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Minneapolis city, MN

ZIP 55407 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55407

Median Home Value
$317,000
Median Rent
$1,126
Affordability Snapshot
$87,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,036/mo PITI).

17%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

4.1x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

23.5 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 55407 in Minneapolis city, MN, a household would need roughly $87,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,036. That is roughly in line with the local median household income ($78,206). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
60.3%-8% vs US avg
x
Vacancy Rate
7.5%-27% vs US avg
x
Broadband Access
91.8%+6% vs US avg
x
4+ Bedrooms
2.7%-82% vs US avg
x
Built Pre-1939
5.2%-59% vs US avg
x
Built Post-2014
0.6%-92% vs US avg
x
Rent Burden >30%
25.6%-48% vs US avg
x
Mortgage-Free
23.3%-39% vs US avg
x
$317,000
Home Value
$1,126
Rent
1938
Year Built
2014
Moved In

Residents have lived here since ~2014 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached50.4%
  • 1-unit attached3.6%
  • 2-9 units25.0%
  • 10+ units20.5%
  • Mobile home & other0.5%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$317,000
Median rent$1,126
Owner-occupied60.3%
Vacant7.5%
Price-to-income4.1x
Est. income to buy$87,000