New Hope, Minnesota Income Statistics
New Hope Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
B
New Hope Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,279 | $89,852 | $80,455 |
| Median Personal Income | $61,245 | $67,028 | $60,758 |
| Average Yearly Income Growth | 5.8% | 4.4% | 4.8% |
| Six-Figure Earners | 12.6% | 15.1% | 13.9% |
| $200k+ Households | 7.9% | 13.8% | 13.2% |
The median household income in New Hope is about 14% lower than in Minnesota. Income has been growing faster in New Hope (5.8%/yr) than in Minnesota (4.4%/yr).
About 13% of adults in New Hope earn six figures ($100,000 or more) a year, lower than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in New Hope, Minnesota grew by 66.6% from 2009 to 2024, reaching $77,279 in 2024. That's an average of about 5.8% per year.
Income Inequality and the Gender Pay Gap in New Hope
| Metric | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.502 | 0.507 | 0.552 |
| Male Median Income | $68,840 | $74,898 | $69,667 |
| Female Median Income | $60,614 | $62,922 | $56,850 |
| Gender Pay Gap | 11.9% | 16.0% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In New Hope, it is 0.502, lower than Minnesota's 0.507, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 14% more than women's income in New Hope, Minnesota. Over a 35-year career, a 14% wage gap accumulates to roughly $287,910 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in New Hope, Minnesota has widened from about 6% to 12% in 2024. Over that period the gap was widest at 22% in 2015, and in 2022 women out-earned men by 1%. In dollar terms, the gap has widened by $5,538 since 2009.
Sharply against the trend: the pay gap in New Hope widened by 5.9 points while Minnesota's narrowed by 7.1 points.
Employment
| Metric | New Hope | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.0% | 4.1% | 5.2% |
| Working from Home | 16.1% | 17.6% | 15.0% |
| Commute time (minutes) | 20 | 20 | 22 |
Approximately 584 people are unemployed in New Hope, Minnesota.
The average commute time in New Hope is 20 minutes, about the same as in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in New Hope, Minnesota has fallen from 7.8% to 5.0% in 2024. Over that period the rate peaked at 9.0% in 2013 and fell as low as 3.8% in 2019.
New Hope, MN Wealth Compared With Nearby Cities
New Hope, MN is typical in size for this group, 20,969 residents against a local median of 22,688, so the measures below are close to a like for like comparison. New Hope, MN's unemployment, at 5.0%, runs 97% above the 2.5% typical of the cities around it. That is the weaker end of the local range on this measure.
Median household income tells the same story from another angle: $77,279 against a local median of $107,541, 28% below it. Every measure here with a clear better direction points the same way, and it is the wrong way: New Hope, MN reads weaker than its neighbours on all of them. The cities themselves spread 2.3% on unemployment, so New Hope, MN sits at one end of an already wide local range rather than apart from it. New Hope, MN has the 4th lowest unemployment of the 4 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| New Hope, MN | 20,969 | $77,279 #4/4 | 5.8%/yr #1/4 | 5.0% #4/4 | 0.502 #4/4 |
| Crystal, MN | 22,688 | $92,729 | 5.4%/yr | 2.5% | 0.477 |
| Golden Valley, MN | 21,735 | $107,541 | 3.7%/yr | 4.6% | 0.482 |
| Plymouth, MN | 79,324 | $136,206 | 5.4%/yr | 2.3% | 0.469 |
Conclusion
Considering all these factors, New Hope, Minnesota has an overall wealth index grade of B, making it about on par with Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in New Hope, Minnesota.
How Rich Is New Hope, Minnesota?
New Hope has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $77,279, about 14% lower than the Minnesota average of $89,852.
Are incomes growing in New Hope, Minnesota?
Between 2009 and 2024, the median household income in New Hope, Minnesota rose 67%, from $46,399 to $77,279. Over the same years, income here outpaced Minnesota as a whole: +67% against +57%.
What was the median household income in New Hope in 2023?
In 2023, the median household income in New Hope, Minnesota was $73,264, up 5% from $69,748 in 2022. The Minnesota median that year was $88,324.
What was the median household income in New Hope in 2020?
In 2020, the median household income in New Hope, Minnesota was $60,662. By 2024 it had risen 27% to $77,279.
What is the Gini coefficient in New Hope, Minnesota?
The Gini coefficient in New Hope is 0.502. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in New Hope, Minnesota?
Since 2009, the income gap between men and women in New Hope, Minnesota has widened from about 6% to 12% in 2024. Over that period the gap was widest at 22% in 2015, and in 2022 women out-earned men by 1%. In dollar terms, the gap has widened by $5,538 since 2009.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →