Minnetonka, Minnesota Housing Market Prices
Minnetonka 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 69% above the Minnesota median$400,704
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Median rent 39% above the Minnesota median$1,778
Housing Market Overview
| Metric | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $400,704 | $236,718 | $248,835 |
| Price Trend (Annual %) | 12.7% | 6.6% | 7.5% |
| Median Gross Rent | $1,778 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Minnetonka is about 69% higher than in Minnesota. Rent is about 39% 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 Minnetonka, up about 12.7% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Minnetonka rose about 53.5% between 2015 and 2024, from $1,158 to $1,778. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Minnetonka.
Buying the median-priced home in Minnetonka costs roughly 18.8 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 Minnetonka. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $400,704 | $236,718 | $248,835 |
| Median Household Income | $119,974 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.3 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Minnetonka rose about 73.0%, while median household income rose about 43.0% 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 | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.4% | 65.5% | 58.5% |
| Rental Rate | 27.5% | 25.2% | 31.2% |
| Vacancy Rate | 5.0% | 9.3% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Minnetonka has a homeownership rate of 67.4%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 5.0%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Minnetonka | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1977 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Minnetonka was built around 1977. On average, 2.2 people live in a home with about 6.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Minnetonka, Minnesota.
What is the median home price in Minnetonka, Minnesota?
The median home price in Minnetonka, Minnesota is $400,704, higher than the Minnesota average of $236,718.
What is the average home price in Minnetonka, Minnesota?
The typical home price in Minnetonka, Minnesota, reported as the median sale price, is $400,704. 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 Minnetonka, Minnesota?
The median gross rent in Minnetonka, Minnesota is $1,778 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in Minnetonka in 2020?
In 2020, the median gross rent in Minnetonka, Minnesota was $1,466 per month.
What is the price-to-rent ratio in Minnetonka, Minnesota?
The price-to-rent ratio in Minnetonka, Minnesota is about 18.8, meaning it would take roughly 18.8 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 Minnetonka.
Are home prices or rent rising faster in Minnetonka, Minnesota?
Both home prices and rent are rising in Minnetonka, up about 12.7% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Minnetonka, Minnesota?
67.4% of households in Minnetonka, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Minnetonka, Minnesota?
The housing vacancy rate in Minnetonka, Minnesota is 5.0%, lower than the Minnesota average of 9.3%.
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