salaryRent is lower than in 52% of U.S. cities. A typical house costs about 4.0 years of household income. Commutes are short, about 19.4 minutes.
How much money do I need?
To rent here comfortably, you should earn about $64,160 a year. That is $31 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 85 of 150 cities from cheapest to most expensive.
How much do households earn in New Hope?
Share of households by yearly income. 32.0% of households earn $100,000 or more.
Rent by apartment size in New Hope
| Size | New Hope | U.S. average |
|---|---|---|
| Studio | $1,181 | $1,338 |
| 1 bedroom | $1,386 | $1,324 |
| 2 bedrooms | $1,513 | $1,509 |
| 3 bedrooms | $2,045 | $1,698 |
| 4 bedrooms | $2,393 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is New Hope overall?
Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for New Hope, so the Minnesota figure is shown.
Taxes and bills in New Hope
Life in New Hope
Is it cheaper to rent or buy in New Hope?
Renting is cheaper right now: about $734 a month less.
Owning assumes a typical $337,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $33,700 for the down payment.
Frequently asked questions
What is the average rent in New Hope, MN?
Renting in New Hope costs a median of about $1,604 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in New Hope?
To keep rent under 30% of income, you need about $64,160 a year, or $31 an hour at a full-time job.
Is New Hope cheap or expensive?
New Hope is rated OK: rent takes 23.0% of the typical household income of $83,758. It ranks 85th cheapest of 150 Minnesota cities we track.
How much are property taxes in New Hope?
The median homeowner in New Hope pays $4,378 a year in property taxes, about 1.30% of the median home value.
Is New Hope more expensive than the national average?
Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in New Hope?
The median home value in New Hope is $337,000, about 4.0 times the typical yearly household income.
21,181 people live in New Hope. Numbers are typical (middle) values.