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City · 7,647 residents · Hennepin County, Minnesota

Shorewood , Minnesota

In Shorewood, a typical home is worth $703,200. Compared with all of Hennepin County, the typical home value is 79% higher, typical household income is 75% higher, and the share of households that own their home is 30 points higher.

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  • Typical home value

    $703,200

    79% above the county

    114% above Minnesota

    • Shorewood
    • Hennepin
    • Minnesota

  • Typical household income

    $171,063a year

    75% above the county

    92% above Minnesota

    • Shorewood
    • Hennepin
    • Minnesota

  • Households that own their home

    93%

    30 points above the county

    21 points above Minnesota

    • Shorewood
    • Hennepin
    • Minnesota

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

Market now, with Zillow data

Zillow data
Typical home value
$829,776
4.8% more than 12 months ago

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

Shorewood 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 Shorewood apart

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

  1. 93% of households in Shorewood own their home, against 63% in Hennepin County.

  2. The typical household income in Shorewood is $171,063, 75% more than in Hennepin County as a whole ($97,653).

  3. The typical home in Shorewood is worth $703,200, 79% more than in Hennepin County as a whole ($392,900).

  4. Nearby, in Mound, the typical home value is $370,800: 47% less than in Shorewood ($703,200).

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

The homes here

Housing in Shorewood

What homes there are in Shorewood, 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

In Shorewood, 8 in 10 homes are single-family detached houses; in Hennepin County, 5.

Year built

Homes in Shorewood are newer: the typical year built is 1987; in Hennepin County, 1973.

There is more room for a big family here: 85% of homes have 3 bedrooms or more, against 52% in Hennepin County.

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
Monthly rent with utilities

With a mortgage

$3,628 a month

Hennepin County: $2,255 a month

Without a mortgage

$1,248 a month

Hennepin County: $853 a month

Owners with a mortgage

71%

Hennepin County: 69%

Owning costs more in Shorewood: with a mortgage, the typical cost is $3,628 a month; in Hennepin County, $2,255. Without one, $1,248.

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

Since 2015–2019, homes in Shorewood gained value faster than in Hennepin County: 45% against 42%.

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

MeasureShorewoodHennepin CountyMinnesotaUnited States
Rental vacancy Unreliable estimate5.9%5.3%5.5%
Homeowner vacancy Unreliable estimate0.6%0.6%0.9%
More than one person per room Unreliable estimate2.7%2.3%3.4%
People per household 2.572.302.432.53
Drive alone 63%60%69%69%
Carpool Unreliable estimate6%8%9%
Public transit Unreliable estimate4%2%3%
Walk or bike Unreliable estimate4%3%3%
Work from home 30%25%18%15%
Other means Unreliable estimate2%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

Households in Shorewood are bigger: 2.57 people on average; in Hennepin County, 2.30.

Working from home is more common in Shorewood: 30%, against 25% in Hennepin County.

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 Shorewood?

A typical home costs more than the typical income allows

We start with a typical home in Shorewood, worth $703,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 41% of the typical household income in Shorewood, which is $171,063 a year. For that payment to be 28% of income, a household would need to earn about $252,718 a year. Note: at that price the loan is above the FHA limit for Hennepin County ($552,000), so FHA would not insure it; the payment is only a reference.

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 Shorewood. 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 $24,612 (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

$5,897

at 7.18% · 30 years

Loan amount
$690,463
Total interest
$993,415
Paid off in
November 2056

Includes $11,875 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $3,991 a month

  • Tight

    $3,991 to $5,132 a month

  • Hard

    more than $5,132 a month

    Your payment · 41%

Compared with the typical household income in Shorewood ($171,063 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$5,897
Principal & interest$4,677
Property tax$615
Home insurance$293
FHA mortgage insurance (MIP)$311

This loan is over the FHA limit

You'd borrow $678,588, but the FHA limit for a one-unit home in Shorewood is $552,000. You'd need a bigger down payment or a different loan.

You need at least $24,612 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

Shorewood and Hennepin County

Shorewood 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).

Shorewood's own numbers

Typical home value
$703,200
Typical yearly household income
$171,063
Households that own their home
93%
Effective property tax rate
1.05%

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 Shorewood

A typical home in Shorewood is worth $703,200: 79% above the county and 114% above Minnesota. With the typical household income in Shorewood ($171,063 a year), a typical home costs 4.1 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.

  • Shorewood 4.1 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

Shorewood 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
  • Shorewood $703,200
  • Hennepin $392,900
  • Minnesota $329,300
  • United States $332,700
Typical yearly household income
  • Shorewood $171,063
  • Hennepin $97,653
  • Minnesota $89,062
  • United States $80,734
See the full table
Shorewood next to Hennepin County and Minnesota
Measure Shorewood Hennepin County Minnesota U.S.
Typical home value $703,200 $392,900 $329,300 $332,700
Typical yearly household income $171,063 $97,653 $89,062 $80,734
Households that own their home 93% 63% 72% 65%
Typical yearly property tax $7,414 $4,480 $3,357 $3,119
Effective property tax rate 1.05% 1.14% 1.02% 0.94%
Renters with high rent for their income 59% 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 Shorewood

For a typical $703,200 home in Shorewood, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Shorewood's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $5,897a month

    Above the FHA limit for Hennepin County ($552,000)
    Down payment
    $24,612
    Cash to close
    $45,708
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $311

  • Conventional, 5% down $5,768a month

    Least cash to close
    Down payment
    $35,160
    Cash to close
    $56,256
    Rate
    7.18%
    Mortgage insurance
    PMI · $334

  • Conventional, 20% down, no PMI $4,719a month

    Down payment
    $140,640
    Cash to close
    $161,736
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $5,369a month

    Down payment
    $105,480
    Cash to close
    $126,576
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is Conventional, 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 Shorewood and for Hennepin County.

Property tax

Effective rate in Shorewood

1.05%of the home’s value each year

$7,414 a year for the typical owner in Shorewood.

  • Shorewood 1.05%
  • 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 Shorewood

The Census Bureau publishes no typical rent for Shorewood. Below are the fair market rents for Hennepin County. In Shorewood, 59% 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 Shorewood

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Shorewood is in ZIP code 55331.

For 2 bedrooms it is $1,540: $194 less than the fair market rent for Hennepin County ($1,734).

  • 55331 $1,540$2,040

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Shorewood 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?

Free help

Help to buy or rent in Shorewood

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 pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in Shorewood

No down payment, repair or rent-help program on our list is for Shorewood or Hennepin County. The ones below are statewide in Minnesota: they work in Shorewood 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 Shorewood

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

  • Scott County Community Development Agency

    100 5th Ave E, Shakopee · 8 miles away · Spanish

    • Mortgage delinquency and default
    • Pre-purchase counseling
    • and 1 more
    (952) 402-9022

  • Build Wealth Minnesota, Inc

    2121 Plymouth Ave N, Minneapolis · 15 miles away · Spanish

    Also serves in Cambodian and French.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 9 more
    (612) 877-4182

  • Community Action Partnership of Hennepin County

    7101 Northland Cir N, Brooklyn Park · 16 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (952) 697-1303

Every agency in Hennepin County All counseling agencies in Minnesota

Help in Spanish near Shorewood

2 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 Shorewood

In HUD’s record, no housing authority with an office in Hennepin County is named for Shorewood or Hennepin County.

7 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 Shorewood, 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 Shorewood.

All guides
A mother holds hands with her two daughters on the beach at sunset.

Questions

Housing questions about Shorewood

Short answers with the numbers for Shorewood 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 Shorewood?

The typical home value in Shorewood is $703,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Hennepin County it is $392,900.

What is the FHA loan limit in Shorewood?

Shorewood 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 Shorewood?

The typical homeowner in Shorewood pays $7,414 a year, according to the U.S. Census Bureau. That is 1.05% of the home’s value; in Hennepin County, the rate is 1.14%.

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

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).