed in 5 years

Rent
$1,268 → $1,436
up 13.2%
Income
$77,888 → $93,910
up 20.6%
Population
35,997 → 36,581
up 1.6%
Renter share
34.5% → 34%
-0.5 pts
Bachelor's+
53.6% → 57.3%
+3.7 pts
Median age
38.8 → 39.8
+1.0 yrs

Compared with 2021, rent in ZIP 55406 in Minneapolis, MN has climbed by $168 per month, settling near $1,436 after starting the period at $1,268. On the earnings side, the typical household in ZIP 55406 in Minneapolis, MN now reports about $93,910, up from $77,888 in 2021. Income growth outran rent by about 7.4 percentage points, easing the affordability math somewhat compared with 2021. Headcount in the area went from 35,997 to 36,581 between 2021 and 2024, a 1.6% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 53.6% to 57.3%. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 55406 in Minneapolis, MN reflects that arc in its own way.

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Local insights

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About renting in ZIP 55406

Last updated: July 20, 2026

ZIP code 55406 covers Minneapolis, MN. The median rent here is $1,436/mo as of July 2026. A 1-bedroom rents for a median of $1,350/mo. A 2-bedroom rents for a median of $1,640/mo.

At 18% of local median household income ($93,910/yr), ZIP 55406 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55406?

As of July 20, 2026, the median monthly rent in ZIP 55406 (Minneapolis, MN) is $1,436. This is based on aggregated data from public sources and community submissions.

How does ZIP 55406 rent compare to the US average?

ZIP 55406's median rent of $1,436/mo is $529 (27%) below the US national median of $1,965/mo.

How does ZIP 55406 compare to other ZIPs in Minnesota?

ZIP 55406 is among the more affordable ZIP codes in Minnesota, ranking #99 out of 123 ZIPs at $1,436/mo.

How much income do you need to rent in ZIP 55406?

To keep rent at or below 30% of gross income, you would need to earn at least $57,000/year (~$27/hour full-time) to afford the median rent of $1,436/mo in ZIP 55406. The local median household income is $93,910/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55406?

Rent in ZIP 55406 has increased 0.9% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55406 an affordable place to rent?

ZIP 55406 is considered very affordable for renters. At $1,436/mo, rent takes approximately 18% of the local median household income ($93,910/yr). The standard benchmark is 30%. ZIP 55406 falls comfortably within that range.

What percentage of ZIP 55406 residents rent vs. own?

According to Census data, approximately 34% of ZIP 55406 households are renters, while 66% are owner-occupied. ZIP 55406 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 55406 compare to the rest of Minneapolis?

ZIP 55406 is more affordable than Minneapolis overall. At $1,436/mo, it's $250 below the Minneapolis citywide median of $1,686/mo.

When was rent data for ZIP 55406 last updated?

Rent data for ZIP 55406 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
18%
VERY AFFORDABLE

At $1,436/mo, rent takes ~18% of ZIP 55406's median household income ($93,910/yr). The standard benchmark is 30%.

ZIP 55406 18%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

Public schools near ZIP 55406 (Minneapolis, MN)

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