Key Economic Benchmarks
Median Household Income
$97,653$8,138 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Hennepin County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Hennepin County, MN
Official FY2026 HUD Fair Market Rents for Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,242 | $14,904 | $49,680 | 15.3% |
| 1-Bedroom Apartment | $1,405 | $16,860 | $56,200 | 17.3% |
| 2-Bedroom ApartmentBenchmark | $1,709 | $20,508 | $68,360 | 21% |
| 3-Bedroom Home | $2,262 | $27,144 | $90,480 | 27.8% |
| 4-Bedroom Home | $2,531 | $30,372 | $101,240 | 31.1% |
50/30/20 Living Budget in Hennepin County, MN
Based on the local median household income of $97,653/year ($8,138/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Minnesota
Explore net income after federal income tax, FICA, and Minnesota state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Minnesota with official federal datasets:
Frequently Asked Questions About Living in Hennepin County, MN
What is the median household income in Hennepin County, MN?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Hennepin County, MN is $97,653 per year (approximately $8,138 per month).
What is the average rent in Hennepin County, MN?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Hennepin County, MN are $1,242 for a studio, $1,405 for 1 bedroom, $1,709 for 2 bedrooms, $2,262 for 3 bedrooms, and $2,531 for 4 bedrooms.
How does the cost of living in Hennepin County, MN compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Hennepin County, MN is 104.8 (4.8% higher than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Hennepin County, MN?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,709/month) in Hennepin County, MN requires a minimum gross household income of $68,360 per year ($5,697 per month).
What is a balanced 50/30/20 monthly budget in Hennepin County, MN?
For a typical household earning the median income of $97,653/year ($8,138/month) in Hennepin County, MN, a balanced 50/30/20 budget allocates $4,069/month to essential needs (rent, utilities, groceries), $2,441/month to discretionary spending, and $1,628/month to savings and debt repayment.
What are typical electricity and utility costs in Hennepin County, MN?
Residential electricity rates in Minnesota average 17.5¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $158 per month.