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ZIP Code · MN

ZIP 55407

Pop. 37,667·Hennepin County·89th most expensive ZIP in Minnesota
Median rent (all units)
$1,482/mo
Year-over-Year
+1.9%
Month-over-Month
-1.2%
vs US Median
-$483
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 55407 · $1,482
More affordable than 75% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,100
1 BR
$1,250
2 BR
$1,520
3 BR
$2,020
4 BR+
$2,270
Research median
$1,520/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
$17,784/yr
At $1,482/mo median
Location
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 (+1.9% YoY, -1.2% MoM), not inventory.
Demographics

Who lives here

ZIP 55407 (Minneapolis, MN) is majority owner-occupied, 49% of residents hold a bachelor's degree or higher.

Population
37,667
Median income
$78,464
Median age
33.8
Renters
41.1%
Age distribution
24.8%
27.3%
29.6%
Under 1824.8%
18–3427.3%
35–5429.6%
55–648.7%
65+9.5%
Gender
50%
50%
Male50%
Female50%
Race & ethnicity
52%
17.9%
23.5%
White52%
Black17.9%
Hispanic23.5%
Asian2.3%
Other4.3%
Education (25+)
15.3%
13.6%
22.1%
49%
No HS diploma15.3%
HS diploma13.6%
Some college22.1%
Bachelor's+49%
Housing tenure
58.9%
41.1%
Owner58.9%
Renter41.1%

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

2021 vs 2026

How ZIP 55407 in Minneapolis, MN has changed in 5 years

Rent
$1,258 → $1,482
up 17.8%
Income
$70,125 → $78,464
up 11.9%
Population
38,921 → 37,667
down 3.2%
Renter share
38.8% → 41.1%
+2.3 pts
Bachelor's+
47.1% → 49%
+1.9 pts
Median age
33.1 → 33.8
+0.7 yrs

Rent in ZIP 55407 in Minneapolis, MN has climbed 17.8% since 2021, going from about $1,258 per month to roughly $1,482 today. Local incomes tracked alongside that move, going from a median of $70,125 in 2021 to $78,464 more recently. Rent outpaced income growth by roughly 5.9 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 38,921 to 37,667 between 2021 and 2024, a 3.2% change. About 41.1% of households rent today, against 38.8% in 2021. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 55407 in Minneapolis, MN market of 2021.

Community

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Local insights

Tips for renters in ZIP 55407

About renting in ZIP 55407

Last updated: July 20, 2026

ZIP code 55407 covers Minneapolis, MN. The median rent here is $1,482/mo as of July 2026. A 1-bedroom rents for a median of $1,250/mo. A 2-bedroom rents for a median of $1,520/mo.

At 23% of local median household income ($78,464/yr), ZIP 55407 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55407?

As of July 20, 2026, the median monthly rent in ZIP 55407 (Minneapolis, MN) is $1,482. This is based on aggregated data from public sources and community submissions.

How does ZIP 55407 rent compare to the US average?

ZIP 55407's median rent of $1,482/mo is $483 (25%) below the US national median of $1,965/mo.

How does ZIP 55407 compare to other ZIPs in Minnesota?

ZIP 55407 is among the more affordable ZIP codes in Minnesota, ranking #89 out of 123 ZIPs at $1,482/mo.

How much income do you need to rent in ZIP 55407?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (~$28/hour full-time) to afford the median rent of $1,482/mo in ZIP 55407. The local median household income is $78,464/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55407?

Rent in ZIP 55407 has increased 1.9% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55407 an affordable place to rent?

ZIP 55407 is considered very affordable for renters. At $1,482/mo, rent takes approximately 23% of the local median household income ($78,464/yr). The standard benchmark is 30%. ZIP 55407 falls comfortably within that range.

What percentage of ZIP 55407 residents rent vs. own?

According to Census data, approximately 41.1% of ZIP 55407 households are renters, while 58.9% are owner-occupied. ZIP 55407 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 55407 compare to the rest of Minneapolis?

ZIP 55407 is more affordable than Minneapolis overall. At $1,482/mo, it's $204 below the Minneapolis citywide median of $1,686/mo.

When was rent data for ZIP 55407 last updated?

Rent data for ZIP 55407 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $1,482/mo, rent takes ~23% of ZIP 55407's median household income ($78,464/yr). The standard benchmark is 30%.

ZIP 55407 23%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

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