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Housing market/Minnesota/ZIP 55403

ACS 2023 · FY2027 SAFMR

ZIP 55403 Minneapolis, Minnesota

Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area · Minnesota. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
17,354
Households
11,532
Median HH income
$59,928
Renter share
74.9%
Median gross rent
$1,199
Vacancy
10.7%
Pop. change
+4.6%
2BR SAFMR
$1,760
SAFMR / rent
1.468×
2–49 unit stock
5,291
LIHTC proj / units
13 / 1,263
HUD assisted MF
6 / 799

ZIP brief

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HUD schedule, ACS stock, and the 90–110% band for ZIP 55403 · MN — sent to you.

ZIP 55403 · MN

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ACS rent vs 2BR SAFMR

ZIP 55403 — Minneapolis, MN HUD Section 8 Payment Standards / SAFMR →
ACS median rent$1,199
2BR SAFMR$1,760
90% floor$1,584
110% ceiling$1,936

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 55403

  • 1-unit detached7395.7%
  • 1-unit attached1731.3%
  • 2–4 units3923.0%
  • 5–49 units4,89938.0%
  • 50+ units6,68151.8%
  • Mobile220.2%
TypeUnitsShare
1-unit detached7395.7%
1-unit attached1731.3%
2 units (duplex)2852.2%
3–4 units1070.8%
5–9 units3562.8%
10–19 units1,1448.9%
20–49 units3,39926.3%
50+ units6,68151.8%
Mobile220.2%

2–4 unit share 3.0% · 5–49 unit share 38.0% · combined 2–49 41.0%.

Units by bedrooms

Studio
2,678
1BR
6,576
2BR
2,648
3BR
373
4BR
264
5+
367

Rent burden

Rent ≥30% of income46.6%
Rent ≥50% of income18.6%
  • ACS median gross rent $1,199 (all bedrooms, occupied rentals).
  • Median contract rent $1,138.
  • Renters paying ≥30% of income 46.6%; ≥50% 18.6%.
  • FY2027 2BR SAFMR $1,760 (1.468× ACS median gross rent).

Population

17,354 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: +4.6%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: 13 projects, 1,263 units.
  • HUD project-based assisted MF: 6 properties, 799 assisted units.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 1,804 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 55403 74.9% of occupied households are renters; vacancy is 10.7%; ACS median gross rent is $1,199; population increased +4.6% between the 2018 and 2023 ACS vintages; the housing stock includes 392 units in 2–4-unit structures and 4,899 units in 5–49-unit structures; 13 LIHTC projects totaling 1,263 units; FY2027 2BR SAFMR is $1,760 versus ACS median gross rent of $1,199. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

Minnesota research

ZIP 55403 is a Census / HUD profile for Minneapolis-St. Paul-Bloomington, MN-WI, MN. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 55403 — Minneapolis, MN HUD Section 8 Payment Standards / SAFMR·Minnesota ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
54002Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area22.0%$1,200$1,54054003Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area1.8%—$1,54054011Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area25.3%$976$1,54054014Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area9.2%$993$1,54054015Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area21.3%$951$1,54054016Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area20.8%$1,431$1,69054021Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area20.5%$1,285$1,54054022Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area29.3%$1,059$1,54054023Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area16.1%$1,587$1,92054028Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area30.1%$898$1,54054082Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area11.1%—$1,57054723Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area15.7%$875$1,540

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Minnesota research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 55403?

ZIP 55403 (Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area) has 17,354 residents, 11,532 households, a renter share of 74.9%, median household income of $59,928, and ACS 2023 median gross rent of $1,199. Vacancy is 10.7%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 55403?

ACS counts 285 units in 2-unit buildings, 107 in 3–4 unit buildings, 356 in 5–9, 1,144 in 10–19, and 3,399 in 20–49. Combined 2–49 unit stock is 5,291 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 55403?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,760. See the full schedule and 90–110% payment-standard band on the ZIP 55403 — Minneapolis, MN HUD Section 8 Payment Standards / SAFMR.

Does this Minnesota ZIP profile include Georgia listings?

No. ZIP 55403 is Census / HUD research for Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Jeff Crowe CRE does not list Minnesota property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.