55401

2023 Data
Minneapolis, Minnesota

55401 is a comfortable, middle-class neighborhood in Minneapolis with a competitive housing market.

Population

11,526

Income Rank

Top 64%

43%

$116K

Median Income

vs national

29%

$402K

Home Value

vs national

53%

$2,010

Monthly Rent

vs national

34.9 yrs

Median Age

How 55401 Compares

Key metrics versus national medians

Median Income
$115,651+43%

National median: $80,610

Home Value
$401,500+29%

National median: $311,500

Monthly Rent
$2,010+53%

National median: $1,314

College Educated
79.2%+128%

National median: 34.8%

Income Distribution in 55401

How household incomes are distributed across brackets

% of Households
Median Income Bracket

This chart shows the percentage of households in each income bracket. The highlighted bar represents the bracket containing the median household income of $115,651.

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What is the Average Income in 55401?

Household earnings and economic conditions

$115,651

Median Household Income

$110,759

Per Capita Income

1.4%

Unemployment Rate

Residents of 55401 earn a median household income of $115,651 per year. This is 43% higher than the national median of $80,610. The per capita income of $110,759 provides insight into individual earning power.

How Much Does it Cost to Live in 55401?

Real estate market and rental conditions in Minneapolis

Home Buying

Median Home Value$401,500
20% Down Payment$80,300
Est. Monthly Mortgage$2,248

*Estimated at 7% APR, 30-year fixed

Renting

Median Monthly Rent$2,010
Annual Rent Cost$24,120
Rent-to-Income Ratio21%

Affordability Score

How affordable is it to live here?

0
out of 100
Highly Affordable

How is this calculated?

Based on the standard 4x annual income mortgage guideline used by lenders: (Median Income x 4) / Median Home Value, combined with the 28% rent-to-income ratio recommended by financial advisors. This is not financial advice.

Strong income-to-cost ratio makes this area financially accessible for most households.

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Age Distribution in 55401

Population breakdown by age and gender

Male
Female
Median Age (34.9 yrs)

This population pyramid shows the distribution of residents by age group and gender. The median age in 55401 is 34.9 years, which is younger than the national median of 39 years.

Who Lives in 55401? Demographics & Population

Age, diversity, and population breakdown

11,526

Total Population

34.9

Median Age

79%

College Educated

8,279

Households

55401 has a population of 11,526 residents in approximately 8,279 households. The median age of 34.9 years is younger than the national median of 39 years. With 79% of residents holding bachelor's degrees or higher, this is a highly educated community.

Diversity & Ethnicity in 55401

Racial and ethnic composition of the community

White(78.1%)
Asian(8.8%)
Two or More(6%)
Black(4.7%)
Other(2.2%)
Native American(0.1%)
Pacific Islander(0.1%)

Diversity Index

38

Moderate

0 = Single race, 100 = Perfect diversity

Hispanic/Latino Population

8%

Note: Hispanic/Latino is an ethnicity, counted separately from race

Racial Composition

White
78.1%
Asian
8.8%
Two or More
6%
Black
4.7%

The Diversity Index measures the probability that two randomly chosen residents belong to different racial groups. With a score of 38, this community has moderate diversity.

Education Levels in 55401

Educational attainment of adults 25 and older

College Educated (Bachelor's+)

79.2%

National average: 34.8%

High School or Higher

99.3%

National average: 88.6%

Education Breakdown

Less than HS
0.7%
HS Graduate
5.7%
Some College
10.7%
Associate's Degree
3.6%
Bachelor's Degree
39.7%
Graduate+
39.5%

Educational attainment data shows the highest level of education completed by residents 25 years and older. With 79.2% holding a bachelor's degree or higher, this area exceeds the national average.

What is 55401 Like? Neighborhood Profile

Community personality and lifestyle analysis

Community profile generated from Census data analysis
Community Type

Mixed Transitional Area

Located in Minneapolis, the 55401 area is best described as a mixed transitional area.

Household incomes are notably higher than the national average.

The area attracts a mix of young professionals and established families.

This is a highly educated community with most adults holding college degrees.

Best Suited For

  • +Adventurous buyers
  • +Investors
  • +Those seeking value

May Not Suit

  • -Risk-averse buyers
  • -Those needing established amenities

Key Characteristics

  • •Higher-than-average household incomes
  • •Highly educated residents
  • •Accessible homeownership in appreciating market
  • •Reasonable rental costs for the area
  • •Strong local job market

Typical Resident Profile

A typical 55401 resident is a adult in their mid-30s, homeowner in a comfortable property, working in white-collar professional role with advanced education.

Lifestyle

Evolving neighborhood with mix of long-time residents and newcomers

Frequently Asked Questions

Common questions about 55401 Minneapolis, MN

The median household income in 55401 (Minneapolis, MN) is $115,651, which is 43% higher than the national median of $80,610.

The median home value in 55401 is $401,500. A 20% down payment would be $80,300, with an estimated monthly mortgage of $2,248 at current rates.

The median monthly rent in 55401 is $2,010, totaling $24,120 annually. This represents 21% of the median household income.

55401 in Minneapolis, Minnesota is a comfortable, middle-class neighborhood with a median age of 34.9 years. With 79% college graduates, it's a highly educated community.

The unemployment rate in 55401 is 1.4%, lower than the national rate of 4.8%. This means 98.6% of the labor force is employed.

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