5 Most Affordable Neighborhoods in Minneapolis, MN
Renting on a budget in Minneapolis? Explore the most affordable neighborhoods in the city with this comprehensive guide.
Avg Rent
$1,416
Population
418,749
Renter Mix
57% Rent
Minneapolis lives up to its “City of Lakes” nickname, with thirteen lakes woven into the city, all connected by the Grand Rounds National Scenic Byway. Miles of trails make it easy to bike, run, or relax outdoors, while neighborhoods bring their own distinct personality. Uptown sits near Bde Maka Ska and Lake of the Isles, the North Loop features trendy shops and warehouse-style apartments near Target Field, and the Northeast Arts District blends galleries with lively taprooms. Near the Mississippi River, Dinkytown borders the University of Minnesota campus, while Downtown’s enclosed skyway system helps residents stay connected during the city’s freezing winters.
The Minneapolis rental market offers a range of options, from modern high-rise apartments and loft-style communities in the Mill District to classic townhomes in Longfellow. Getting around without a car is easy thanks to the METRO Blue and Green Lines, which connect renters to Saint Paul, Minneapolis Saint-Paul Airport, and the Mall of America.
Known for its strong arts scene and welcoming Midwestern feel, Minneapolis balances culture and lifestyle. The city boasts more theater seats per capita than anywhere outside New York, with destinations like the Guthrie Theater, Walker Art Center, and First Avenue leading a vibrant creative community. A diverse population, extensive bike trails, and a long-standing economic base add to its appeal, offering renters an energetic place to call home.
The Weisman Art Museum at the University of Minnesota
Funky sculptures aim to draw in visitors to area shops and restaurants along Taft Street.
Bus service by Metro Transit can be utilized along Hennepin Avenue.
A pedestrian bridge helps residents get where they want to go.
Tee up 18 holes at Gross National Golf Club.
The Minneapolis Diagonal Trail is a popular way for Minneapolis residents to get around.
Median Household Income
$71,217
Average: $98,281
Education
180,280
Residents Have a Degree
Job Market
243,643
Workers Employed
Median Age
35 Years
Largest Age Group
25-34 Years
Approximately 19% of Residents
Under 20
23%
Over 65
13%
Housing Distribution
Minneapolis has more renters than homeowners.
Education Distribution
Review this city's overall education levels.
As of May 2026, the average apartment rent in Minneapolis, MN is $1,137 for a studio, $1,418 for one bedroom, $2,119 for two bedrooms, and $2,402 for three bedrooms. Apartment rent in Minneapolis has increased by 1.7% in the past year.
The cost of living in Minneapolis, MN is 8.0% lower than the national average. Generally, housing in Minneapolis is 19.5% less expensive than the national average, with rent falling between $1,139 - $2,402. You can expect to pay 1.6% more for groceries, 4.7% less for utilities, and 3.8% less for transportation.
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5 Most Affordable Neighborhoods in Minneapolis, MN
Renting on a budget in Minneapolis? Explore the most affordable neighborhoods in the city with this comprehensive guide.
Best Neighborhoods in Minneapolis, MN for Renters
Thinking about moving to Minneapolis but don't know where to look? Here are five neighborhoods to start your search.
What is Minneapolis, MN Known For?
Whether you're planning a move or just curious, you'll discover what makes this Midwestern city so cool!
Explore how walkable, bikeable, drivable, and transit-friendly Minneapolis, MN is for everyday living.
Exceptionally Walkable
Walkability
Exceptional Public Transit
Transit
Very Drivable
Drivability
Moderately Bikeable
Bikeability
Public
Grades K-8
822 Students
Public
Grades K-5
468 Students
Public
Grades K-5
468 Students
Public
Grades PK-5
356 Students
Public
Grades K-5
315 Students
Public
Grades K-8
822 Students
Public
Grades 6-8
94 Students
Public
Grades 6-8
763 Students
Public
Grades 6-8
132 Students
Public
Grades 6-8
925 Students
Public
Grades 9-12
1,582 Students
Public
Grades 9-12
1,582 Students
Public
Grades 9-12
1,484 Students
Public
Grades 9-12
1,466 Students
Public
Grades 9-12
1,466 Students
The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and can include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information on school performance and programs, and consider family needs as part of the school selection process.
View GreatSchools Rating Methodology
Data provided by
GreatSchools.org
© 2026. All rights reserved.
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† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.