New Hope, Minnesota Housing Market Prices
New Hope 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 42% below the Minnesota median$137,941
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Median rent 4% above the Minnesota median$1,332
Housing Market Overview
| Metric | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $137,941 | $236,718 | $248,835 |
| Price Trend (Annual %) | -3.7% | 6.6% | 7.5% |
| Median Gross Rent | $1,332 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in New Hope is about 42% lower than in Minnesota. Rent is about 4% higher than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2018
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in New Hope: home prices fell about 3.7% a year while rent rose about 5.1% a year. That is an unusual pattern worth watching.
Median rent in New Hope rose about 52.0% between 2015 and 2024, from $876 to $1,332. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in New Hope.
Buying the median-priced home in New Hope costs roughly 8.6 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 New Hope. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $137,941 | $236,718 | $248,835 |
| Median Household Income | $77,279 | $89,852 | $80,455 |
| Price-to-Income Ratio | 1.8 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2018, the median home price in New Hope fell about 7.3%, while median household income rose about 51.9% 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 | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.0% | 65.5% | 58.5% |
| Rental Rate | 46.3% | 25.2% | 31.2% |
| Vacancy Rate | 3.8% | 9.3% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
New Hope has a homeownership rate of 50.0%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 3.8%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1971 | 1976 | 1978 |
| Median Number of Rooms | 5.3 | 6.1 | 5.5 |
The typical housing unit in New Hope was built around 1971. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
New Hope, MN Housing Compared With Nearby Cities
How New Hope, MN compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| New Hope, MN | 20,969 | $137,941 #2/3 | $1,332 #3/3 | 51.9% #3/3 |
| Golden Valley, MN | 21,735 | $172,946 | $1,785 | 70.7% |
| Plymouth, MN | 79,324 | $59,714 | $1,767 | 75.2% |
Frequently Asked Questions
Common questions about the housing market in New Hope, Minnesota.
What is the median home price in New Hope, Minnesota?
The median home price in New Hope, Minnesota is $137,941, lower than the Minnesota average of $236,718.
What is the average home price in New Hope, Minnesota?
The typical home price in New Hope, Minnesota, reported as the median sale price, is $137,941. 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 New Hope, Minnesota?
The median gross rent in New Hope, Minnesota is $1,332 per month, higher than the Minnesota average of $1,280.
What was the median gross rent in New Hope in 2020?
In 2020, the median gross rent in New Hope, Minnesota was $1,078 per month.
What is the price-to-rent ratio in New Hope, Minnesota?
The price-to-rent ratio in New Hope, Minnesota is about 8.6, meaning it would take roughly 8.6 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 New Hope.
Are home prices or rent rising faster in New Hope, Minnesota?
Home prices and rent are moving in opposite directions in New Hope: home prices fell about 3.7% a year while rent rose about 5.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in New Hope, Minnesota?
50.0% of households in New Hope, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in New Hope, Minnesota?
The housing vacancy rate in New Hope, Minnesota is 3.8%, lower than the Minnesota average of 9.3%.
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