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City · 427,246 residents · Hennepin County, Minnesota

Minneapolis , Minnesota

In Minneapolis, a typical home is worth $362,200 and typical rent is $1,371 a month. Compared with all of Hennepin County, typical household income is 17% lower, the typical home value is 8% lower, and the share of households that own their home is 15 points lower.

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  • Typical home value

    $362,200

    8% below the county

    10% above Minnesota

    • Minneapolis
    • Hennepin
    • Minnesota

  • Typical rent

    $1,371a month

    8% below the county

    7% above Minnesota

    • Minneapolis
    • Hennepin
    • Minnesota

  • Typical household income

    $80,846a year

    17% below the county

    9% below Minnesota

    • Minneapolis
    • Hennepin
    • Minnesota

  • Households that own their home

    48%

    15 points below the county

    24 points below Minnesota

    • Minneapolis
    • Hennepin
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$328,351
0.7% more than 12 months ago
Typical rent
$1,747 a month
3.2% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Minneapolis is in Hennepin County. The FHA loan limit ($552,000 for a one-unit home), the fair market rents and the help on this page are those of all of Hennepin County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Minneapolis apart

What this place has that others do not, from public data, most unusual first.

  1. Minneapolis has the 3rd lowest homeownership rate of the 152 cities in Minnesota with more than 5,000 people (48%).

  2. Nearby, in Robbinsdale, the typical home value is $295,600: 18% less than in Minneapolis ($362,200).

  3. The typical household income in Minneapolis is $80,846, 17% less than in Hennepin County as a whole ($97,653).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Minneapolis

What homes there are in Minneapolis, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Many people here live in apartments: 4 in 10 homes; in Hennepin County, 3.

Year built

The typical home in Minneapolis was built in 1951, 22 years before the typical one in Hennepin County.

There are fewer big homes in Minneapolis than in Hennepin County: 38% have 3 bedrooms or more, against 52%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

By price, most homes in Minneapolis sit under the FHA limit for Hennepin County ($552,000): about 79%.

Monthly rent with utilities

By rent, most homes in Minneapolis cost less than HUD's 2-bedroom fair market rent ($1,734): about 69%.

With a mortgage

$2,128 a month

Hennepin County: $2,255 a month

Without a mortgage

$850 a month

Hennepin County: $853 a month

Owners with a mortgage

72%

Hennepin County: 69%

Owning costs less in Minneapolis: with a mortgage, the typical cost is $2,128 a month; in Hennepin County, $2,255. Without one, $850.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Minneapolis rose 44% since 2015–2019, about the same as in Hennepin County (42%).

The typical rent in Minneapolis rose 34% since 2015–2019, about the same as in Hennepin County (31%).

Here income did not keep up with housing: it rose 29%, while home values changed +44% and rent +34%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMinneapolisHennepin CountyMinnesotaUnited States
Rental vacancy 6.7%5.9%5.3%5.5%
Homeowner vacancy 0.8%0.6%0.6%0.9%
More than one person per room 3.5%2.7%2.3%3.4%
People per household 2.122.302.432.53
Drive alone 52%60%69%69%
Carpool 6%6%8%9%
Public transit 7%4%2%3%
Walk or bike 8%4%3%3%
Work from home 26%25%18%15%
Other means 2%2%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

Much as in Hennepin County, the rental vacancy rate in Minneapolis is 6.7%.

Much as in Hennepin County, 3.5% of households in Minneapolis have more than one person per room.

On average, a household in Minneapolis has 2.12 people, fewer than in Hennepin County (2.30).

Many here get to work on foot or by bike: 8%, more than in Hennepin County (4%).

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Minneapolis?

A typical home costs more than the typical income allows

We start with a typical home in Minneapolis, worth $362,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 46% of the typical household income in Minneapolis, which is $80,846 a year. For that payment to be 28% of income, a household would need to earn about $132,109 a year.

The calculator's FHA and conventional loan limits are those of all of Hennepin County.

Your numbers

Local data
$

Starts at the typical home value in Minneapolis. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $12,677 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,083

at 7.18% · 30 years

Loan amount
$355,640
Total interest
$511,682
Paid off in
November 2056

Includes $6,117 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,886 a month

  • Tight

    $1,886 to $2,425 a month

  • Hard

    more than $2,425 a month

    Your payment · 46%

Compared with the typical household income in Minneapolis ($80,846 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,083
Principal & interest$2,409
Property tax$362
Home insurance$151
FHA mortgage insurance (MIP)$160

You need at least $12,677 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Minneapolis and Hennepin County

Minneapolis is in Hennepin County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Minneapolis's own numbers

Typical home value
$362,200
Typical monthly rent
$1,371
Typical yearly household income
$80,846
Households that own their home
48%
Effective property tax rate
1.2%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Hennepin County

FHA limit, one-unit home
$552,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,734
Price change over 5 years (FHFA)
+30%
Homes in a high flood-risk zone
0.5%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Hennepin County.

Everything about Hennepin County

Buying

Buying a home in Minneapolis

A typical home in Minneapolis is worth $362,200: 8% below the county and 10% above Minnesota. With the typical household income in Minneapolis ($80,846 a year), a typical home costs 4.5 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Minneapolis 4.5 years
  • Hennepin 4.0 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Hennepin County

According to FHFA’s house price index, home prices in Hennepin County rose 65% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Hennepin County.

Period County Minnesota U.S.
Last year (2025) +3.0% +2.8% +2.9%
5 years (2020–2025) +30% +37% +47%
10 years (2015–2025) +65% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Minneapolis next to Hennepin County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Minneapolis $362,200
  • Hennepin $392,900
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Minneapolis $1,371
  • Hennepin $1,487
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Minneapolis $80,846
  • Hennepin $97,653
  • Minnesota $89,062
  • United States $80,734
See the full table
Minneapolis next to Hennepin County and Minnesota
Measure Minneapolis Hennepin County Minnesota U.S.
Typical home value $362,200 $392,900 $329,300 $332,700
Typical monthly rent $1,371 $1,487 $1,280 $1,413
Typical yearly household income $80,846 $97,653 $89,062 $80,734
Households that own their home 48% 63% 72% 65%
Typical yearly property tax $4,339 $4,480 $3,357 $3,119
Effective property tax rate 1.2% 1.14% 1.02% 0.94%
Renters with high rent for their income 48% 48% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Hennepin County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Minneapolis

For a typical $362,200 home in Minneapolis, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Minneapolis's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,083a month

    Least cash to close
    Down payment
    $12,677
    Cash to close
    $23,543
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $160

  • Conventional, 5% down $3,016a month

    Down payment
    $18,110
    Cash to close
    $28,976
    Rate
    7.18%
    Mortgage insurance
    PMI · $172

  • Conventional, 20% down, no PMI $2,476a month

    Down payment
    $72,440
    Cash to close
    $83,306
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,811a month

    Down payment
    $54,330
    Cash to close
    $65,196
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Minneapolis and for Hennepin County.

Property tax

Effective rate in Minneapolis

1.2%of the home’s value each year

$4,339 a year for the typical owner in Minneapolis.

  • Minneapolis 1.2%
  • Hennepin 1.14%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Hennepin County

FEMA does not publish these numbers by city: they are for all of Hennepin County.

Homes in the high-risk zone
0.5%
1,992
Of those, with NFIP insurance
15%
County Minnesota U.S.
Homes in the high-risk zone 0.5% 0.7% 3.5%
Of those, with NFIP insurance 15% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Minneapolis

Typical rent in Minneapolis is $1,371 a month: 8% below the county. In Minneapolis, 48% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Hennepin County, by unit size. To pay the 2-bedroom one ($1,734 a month) without spending more than 30% of your income, you would need to earn $33.35 an hour working full time.

HUD fair market rent for all of Hennepin County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,265 $24.33 $50,600
1 bedroom $1,427 $27.44 $57,080
2 bedrooms $1,734 $33.35 $69,360
3 bedrooms $2,264 $43.54 $90,560
4 bedrooms $2,538 $48.81 $101,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Minneapolis

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Minneapolis has 20 ZIP codes with their own.

For 2 bedrooms it runs from $1,540 in 55405 to $2,600 in 55401.

10 of the 20 are above the fair market rent for Hennepin County ($1,734).

3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Minneapolis when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Minneapolis

HUD lists 184 buildings with rents for lower incomes in Minneapolis. These are the largest.

  • North 314 Hennepin Ave, Minneapolis 55401 1,344 homes, 1342 low-income · Run by PHA in and for the City of Minneapolis · Average payment: $353 a month (612) 342-1400
  • Riverside Plaza 1525 S 4th St, Minneapolis 55454 1,303 homes, 1200 low-income · Studio: 194 · 1 bd: 509 · 2 bd: 534 · 3 bd: 58 · 4 bd: 8 · In service since 2011 · For families, people experiencing homelessness (612) 338-6161
  • Horn 3110 Blaisdell Ave, Minneapolis 55408 937 homes, 936 low-income · Run by PHA in and for the City of Minneapolis · Average payment: $323 a month (612) 342-1400
  • Hiawatha 1707 3rd Ave S, Minneapolis 55404 886 homes, 885 low-income · Run by PHA in and for the City of Minneapolis · Average payment: $317 a month (612) 342-1400
  • Northeast 1815 Central Ave NE, Minneapolis 55418 723 homes, 720 low-income · Run by PHA in and for the City of Minneapolis · Average payment: $347 a month (612) 342-1400

See all 329 buildings in Hennepin County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Minneapolis

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 8 HUD-approved agencies with an office in Hennepin County; 3 say they serve in Spanish.

A man shakes hands with the specialist who helped him with his loan, in the kitchen of his new home.

HUD counseling is free or low-cost

Assistance programs in Minneapolis

No down payment, repair or rent-help program on our list is for Minneapolis or Hennepin County. The ones below are statewide in Minnesota: they work in Minneapolis the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Minneapolis

The HUD-approved agencies closest to the center of Minneapolis, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Lutheran Social Service of Minnesota

    2400 Park Avenue, Minneapolis · 0 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 1 more
    (888) 577-2227

  • Project for Pride in Living

    1035 E Franklin Ave, Minneapolis · 0 miles away

    • Budget and financial counseling
    • Workshops for new owners
    • and 3 more
    (612) 455-5100

  • Isuroon

    1600 E Lake St, Minneapolis · 1 miles away

    Also serves in Arabic and other languages.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 6 more
    (612) 886-2731

Every agency in Hennepin County All counseling agencies in Minnesota

Help in Spanish near Minneapolis

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Minneapolis

HUD’s record names them for Minneapolis or Hennepin County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • PHA in and for the City of Minneapolis Public housing and Section 8 vouchers (612) 342-1400

6 other authorities have an office in Hennepin County: see the list Source: HUD

Cities

Other cities in Hennepin County

These cities are also in Hennepin County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Hennepin County Housing in Minnesota
See 13 more cities in Hennepin County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Minneapolis, with the typical home value.

Neighboring counties

If Hennepin County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Minneapolis.

All guides
A mother smiles as she carries her young daughter on her shoulders (black and white).

Questions

Housing questions about Minneapolis

Short answers with the numbers for Minneapolis and all of Hennepin County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Minneapolis?

The typical home value in Minneapolis is $362,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Hennepin County it is $392,900.

How much does it cost to rent in Minneapolis?

Typical rent in Minneapolis is $1,371 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Hennepin County is $1,734.

What is the FHA loan limit in Minneapolis?

Minneapolis uses the FHA limit for all of Hennepin County (2026): $552,000 for a one-unit home and $1,061,550 for a four-unit home.

How much property tax do owners pay in Minneapolis?

The typical homeowner in Minneapolis pays $4,339 a year, according to the U.S. Census Bureau. That is 1.2% of the home’s value; in Hennepin County, the rate is 1.14%.

Where can I find free help to buy or rent in Minneapolis?

There are 8 HUD-approved counseling agencies with an office in Hennepin County. 3 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).