Minneapolis, MN
Hennepin County · Pop. 425,336
Ranked #97 of 243 cities
44Moderate
Median Home Price
🏠$340K
3.5% YoY
Median Rent
🔑$1,450
2.5% YoY
Median Income
💰$68K
Rent Burden
📊28.5%
% of income to rent
Income to Buy
🏦$98K
annual income needed
Income to Rent
📝$58K
annual income needed
Price-to-Income
⚖️5.0x
Homeownership
🏡50.0%
Rent vs. Buy
Buy
$1,810/mo
Est. mortgage (7%, 20% down)
Need $98K/yr income
Rent
$1,450/mo
Median rent
Need $58K/yr income
How Minneapolis Compares
| Metric | Minneapolis | Minnesota | National |
|---|---|---|---|
| Home Price | $340K | $329K | $410K |
| Rent | $1,450 | $1,264 | $1,500 |
| Income | $68K | $85K | $75K |
| Rent Burden | 28.5% | 29.0% | 30.0% |
Key Takeaways
- • Home prices in Minneapolis are 17% lower than the national average.
- • Rent is 3% lower than the national average.
- • You need an income of $98K to comfortably buy a home here.
- • The homeownership rate is 50.0%, compared to 65.0% nationally.