How much do households in the Minneapolis, MN area spend on rent?
Updated annually
About $1,396, or 29.9% of their income, in 2019–2023. This is measured by comparing median, or average, rent and median monthly income for renting households.
$1.4K
median monthly rent in Minneapolis, MN area (2019–2023)
29.9%
average share of income spent on rent in Minneapolis, MN area (2019–2023)
Comparing rent to renter income provides one measure of rental affordability. The Minneapolis, MN area (Minneapolis-St. Paul-Bloomington, MN-WI Metro Area)’s median rent was about $1,396 per month in 2019–2023. Typical monthly income among renting households was about $4,670 per month during that same period.
A typical household spent about $1,396 on rent in the Minneapolis, MN area.
Median gross rent and median renter household income, 2019–2023
Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates greater affordability.
The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of median monthly income, it means a typical household would meet the definition of housing cost-burdened.
Do households in the Minneapolis, MN area spend more or less on rent than other Minnesota metros?
The Minneapolis, MN area’s rent-to-income ratio ranked 2 out of 8 Minnesota metros.
Ratio of median gross rent to median renter household income, 2019–2023
Compared to other metro areas in the state, the Minneapolis, MN area had the highest median rent and highest median renter-household income. (Metro areas are made up of economically interconnected counties that include at least one urban area. A single metro area can include multiple cities and cross state lines.) Out of the eight metros in the state, the Minneapolis, MN area’s rent-to-income ratio ranked second highest.
Do households in the Minneapolis, MN area spend more or less on rent than other large metros?
The large metro median rent-to-income ratio was 31.5%.
Ratio of median gross rent to median renter household income, 2019–2023
The Minneapolis, MN area is a large metro, which has over 1 million people. Compared to other large metros, the Minneapolis, MN area’s rent-to income ratio is lower than is typical. The average among large metros was 31.5% in 2019–2023, 2 percentage points higher than in the Minneapolis, MN area.
Renter income and rent, large metro areas (2019–2023)
| 1. | San Jose, CA area | $9,880 |
| 2. | New York, NY area | $5,374 |
| 3. | Portland, OR area | $5,233 |
| 4. | Sacramento, CA area | $5,104 |
| 5. | Salt Lake City, UT area | $5,081 |
| 6. | Phoenix, AZ area | $4,991 |
| 7. | Riverside, CA area | $4,987 |
| 8. | Dallas, TX area | $4,974 |
| 9. | Raleigh, NC area | $4,885 |
| 10. | Baltimore, MD area | $4,745 |
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Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
