How much do households in the Minneapolis, MN area spend on rent?
Data updated September 16, 2024
About $1.32K, or 29.8% of their income, in 2018–2022. This is measured by comparing median rent and median monthly income for renting households.
Showing data for
In 2018–2022, median rent was
29.8%
of median income
In 2018–2022,
$1.32K
was the median rent per month
Comparing rent to renter income provides one measure of rental affordability.
Minneapolis, MN area’s median rent was about $1.32K per month in 2018–2022. Typical monthly income among renting households was about $4.44K per month during that same period.
A typical household spent about $1.32K on rent in the Minneapolis, MN area.
Median rent and median renter household income, 2018–2022
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.
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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% of 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.
Minneapolis, MN area's rent-to-income ratio ranked 2 out of 5 Minnesota metros.
Ratio of median rent to median renter household income, 2018–2022
Compared to other metro areas in Minnesota, the Minneapolis, MN area has the highest median rent and highest median renter-household income. Out of the five metros in the state, its rent-to-income ratio ranks fourth lowest.
The large metro average rent-to-income ratio was 31.4%.
Ratio of median rent to median renter household income, 2018–2022
The Minneapolis, MN area is considered a large metro. Large metros had over 1 million people. Compared to other large metros, the rent-to-income ratio in the Minneapolis, MN area was lower than typical. The average among large metros was 31.4% in 2018–2022, 1.6 percentage points higher than in the Minneapolis, MN area.
Renter income and rent, large metro areas (2018–2022)
| 1. | Atlanta, GA area | $4,480 |
| 2. | Baltimore, MD area | $4,588 |
| 3. | Birmingham, AL area | $3,306 |
| 4. | Boston, MA area | $5,388 |
| 5. | Buffalo, NY area | $3,131 |
| 6. | Charlotte, NC area | $4,307 |
| 7. | Cincinnati, OH area | $3,462 |
| 8. | Cleveland, OH area | $3,222 |
| 9. | Columbus, OH area | $4,100 |
| 10. | Dallas, TX area | $4,738 |
