ZIP Code · MN

ZIP 55428

Part of New Hope, MN

Pop. 32,499·Hennepin County·76th most expensive ZIP in Minnesota

Median rent (all units)

$1,585/mo

Year-over-Year

+4.7%

Month-over-Month

+0.4%

vs US Median

-$347

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 55428 · $1,585

More affordable than 67% of US ZIP codes · National median $1,932/mo

Rent check

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,130

1 BR

$1,280

2 BR

$1,560

3 BR

$2,060

4 BR+

$2,310

Research median

$1,560/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

Compared with the peak

Rent in ZIP 55428 is 0.4% below its high of $1,592 in June 2026, at $1,585 as of September 2026.

Past year vs. the rest of Minnesota

Rent in ZIP 55428 changed +4.7% 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 ($74,860) is $1,872 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,560); a 3-bedroom is $2,060.

Cheaper nearby

ZIP 55432, 7 miles away, rents for 11% less ($1,412/mo), about $2,100 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55428. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$19,020/yr

At $1,585/mo median

Location

CityNew Hope

StateMN

CountyHennepin County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.7% YoY, +0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 55428 (New Hope, MN) is majority owner-occupied, 28.5% of residents hold a bachelor's degree or higher.

Population

32,499

Median income

$74,860

Median age

37.1

Renters

43.8%

Age distribution

23.9%

22.7%

25.8%

16%

Under 1823.9%

18–3422.7%

35–5425.8%

55–6411.5%

65+16%

Gender

49.1%

50.9%

Male49.1%

Female50.9%

Race & ethnicity

45.6%

32.1%

White45.6%

Black32.1%

Hispanic10.5%

Asian7.3%

Other4.4%

Education (25+)

27.8%

33.5%

28.5%

No HS diploma10.1%

HS diploma27.8%

Some college33.5%

Bachelor's+28.5%

Housing tenure

56.2%

43.8%

Owner56.2%

Renter43.8%

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

2023 vs 2026

How ZIP 55428 in New Hope, MN has changed in 5 years

Rent

$1,346 → $1,585

up 17.8%

Income

$61,980 → $74,860

up 20.8%

Population

33,035 → 32,499

down 1.6%

Renter share

42.1% → 43.8%

+1.7 pts

Bachelor's+

27.2% → 28.5%

+1.3 pts

The median rent in ZIP 55428 in New Hope, MN stood at $1,346 in 2023 and currently runs about $1,585, reflecting a 17.8% increase over the period. On the earnings side, the typical household in ZIP 55428 in New Hope, MN now reports about $74,860, up from $61,980 in 2021. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has contracted by 1.6% since 2021, moving from about 33,035 residents to roughly 32,499. Renters now make up 43.8% of households, compared with 42.1% five years ago. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 55428 in New Hope, MN reflects that arc in its own way.

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Local insights

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About renting in ZIP 55428

Last updated: October 17, 2026

ZIP code 55428 covers New Hope, MN. The median rent here is $1,585/mo as of October 2026. A 1-bedroom rents for a median of $1,280/mo. A 2-bedroom rents for a median of $1,560/mo.

At 25% of local median household income ($74,860/yr), ZIP 55428 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55428?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (about $30/hour full-time) to afford the median rent of $1,585/mo in ZIP 55428. The local median household income is $74,860/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55428?

Rent in ZIP 55428 has risen 4.7% over the past year as of September 2026. It sits 0.4% below its high of $1,592 in June 2026.

How does ZIP 55428 compare to other ZIPs in Minnesota?

ZIP 55428 is in the middle among Minnesota ZIP codes for rent, ranking #76 of 123 at $1,585/mo. Over the year to September 2026, rent in ZIP 55428 changed +4.7%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.