Minneapolis, Minnesota Housing Market Prices
Minneapolis 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 10% below the Minnesota median$214,153
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Median rent 7% above the Minnesota median$1,371
Housing Market Overview
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $214,153 | $236,718 | $248,835 |
| Price Trend (Annual %) | 6.7% | 6.6% | 7.5% |
| Median Gross Rent | $1,371 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Minneapolis is about 10% lower than in Minnesota. Rent is about 7% 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 Minneapolis, up about 6.7% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Minneapolis rose about 57.9% between 2015 and 2024, from $868 to $1,371. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Minneapolis.
Buying the median-priced home in Minneapolis costs roughly 13.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Minneapolis. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $214,153 | $236,718 | $248,835 |
| Median Household Income | $81,302 | $89,852 | $80,455 |
| Price-to-Income Ratio | 2.6 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Minneapolis rose about 46.0%, while median household income rose about 73.7% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.9% | 65.5% | 58.5% |
| Rental Rate | 48.3% | 25.2% | 31.2% |
| Vacancy Rate | 7.8% | 9.3% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Minneapolis has a homeownership rate of 43.9%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 7.8%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.11 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1958 | 1976 | 1978 |
| Median Number of Rooms | 4.6 | 6.1 | 5.5 |
The typical housing unit in Minneapolis was built around 1958. On average, 2.1 people live in a home with about 4.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Minneapolis, Minnesota.
What is the median home price in Minneapolis, Minnesota?
The median home price in Minneapolis, Minnesota is $214,153, lower than the Minnesota average of $236,718.
What is the average home price in Minneapolis, Minnesota?
The typical home price in Minneapolis, Minnesota, reported as the median sale price, is $214,153. 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 Minneapolis, Minnesota?
The median gross rent in Minneapolis, Minnesota is $1,371 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Minneapolis in 2020?
In 2020, the median gross rent in Minneapolis, Minnesota was $1,077 per month.
What is the price-to-rent ratio in Minneapolis, Minnesota?
The price-to-rent ratio in Minneapolis, Minnesota is about 13.0, meaning it would take roughly 13.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Minneapolis.
Are home prices or rent rising faster in Minneapolis, Minnesota?
Both home prices and rent are rising in Minneapolis, up about 6.7% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Minneapolis, Minnesota?
43.9% of households in Minneapolis, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Minneapolis, Minnesota?
The housing vacancy rate in Minneapolis, Minnesota is 7.8%, lower than the Minnesota average of 9.3%.
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