salaryRent is higher than in 73% of U.S. cities. A typical house costs about 3.7 years of household income. Commutes are short, about 19.3 minutes. It is a highly educated city: 65% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $84,000 a year. That is $40 an hour at a full-time job.
Is rent cheaper than other Minnesota cities?
No. Rent here is more expensive than in most of Minnesota. It is number 126 of 150 cities from cheapest to most expensive.
How much do households earn in Minnetonka?
Share of households by yearly income. 47.8% of households earn $100,000 or more.
Rent by apartment size in Minnetonka
| Size | Minnetonka | U.S. average |
|---|---|---|
| Studio | $1,611 | $1,338 |
| 1 bedroom | $1,811 | $1,324 |
| 2 bedrooms | $2,108 | $1,509 |
| 3 bedrooms | $2,328 | $1,698 |
| 4 bedrooms | $1,859 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Minnetonka overall?
Everyday prices in the Minneapolis-St. Paul-Bloomington metro area are 5% above the U.S. average (index 104.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Minnetonka
Life in Minnetonka
What jobs pay in Minnetonka
| Job | Median pay | Rent / pay |
|---|---|---|
| Pharmacist | $160,990 | 15.7% |
| Lawyer | $159,620 | 15.8% |
| Physician Assistant | $145,030 | 17.4% |
| Nurse Practitioner | $133,370 | 18.9% |
| Software Developer | $130,920 | 19.2% |
| Dental Hygienist | $112,630 | 22.4% |
| Computer Systems Analyst | $112,090 | 22.5% |
| Civil Engineer | $104,740 | 24.1% |
| Operations Manager | $103,570 | 24.3% |
| Registered Nurse | $103,040 | 24.5% |
| Plumber | $101,630 | 24.8% |
| Market Research Analyst | $97,910 | 25.7% |
| Police Officer | $97,190 | 25.9% |
| Accountant | $86,500 | 29.1% |
| Electrician | $81,890 | 30.8% |
| Elementary School Teacher | $79,730 | 31.6% |
| HVAC Technician | $77,490 | 32.5% |
| Carpenter | $74,060 | 34.0% |
| Licensed Practical Nurse | $65,660 | 38.4% |
| Truck Driver | $64,200 | 39.3% |
| Medical Assistant | $52,570 | 47.9% |
| Customer Service Representative | $49,480 | 50.9% |
| Nursing Assistant | $48,020 | 52.5% |
| Warehouse Worker | $47,320 | 53.3% |
| Restaurant Cook | $39,640 | 63.6% |
| Firefighter | $39,350 | 64.0% |
| Retail Salesperson | $36,670 | 68.7% |
| Cashier | $35,760 | 70.5% |
| Server (Waiter/Waitress) | $25,920 | 97.2% |
Is it cheaper to rent or buy in Minnetonka?
Renting is cheaper right now: about $1,201 a month less.
Owning assumes a typical $475,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $47,580 for the down payment.
Frequently asked questions
What is the average rent in Minnetonka, MN?
Renting in Minnetonka costs a median of about $2,100 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Minnetonka?
To keep rent under 30% of income, you need about $84,000 a year, or $40 an hour at a full-time job.
Is Minnetonka cheap or expensive?
Minnetonka is rated Cheap: rent takes 19.6% of the typical household income of $128,899. It ranks 126th cheapest of 150 Minnesota cities we track.
How much are property taxes in Minnetonka?
The median homeowner in Minnetonka pays $5,285 a year in property taxes, about 1.11% of the median home value.
Is Minnetonka more expensive than the national average?
Overall prices in the metro area are 5% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Minnetonka?
The median home value in Minnetonka is $475,800, about 3.7 times the typical yearly household income.
53,064 people live in Minnetonka. Numbers are typical (middle) values.