ZIP Code · MN

ZIP 55406

Part of Minneapolis, MN

Pop. 36,581·Hennepin County·102nd most expensive ZIP in Minnesota

Median rent (all units)

$1,407/mo

Year-over-Year

+1.6%

Month-over-Month

-0.1%

vs US Median

-$525

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 55406 · $1,407

More affordable than 79% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 55406 usually run 1.1% below trend in December and 0.9% above it in May, about $28 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 55406 is 0.1% below its high of $1,409 in August 2026, at $1,407 as of September 2026.

Past year vs. the rest of Minnesota

Rent in ZIP 55406 changed +1.6% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($93,910) is $2,348 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,170); a 4-bedroom is $2,430.

Rank in Minneapolis

2nd cheapest of 19 ZIP codes in Minneapolis.

Cheaper nearby

ZIP 55130, 7 miles away, rents for 13% less ($1,225/mo), about $2,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55406. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$16,884/yr

At $1,407/mo median

Location

CityMinneapolis

StateMN

CountyHennepin County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+1.6% YoY, -0.1% 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

$1,188 → $1,407

up 18.4%

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 $219 per month, settling near $1,407 after starting the period at $1,188. On the earnings side, the typical household in ZIP 55406 in Minneapolis, MN now reports about $93,910, up from $77,888 in 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.

Community

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About renting in ZIP 55406

Last updated: October 17, 2026

ZIP code 55406 covers Minneapolis, MN. The median rent here is $1,407/mo as of October 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 1.6% over the past year.

FAQ

Frequently asked questions

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 $56,000/year (about $27/hour full-time) to afford the median rent of $1,407/mo in ZIP 55406. The local median household income is $93,910/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55406?

Rent in ZIP 55406 has risen 1.6% over the past year as of September 2026. It sits 0.1% below its high of $1,409 in August 2026.

When is the cheapest time to rent in ZIP 55406?

Asking rents in ZIP 55406 are usually lowest in December, about 1.1% below their yearly trend, and highest in May, about 0.9% above it. At today's median that is a gap of roughly $28 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 55406 compare to other ZIPs in Minnesota?

ZIP 55406 is one of the more affordable among Minnesota ZIP codes for rent, ranking #102 of 123 at $1,407/mo. Over the year to September 2026, rent in ZIP 55406 changed +1.6%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.