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ZIP Code · MN

ZIP 55408

Pop. 31,507·Hennepin County·84th most expensive ZIP in Minnesota
Median rent (all units)
$1,519/mo
Year-over-Year
+7.9%
Month-over-Month
+1.7%
vs US Median
-$446
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 55408 · $1,519
More affordable than 72% of US ZIP codes · National median $1,965/mo
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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: July 20, 2026

Annual cost
$18,228/yr
At $1,519/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.9% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.9% YoY, +1.7% 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
$1,319 → $1,519
up 15.2%
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 $1,319 to $1,519, a 15.2% 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

Tips for renters in ZIP 55408

About renting in ZIP 55408

Last updated: July 20, 2026

ZIP code 55408 covers Minneapolis, MN. The median rent here is $1,519/mo as of July 2026. A 1-bedroom rents for a median of $1,570/mo. A 2-bedroom rents for a median of $1,910/mo.

At 26% of local median household income ($70,326/yr), ZIP 55408 ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55408?

As of July 20, 2026, the median monthly rent in ZIP 55408 (Minneapolis, MN) is $1,519. This is based on aggregated data from public sources and community submissions.

How does ZIP 55408 rent compare to the US average?

ZIP 55408's median rent of $1,519/mo is $446 (23%) below the US national median of $1,965/mo.

How does ZIP 55408 compare to other ZIPs in Minnesota?

ZIP 55408 is among the more affordable ZIP codes in Minnesota, ranking #84 out of 123 ZIPs at $1,519/mo.

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 $61,000/year (~$29/hour full-time) to afford the median rent of $1,519/mo in ZIP 55408. The local median household income is $70,326/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55408?

Rent in ZIP 55408 has increased 7.9% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55408 an affordable place to rent?

ZIP 55408 is considered affordable for renters. At $1,519/mo, rent takes approximately 26% of the local median household income ($70,326/yr). The standard benchmark is 30%. ZIP 55408 falls comfortably within that range.

What percentage of ZIP 55408 residents rent vs. own?

According to Census data, approximately 76.4% of ZIP 55408 households are renters, while 23.6% are owner-occupied. With a majority renter population, ZIP 55408 has a strong rental market.

How does ZIP 55408 compare to the rest of Minneapolis?

ZIP 55408 is more affordable than Minneapolis overall. At $1,519/mo, it's $167 below the Minneapolis citywide median of $1,686/mo.

When was rent data for ZIP 55408 last updated?

Rent data for ZIP 55408 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
26%
AFFORDABLE

At $1,519/mo, rent takes ~26% of ZIP 55408's median household income ($70,326/yr). The standard benchmark is 30%.

ZIP 55408 26%Benchmark 30%
State income tax5.35–9.85%
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Schools nearby

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