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ZIP Code · MN

ZIP 55423

Pop. 36,724·Hennepin County·108th most expensive ZIP in Minnesota
Median rent (all units)
$1,320/mo
Year-over-Year
+2.4%
Month-over-Month
-2.4%
vs US Median
-$645
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 55423 · $1,320
More affordable than 86% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,210
1 BR
$1,360
2 BR
$1,660
3 BR
$2,200
4 BR+
$2,460
Research median
$1,660/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
$15,840/yr
At $1,320/mo median
Location
StateMN
CountyHennepin County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (up only 2.4% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+2.4% YoY, -2.4% MoM), not inventory.
Demographics

Who lives here

ZIP 55423 (Richfield, MN) is majority owner-occupied, 43.8% of residents hold a bachelor's degree or higher.

Population
36,724
Median income
$85,182
Median age
39.4
Renters
38.4%
Age distribution
18.2%
24.4%
27.1%
19%
Under 1818.2%
18–3424.4%
35–5427.1%
55–6411.2%
65+19%
Gender
49.9%
50.1%
Male49.9%
Female50.1%
Race & ethnicity
62.3%
17.8%
White62.3%
Black10.8%
Hispanic17.8%
Asian5.5%
Other3.6%
Education (25+)
19.7%
27.9%
43.8%
No HS diploma8.7%
HS diploma19.7%
Some college27.9%
Bachelor's+43.8%
Housing tenure
61.6%
38.4%
Owner61.6%
Renter38.4%

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

2021 vs 2026

How ZIP 55423 in Richfield, MN has changed in 5 years

Rent
$1,088 → $1,320
up 21.3%
Income
$74,415 → $85,182
up 14.5%
Population
36,986 → 36,724
down 0.7%
Renter share
37.4% → 38.4%
+1.0 pts
Bachelor's+
43.7% → 43.8%
+0.1 pts
Median age
37.3 → 39.4
+2.1 yrs

Since 2021, the typical rent in ZIP 55423 in Richfield, MN has increased from $1,088 to $1,320, a 21.3% change over five years. Median household income rose from $74,415 to $85,182 between 2021 and 2024, a 14.5% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Taken together, the five-year picture in ZIP 55423 in Richfield, MN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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Local insights

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About renting in ZIP 55423

Last updated: July 20, 2026

ZIP code 55423 covers Richfield, MN. The median rent here is $1,320/mo as of July 2026. A 1-bedroom rents for a median of $1,360/mo. A 2-bedroom rents for a median of $1,660/mo.

At 19% of local median household income ($85,182/yr), ZIP 55423 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 55423?

As of July 20, 2026, the median monthly rent in ZIP 55423 (Richfield, MN) is $1,320. This is based on aggregated data from public sources and community submissions.

How does ZIP 55423 rent compare to the US average?

ZIP 55423's median rent of $1,320/mo is $645 (33%) below the US national median of $1,965/mo.

How does ZIP 55423 compare to other ZIPs in Minnesota?

ZIP 55423 is among the more affordable ZIP codes in Minnesota, ranking #108 out of 123 ZIPs at $1,320/mo.

How much income do you need to rent in ZIP 55423?

To keep rent at or below 30% of gross income, you would need to earn at least $53,000/year (~$25/hour full-time) to afford the median rent of $1,320/mo in ZIP 55423. The local median household income is $85,182/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 55423?

Rent in ZIP 55423 has increased 2.4% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 55423 an affordable place to rent?

ZIP 55423 is considered very affordable for renters. At $1,320/mo, rent takes approximately 19% of the local median household income ($85,182/yr). The standard benchmark is 30%. ZIP 55423 falls comfortably within that range.

What percentage of ZIP 55423 residents rent vs. own?

According to Census data, approximately 38.4% of ZIP 55423 households are renters, while 61.6% are owner-occupied. ZIP 55423 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 55423 compare to the rest of Richfield?

ZIP 55423 is pricier than Richfield as a whole. At $1,320/mo, it's $2 above the Richfield citywide median of $1,318/mo.

When was rent data for ZIP 55423 last updated?

Rent data for ZIP 55423 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
19%
VERY AFFORDABLE

At $1,320/mo, rent takes ~19% of ZIP 55423's median household income ($85,182/yr). The standard benchmark is 30%.

ZIP 55423 19%Benchmark 30%
State income tax5.35–9.85%
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