Median household income in Minnesota is $89,062 and median rent is $1,280 a month, per Census 2020 to 2024 estimates. Compare at least three written offers on APR and total cost, verify the lender's license with the Minnesota Department of Commerce, and never pay a fee before funding.
On this page
- Minnesota by the numbers
- What the numbers mean for Minnesota borrowers
- Largest places in Minnesota
- Mid-size Minnesota communities
- Counties with the most residents
- How Minnesota earns a living
- More context for Minnesota budgets
- Checking a lender in Minnesota
- Can Minnesota residents use the questionnaire?
- Local guides in Minnesota
- Frequently asked questions
Minnesota by the numbers
Sixteen lines of Census data describe the budget backdrop in Minnesota; a rank of 1 means the highest value of any state or DC.
| Measure | Minnesota | United States | Rank of 51 |
|---|---|---|---|
| Median household income | $89,062 | $80,734 | 14th |
| Bachelor's degree or higher (age 25+) | 39% | 36% | 12th |
| Age, median | 38.8 | 38.9 | 32nd |
| Gini index (inequality) | 0.453 | 0.483 | 41st |
| Households earning under $35,000 | 17% | 21% | 43rd |
| Households earning $100,000 or more | 45% | 41% | 14th |
| People below the poverty line | 9.3% | 12.5% | 49th |
| Jobless rate, 5-year ACS | 4.1% | 5.2% | 37th |
| Rent, median gross (monthly) | $1,280 | $1,413 | 23rd |
| Rent-burdened renters (30%+) | 48% | 51% | 31st |
| Median home value | $329,300 | $332,700 | 23rd |
| Homeownership rate | 72% | 65% | 7th |
| Mortgaged owners paying 30%+ on housing | 23% | 28% | 40th |
| Years of median income to buy the median home | 3.7x | 4.1x | 31st |
| Commutes of 45 minutes or longer | 10% | 17% | 40th |
| Working from home | 18% | 15% | 9th |
What the numbers mean for Minnesota borrowers
Commutes shape budgets too: 10% of Minnesota workers travel 45 minutes or more each way (U.S.: 17%), and 18% work from home. Vehicle costs are a fixed line for long-distance commuters, so keep a repair cushion before taking on a new payment.
The Census Bureau's five-year unemployment estimate for Minnesota is 4.1% (U.S.: 5.2%), and 9.3% of residents live below the poverty line. When work is uncertain, a smaller loan and an emergency cushion beat a larger loan with a longer term.
In Minnesota, 45% of households report $100,000 or more in income and 17% report under $35,000, against 41% and 21% for the country. If your household sits under $30,000 a year, start with credit unions, creditor hardship plans and nonprofit counseling before a personal loan.
About 72% of Minnesota homes are owner-occupied (7th of 51; U.S. 65%), and the median home is valued at $329,300, or 3.7 times the median household income. Among owners with a mortgage, 23% spend 30 percent or more of income on housing (U.S.: 28%). An unsecured loan keeps the house out of the deal, which is worth something even when a home-equity line is cheaper.
Largest places in Minnesota
Big-city snapshot for Minnesota, ranked by population; a linked name means a full local guide is available.
| Place | County | Residents | Household income (median) | Median rent | Typical home value |
|---|---|---|---|---|---|
| Minneapolis | Hennepin County | 427,246 | $80,846 | $1,371 | $362,200 |
| St. Paul | Ramsey County | 307,284 | $73,394 | $1,281 | $294,500 |
| Rochester | Olmsted County | 122,330 | $89,389 | $1,399 | $310,500 |
| Bloomington | Hennepin County | 88,665 | $93,211 | $1,561 | $361,700 |
| Duluth | St. Louis County | 87,093 | $68,807 | $1,087 | $242,700 |
| Brooklyn Park | Hennepin County | 83,876 | $89,891 | $1,325 | $336,200 |
| Plymouth | Hennepin County | 79,220 | $136,534 | $1,766 | $491,200 |
| Woodbury | Washington County | 78,305 | $125,310 | $1,908 | $450,200 |
| Lakeville | Dakota County | 74,354 | $139,041 | $1,806 | $452,500 |
| Blaine | Anoka County, Ramsey County | 72,488 | $106,801 | $1,705 | $352,400 |
| Maple Grove | Hennepin County | 71,173 | $132,731 | $1,868 | $418,300 |
| St. Cloud | Benton County, Sherburne County | 70,629 | $61,374 | $1,003 | $225,000 |
Counting places of 20,000 or more people, median household income in Minnesota tops out at $143,651 in Chanhassen and bottoms out at $56,337 in Winona. The state has 19 places over 50,000 and 102 over 10,000. Andover renters pay the most ($2,037 at the median) and Winona renters the least ($882).
Mid-size Minnesota communities
20 more Minnesota places, largest first.
| City or town | Residents | Median household income | Median rent |
|---|---|---|---|
| Eagan | 68,000 | $108,690 | $1,679 |
| Burnsville | 64,463 | $87,024 | $1,513 |
| Coon Rapids | 63,468 | $88,251 | $1,494 |
| Eden Prairie | 63,051 | $130,489 | $1,833 |
| Apple Valley | 55,679 | $97,673 | $1,738 |
| Edina | 53,262 | $128,767 | $1,844 |
| Minnetonka | 53,064 | $119,517 | $1,779 |
| St. Louis Park | 49,594 | $101,648 | $1,644 |
| Shakopee | 46,012 | $107,223 | $1,531 |
| Mankato | 45,473 | $66,873 | $1,132 |
| Moorhead | 45,036 | $72,761 | $1,033 |
| Cottage Grove | 40,992 | $120,791 | $1,783 |
| Maplewood | 40,695 | $91,394 | $1,406 |
| Richfield | 36,642 | $85,132 | $1,393 |
| Inver Grove Heights | 35,906 | $101,316 | $1,465 |
| Roseville | 35,802 | $86,930 | $1,374 |
| Andover | 33,035 | $137,593 | $2,037 |
| Savage | 32,889 | $125,513 | $1,766 |
| Brooklyn Center | 32,479 | $72,535 | $1,376 |
| Fridley | 30,241 | $77,680 | $1,326 |
Measured as a year of median rent against median household income, housing weighs most in Brooklyn Center (23%) and least in Eden Prairie (17%) among these 20 places.
Counties with the most residents
Of 87 counties in Minnesota, these 16 have the most people.
| County | Population | Median household income | Median rent | Median home value |
|---|---|---|---|---|
| Hennepin County | 1,269,496 | $97,653 | $1,487 | $392,900 |
| Ramsey County | 542,945 | $81,568 | $1,329 | $326,600 |
| Dakota County | 445,771 | $106,318 | $1,548 | $381,000 |
| Anoka County | 370,349 | $101,869 | $1,464 | $346,500 |
| Washington County | 276,238 | $115,345 | $1,710 | $422,000 |
| St. Louis County | 200,123 | $70,069 | $1,013 | $221,400 |
| Olmsted County | 164,498 | $95,406 | $1,370 | $331,700 |
| Stearns County | 160,865 | $77,066 | $1,068 | $273,400 |
| Scott County | 154,557 | $119,314 | $1,568 | $419,400 |
| Wright County | 148,269 | $107,209 | $1,288 | $358,900 |
| Carver County | 110,041 | $125,946 | $1,514 | $453,600 |
| Sherburne County | 100,560 | $105,466 | $1,127 | $361,400 |
| Blue Earth County | 69,871 | $74,477 | $1,123 | $266,700 |
| Rice County | 67,917 | $83,181 | $1,083 | $320,200 |
| Crow Wing County | 67,686 | $72,589 | $971 | $306,800 |
| Clay County | 66,059 | $81,172 | $1,019 | $265,500 |
The richest county by median income is Carver County ($125,946); the lowest is Mahnomen County ($59,441). Your county's costs, not the state's, set how much room a new payment has.
How Minnesota earns a living
Where Minnesota residents work, by the four largest industries, compared with the U.S. (ACS 2020 to 2024).
| Sector | Share of Minnesota workers | U.S. share | Gap vs U.S. |
|---|---|---|---|
| Education, health care and social assistance | 26% | 24% | +2.3 pts |
| Manufacturing | 13% | 10% | +3.5 pts |
| Retail trade | 11% | 11% | -0.1 pts |
| Professional, scientific and administrative services | 11% | 13% | -2.0 pts |
Relative to the nation, manufacturing is overrepresented in Minnesota (13% vs 10%). Lenders verify your own income history, so steady deposits matter more than which sector you work in.
More context for Minnesota budgets
At $89,062, median household income in Minnesota ranks 14th of 51 jurisdictions; the national median is $80,734. Medians describe the middle household, not yours, so test any payment against your own take-home pay.
Housing for renters: median rent of $1,280 (23rd of 51), with 48% of renting households putting 30 percent or more of income toward it. When rent rises at renewal, a fixed loan payment can collide with it, so leave room for the next increase.
Education and age round out the picture: 39% of Minnesota adults have at least a bachelor's degree (U.S.: 36%), the median age is 38.8, and the Gini index is 0.453.
Checking a lender in Minnesota
The Minnesota Department of Commerce is Minnesota's state banking agency in the CSBS directory. Start there, or with NMLS Consumer Access, whenever a lender you have not heard of reaches out.
- An upfront fee to "secure" a loan is a warning sign the FTC describes here.
- CFPB complaints reach the lender and are tracked by a federal regulator.
- Ask for the lender's license number and look it up on NMLS Consumer Access.
Can Minnesota residents use the questionnaire?
Coverage is added state by state. A Minnesota resident who picks the state on step two learns immediately whether a partner is available, and can join the waitlist if not.
Local guides in Minnesota
City-level guides for Minnesota (10 so far):
Frequently asked questions
How do I verify a lender in Minnesota?
The state banking agency listed for Minnesota by the Conference of State Bank Supervisors is the Minnesota Department of Commerce. NMLS Consumer Access lists many lenders' licenses, and the CFPB accepts complaints from every state.
What is the median household income in Minnesota?
About $89,062. Half of Minnesota households earn more and half less; nationally the midpoint is $80,734.
Is rent high in Minnesota?
The typical renter pays $1,280; the U.S. median is $1,413. In Minnesota, 48% of renting households spend 30 percent or more of income on housing.
What share of Minnesota households earn $100,000 or more?
45% of households, according to the Census Bureau's 2020 to 2024 estimates, while 17% earn under $35,000. Lenders look at your own documented income, not these shares.