ZIP Code · MN

ZIP 55423

Part of Richfield, MN

Pop. 36,724·Hennepin County·105th most expensive ZIP in Minnesota

Median rent (all units)

$1,396/mo

Year-over-Year

+2.6%

Month-over-Month

+1.7%

vs US Median

-$536

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 55423 · $1,396

More affordable than 80% of US ZIP codes · National median $1,932/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

November. Asking rents in ZIP 55423 usually run 1.7% below trend in November and 1.1% above it in June, about $39 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 55423 is at its highest level since Zillow's records here began in November 2020.

Past year vs. the rest of Minnesota

Rent in ZIP 55423 changed +2.6% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Recent direction

Rent rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($85,182) is $2,130 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,660); a 3-bedroom is $2,200.

From Zillow's monthly rent index (ZORI) for ZIP 55423. 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

$16,752/yr

At $1,396/mo median

Location

CityRichfield

StateMN

CountyHennepin County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.6% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.6% YoY, +1.7% 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

$1,126 → $1,396

up 24.0%

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 $1,126 to $1,396, a 24.0% 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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About renting in ZIP 55423

Last updated: October 17, 2026

ZIP code 55423 covers Richfield, MN. The median rent here is $1,396/mo as of October 2026. A 1-bedroom rents for a median of $1,360/mo. A 2-bedroom rents for a median of $1,660/mo.

At 20% of local median household income ($85,182/yr), ZIP 55423 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.6% over the past year.

FAQ

Frequently asked questions

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 $56,000/year (about $27/hour full-time) to afford the median rent of $1,396/mo in ZIP 55423. The local median household income is $85,182/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55423?

Rent in ZIP 55423 has risen 2.6% over the past year as of September 2026. That is the highest level since Zillow's records here began in November 2020.

When is the cheapest time to rent in ZIP 55423?

Asking rents in ZIP 55423 are usually lowest in November, about 1.7% below their yearly trend, and highest in June, about 1.1% above it. At today's median that is a gap of roughly $39 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 55423 compare to other ZIPs in Minnesota?

ZIP 55423 is one of the more affordable among Minnesota ZIP codes for rent, ranking #105 of 123 at $1,396/mo. Over the year to September 2026, rent in ZIP 55423 changed +2.6%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.