ZIP Code · MN

ZIP 55407

Part of Minneapolis, MN

Pop. 37,667·Hennepin County·82nd most expensive ZIP in Minnesota

Median rent (all units)

$1,551/mo

Year-over-Year

+2.0%

Month-over-Month

+0.3%

vs US Median

-$381

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 55407 · $1,551

More affordable than 69% of US ZIP codes · National median $1,932/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

October. Asking rents in ZIP 55407 usually run 1% below trend in October and 0.8% above it in July, about $28 a month apart at today's median. Based on 7 years of data.

Compared with the peak

Rent in ZIP 55407 is 1% below its high of $1,566 in February 2026, at $1,551 as of September 2026.

Past year vs. the rest of Minnesota

Rent in ZIP 55407 changed +2.0% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Since before the pandemic

Rent in ZIP 55407 is 25.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 2 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($78,464) is $1,962 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,520); a 3-bedroom is $2,020.

Rank in Minneapolis

7th cheapest of 19 ZIP codes in Minneapolis.

Cheaper nearby

ZIP 55405, 4 miles away, rents for 13% less ($1,357/mo), about $2,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55407. 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

$18,612/yr

At $1,551/mo median

Location

CityMinneapolis

StateMN

CountyHennepin County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.0% YoY, +0.3% 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%

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

$1,260 → $1,551

up 23.1%

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 23.1% since 2021, going from about $1,260 per month to roughly $1,551 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 11.2 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.

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About renting in ZIP 55407

Last updated: October 17, 2026

ZIP code 55407 covers Minneapolis, MN. The median rent here is $1,551/mo as of October 2026. A 1-bedroom rents for a median of $1,250/mo. A 2-bedroom rents for a median of $1,520/mo.

At 24% of local median household income ($78,464/yr), ZIP 55407 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.0% over the past year.

FAQ

Frequently asked questions

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 $62,000/year (about $30/hour full-time) to afford the median rent of $1,551/mo in ZIP 55407. The local median household income is $78,464/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55407?

Rent in ZIP 55407 has risen 2.0% over the past year as of September 2026. It sits 1% below its high of $1,566 in February 2026.

When is the cheapest time to rent in ZIP 55407?

Asking rents in ZIP 55407 are usually lowest in October, about 1% below their yearly trend, and highest in July, about 0.8% above it. At today's median that is a gap of roughly $28 a month. This pattern comes from 7 years of Zillow rent data.

How does ZIP 55407 compare to other ZIPs in Minnesota?

ZIP 55407 is one of the more affordable among Minnesota ZIP codes for rent, ranking #82 of 123 at $1,551/mo. Over the year to September 2026, rent in ZIP 55407 changed +2.0%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.