Hennepin County, Minnesota Housing Market Prices
Hennepin County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 28% above the Minnesota median More expensive than 85% of counties in Minnesota$303,459
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Median rent 16% above the Minnesota median Among the 5 most expensive counties in Minnesota$1,486
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,459 | $236,718 | $248,835 |
| Price Trend (Annual %) | 8.0% | 6.6% | 7.5% |
| Median Gross Rent | $1,486 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hennepin County is about 28% higher than in Minnesota. Rent is about 16% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Hennepin County, up about 8.0% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Hennepin County rose about 56.5% between 2015 and 2024, from $950 to $1,486. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Hennepin County.
Buying the median-priced home in Hennepin County costs roughly 17.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Hennepin County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,459 | $236,718 | $248,835 |
| Median Household Income | $97,974 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.1 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Hennepin County rose about 93.5%, while median household income rose about 55.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.1% | 65.5% | 58.5% |
| Rental Rate | 35.3% | 25.2% | 31.2% |
| Vacancy Rate | 5.6% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Hennepin County has a homeownership rate of 59.1%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 5.6%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Hennepin County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1972 | 1976 | 1978 |
| Median Number of Rooms | 5.7 | 6.1 | 5.5 |
The typical housing unit in Hennepin County was built around 1972. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Hennepin County, MN Housing Compared With Nearby Counties
Hennepin County, MN is the largest of the 6 counties compared here, 1,268,249 residents against a local median of 154,543. Hennepin County, MN's homeownership, at 62.7%, runs 23% below the 81.5% typical of the counties around it. That is the weaker end of the local range on this measure.
The counties themselves spread 23.5% on homeownership, so Hennepin County, MN sits at one end of an already wide local range rather than apart from it. Hennepin County, MN has the 5th highest homeownership of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Hennepin County, MN | 1,268,249 | $303,459 #3/6 | $1,486 #3/6 | 62.7% #5/6 |
| Anoka County, MN | 370,272 | $324,200 | $1,463 | 80.2% |
| Scott County, MN | 154,543 | $282,373 | $1,568 | 83.8% |
| Carver County, MN | 110,041 | $303,125 | $1,514 | 81.5% |
| Ramsey County, MN | 542,690 | $320,984 | $1,329 | 60.6% |
| Wright County, MN | 148,225 | $287,208 | $1,288 | 84.1% |
Frequently Asked Questions
Common questions about the housing market in Hennepin County, Minnesota.
What is the median home price in Hennepin County, Minnesota?
The median home price in Hennepin County, Minnesota is $303,459, higher than the Minnesota average of $236,718.
What is the average home price in Hennepin County, Minnesota?
The typical home price in Hennepin County, Minnesota, reported as the median sale price, is $303,459. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Hennepin County, Minnesota?
The median gross rent in Hennepin County, Minnesota is $1,486 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Hennepin County in 2020?
In 2020, the median gross rent in Hennepin County, Minnesota was $1,175 per month.
What is the price-to-rent ratio in Hennepin County, Minnesota?
The price-to-rent ratio in Hennepin County, Minnesota is about 17.0, meaning it would take roughly 17.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Hennepin County.
Are home prices or rent rising faster in Hennepin County, Minnesota?
Both home prices and rent are rising in Hennepin County, up about 8.0% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hennepin County, Minnesota?
59.1% of households in Hennepin County, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Hennepin County, Minnesota?
The housing vacancy rate in Hennepin County, Minnesota is 5.6%, lower than the Minnesota average of 9.3%.
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