ZIP Code · MN

ZIP 55409

Part of Minneapolis, MN

Pop. 11,188·Hennepin County·92nd most expensive ZIP in Minnesota

Median rent (all units)

$1,487/mo

Year-over-Year

-3.8%

Month-over-Month

-2.2%

vs US Median

-$445

Reported rents

Falling (Monthly)

Be the first to discuss 55409 rents ↓

Most AffordableMost Expensive

ZIP 55409 · $1,487

More affordable than 74% 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

$1,200

1 BR

$1,360

2 BR

$1,650

3 BR

$2,180

4 BR+

$2,440

Research median

$1,650/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 55409 is 6.3% below its high of $1,587 in January 2026, at $1,487 as of September 2026.

Past year vs. the rest of Minnesota

Rent in ZIP 55409 changed -3.8% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent has fallen 3 months in a row, and rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($98,305) is $2,458 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,440).

Rank in Minneapolis

5th cheapest of 19 ZIP codes in Minneapolis.

From Zillow's monthly rent index (ZORI) for ZIP 55409. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$17,844/yr

At $1,487/mo median

Location

CityMinneapolis

StateMN

CountyHennepin County

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 3.8% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (-3.8% YoY, -2.2% MoM), not inventory.

Demographics

Who lives here

ZIP 55409 (Minneapolis, MN) is majority owner-occupied, has a median income above the national average, 64.6% of residents hold a bachelor's degree or higher.

Population

11,188

Median income

$98,305

Median age

36.9

Renters

34.5%

Age distribution

18.5%

27.2%

31.5%

12.9%

Under 1818.5%

18–3427.2%

35–5431.5%

55–6410%

65+12.9%

Gender

48.4%

51.6%

Male48.4%

Female51.6%

Race & ethnicity

75%

White75%

Black8.8%

Hispanic8.2%

Asian3.3%

Other4.7%

Education (25+)

19.7%

64.6%

No HS diploma5.3%

HS diploma10.4%

Some college19.7%

Bachelor's+64.6%

Housing tenure

65.5%

34.5%

Owner65.5%

Renter34.5%

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

2023 vs 2026

How ZIP 55409 in Minneapolis, MN has changed in 5 years

Rent

$1,423 → $1,487

up 4.5%

Income

$86,061 → $98,305

up 14.2%

Population

11,262 → 11,188

down 0.7%

Renter share

33.9% → 34.5%

+0.6 pts

Bachelor's+

57.9% → 64.6%

+6.7 pts

Median age

36.1 → 36.9

+0.8 yrs

Across the past five years, the going rent in ZIP 55409 in Minneapolis, MN has shifted from $1,423 to $1,487, up 4.5% since 2023. Local incomes tracked alongside that move, going from a median of $86,061 in 2021 to $98,305 more recently. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Bachelor's-degree-or-higher attainment moved from 57.9% to 64.6% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 55409 in Minneapolis, MN market of 2023.

Community

Discussions about ZIP 55409

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 55409

About renting in ZIP 55409

Last updated: October 17, 2026

ZIP code 55409 covers Minneapolis, MN. The median rent here is $1,487/mo as of October 2026. A 1-bedroom rents for a median of $1,360/mo. A 2-bedroom rents for a median of $1,650/mo.

At 18% of local median household income ($98,305/yr), ZIP 55409 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 3.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55409?

To keep rent at or below 30% of gross income, you would need to earn at least $59,000/year (about $28/hour full-time) to afford the median rent of $1,487/mo in ZIP 55409. The local median household income is $98,305/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55409?

Rent in ZIP 55409 has fallen 3.8% over the past year as of September 2026. It sits 6.3% below its high of $1,587 in January 2026.

How does ZIP 55409 compare to other ZIPs in Minnesota?

ZIP 55409 is one of the more affordable among Minnesota ZIP codes for rent, ranking #92 of 123 at $1,487/mo. Over the year to September 2026, rent in ZIP 55409 changed -3.8%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.