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Minneapolis city, MN

ZIP 55405 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55405

Median Home Value
$450,200
Median Rent
$1,084
Affordability Snapshot
$124,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,892/mo PITI).

18%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

6.4x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

34.6 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 55405 in Minneapolis city, MN, a household would need roughly $124,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,892. That is about 76% above the local median household income ($70,425), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
36.0%-45% vs US avg
x
Vacancy Rate
6.1%-41% vs US avg
x
Broadband Access
93.6%+8% vs US avg
x
4+ Bedrooms
5.1%-66% vs US avg
x
Built Pre-1939
8.6%-33% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
20.2%-59% vs US avg
x
Mortgage-Free
24.5%-36% vs US avg
x
$450,200
Home Value
$1,084
Rent
1943
Year Built
2017
Moved In

Residents have lived here since ~2017 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached26.8%
  • 1-unit attached2.1%
  • 2-9 units28.4%
  • 10+ units42.4%
  • Mobile home & other0.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$450,200
Median rent$1,084
Owner-occupied36.0%
Vacant6.1%
Price-to-income6.4x
Est. income to buy$124,000