ZIP Code · MN

ZIP 55408

Part of Minneapolis, MN

Pop. 31,507·Hennepin County·91st most expensive ZIP in Minnesota

Median rent (all units)

$1,488/mo

Year-over-Year

+3.7%

Month-over-Month

+0.3%

vs US Median

-$444

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 55408 · $1,488

More affordable than 74% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,390

1 BR

$1,570

2 BR

$1,910

3 BR

$2,530

4 BR+

$2,830

Research median

$1,910/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

November. Asking rents in ZIP 55408 usually run 1.4% below trend in November and 1.1% above it in June, about $37 a month apart at today's median. Based on 8 years of data.

Compared with the peak

Rent in ZIP 55408 is at its highest level since Zillow's records here began in January 2018.

Past year vs. the rest of Minnesota

Rent in ZIP 55408 changed +3.7% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 55408 rose 4.8% while median household income rose 17.4% ($59,917 to $70,326). Income kept ahead of rent.

Since before the pandemic

Rent in ZIP 55408 is 9% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 19 months in a row, and rose in 12 of the last 12 months.

What a typical income covers

30% of the median household income ($70,326) is $1,758 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,570); a 2-bedroom is $1,910.

Rank in Minneapolis

6th cheapest of 19 ZIP codes in Minneapolis.

From Zillow's monthly rent index (ZORI) for ZIP 55408. 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

$17,856/yr

At $1,488/mo median

Location

CityMinneapolis

StateMN

CountyHennepin County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.7% YoY, +0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 55408 (Minneapolis, MN) is majority renter-occupied, skews toward younger working-age adults, 56.4% of residents hold a bachelor's degree or higher.

Population

31,507

Median income

$70,326

Median age

30.9

Renters

76.4%

Age distribution

13%

47.2%

23.2%

Under 1813%

18–3447.2%

35–5423.2%

55–648.6%

65+8%

Gender

50.6%

49.4%

Male50.6%

Female49.4%

Race & ethnicity

60.4%

19.1%

12.3%

White60.4%

Black19.1%

Hispanic12.3%

Asian4.5%

Other3.6%

Education (25+)

13.9%

21.4%

56.4%

No HS diploma8.3%

HS diploma13.9%

Some college21.4%

Bachelor's+56.4%

Housing tenure

23.6%

76.4%

Owner23.6%

Renter76.4%

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

2021 vs 2026

How ZIP 55408 in Minneapolis, MN has changed in 5 years

Rent

$1,314 → $1,488

up 13.2%

Income

$64,911 → $70,326

up 8.3%

Population

31,613 → 31,507

down 0.3%

Renter share

76.6% → 76.4%

-0.2 pts

Bachelor's+

58% → 56.4%

-1.6 pts

Median age

30 → 30.9

+0.9 yrs

Since 2021, the typical rent in ZIP 55408 in Minneapolis, MN has climbed from $1,314 to $1,488, a 13.2% change over five years. Local incomes tracked alongside that move, going from a median of $64,911 in 2021 to $70,326 more recently. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 55408 in Minneapolis, MN market of 2021.

Community

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Local insights

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About renting in ZIP 55408

Last updated: October 17, 2026

ZIP code 55408 covers Minneapolis, MN. The median rent here is $1,488/mo as of October 2026. A 1-bedroom rents for a median of $1,570/mo. A 2-bedroom rents for a median of $1,910/mo.

At 25% of local median household income ($70,326/yr), ZIP 55408 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55408?

To keep rent at or below 30% of gross income, you would need to earn at least $60,000/year (about $29/hour full-time) to afford the median rent of $1,488/mo in ZIP 55408. The local median household income is $70,326/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55408?

Rent in ZIP 55408 has risen 3.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2018.

When is the cheapest time to rent in ZIP 55408?

Asking rents in ZIP 55408 are usually lowest in November, about 1.4% below their yearly trend, and highest in June, about 1.1% above it. At today's median that is a gap of roughly $37 a month. This pattern comes from 8 years of Zillow rent data.

Has rent outpaced income in ZIP 55408?

No. From 2019 to 2024, rent in ZIP 55408 rose 4.8% while median household income rose 17.4%, from $59,917 to $70,326. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 55408 compare to other ZIPs in Minnesota?

ZIP 55408 is one of the more affordable among Minnesota ZIP codes for rent, ranking #91 of 123 at $1,488/mo. Over the year to September 2026, rent in ZIP 55408 changed +3.7%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.