Living in Minnetonka, Minnesota
Cost of living, income, home prices, rent and demographics of Minnetonka · Census data 2020–2024
Minnetonka has 53,064 residents with a median age of 42.9. The median household income is $119,517 (34% higher than the Minnesota median), the median home value is $475,800, the median rent is $1,779/month.
Minnetonka at a glance
- Population
- 53,064
- Median age
- 42.9State: 38.8
- Median household income
- $119,517State: $89,062
- Median home value
- $475,800State: $329,300
- Median rent
- $1,779/moState: $1,280
- Homeowners
- 71.6%
- Bachelor's degree or higher
- 65%
- Average commute
- 19 min
Is Minnetonka a good place to live?
Pros: Median household income 34% higher than the Minnesota median; an average commute of 19 minutes; unemployment of 3%; a poverty rate of 5.9%.
Cons: Home values 44% higher than the state median.
The weather is best in June to September.
Cost of living in Minnetonka
Housing is the biggest part of the cost of living. In Minnetonka the median home value is $475,800, 43% higher than the U.S. median. Renters pay a median of $1,779 per month, which is 28.6% of household income. Homeowners with a mortgage pay $2,540 a month in housing costs.
Minnetonka median household income
The median household income in Minnetonka is $119,517 and the income per person is $75,502. 5.9% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Minnetonka: homes for sale and rent
- Housing units
- 24,760
- Owner-occupied
- 71.6%
- Renter-occupied
- 28.4%
- Vacant
- 5%Includes seasonal homes
- Median year built
- 1981
- Average household size
- 2.24
Minnetonka demographics
- Population
- 53,064
- Median age
- 42.9
- Under 18
- 21.3%
- 65 and older
- 22.8%
- Households
- 23,515
- Foreign-born
- 11.3%
- Veterans
- 4.5%Adults 18+
Hispanic or Latino can be of any race. Population history of Minnetonka ›
Education in Minnetonka
65% of adults 25 and older in Minnetonka have a bachelor's degree or higher (Minnesota: 39.4%), and 25.2% have a graduate or professional degree.
Jobs and commute in Minnetonka
- Unemployment rate
- 3%State: 4.1%
- Average commute
- 19 minState: 23 min
- Work from home
- 27.4%
- Drive alone
- 65.1%
- Public transit
- 0.5%
- Walk to work
- 1.2%
- Homes with broadband
- 95.5%
Minnetonka vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Minnetonka | 53,064 | $119,517 | $475,800 | $1,779 |
| Hopkins | 18,819 | $75,234 | $375,600 | $1,468 |
| Woodland | 477 | $190,000 | $1,185,300 | — |
| Deephaven | 3,793 | $197,679 | $935,900 | — |
| Wayzata | 4,354 | $131,614 | $1,153,400 | $1,782 |
| St. Louis Park | 49,594 | $101,648 | $386,800 | $1,644 |
| Medicine Lake | 596 | $183,750 | $1,083,300 | $1,150 |
| Greenwood | 699 | $215,278 | $1,240,400 | $1,885 |
| Edina | 53,262 | $128,767 | $646,300 | $1,844 |
More for people moving to Minnetonka
Minnetonka ZIP code ›Weather and climate ›Living in Minnetonka: FAQ
What is the median household income in Minnetonka, MN?
The median household income in Minnetonka is $119,517, 34% higher than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Minnetonka?
The median home value in Minnetonka is $475,800, compared with $329,300 in Minnesota.
How much is rent in Minnetonka?
The median gross rent in Minnetonka is $1,779 per month, about 28.6% of household income.
Is Minnetonka, MN a good place to live?
Pluses: median household income 34% higher than the Minnesota median; an average commute of 19 minutes; unemployment of 3%; a poverty rate of 5.9%. Minuses: home values 44% higher than the state median.
What is the median age in Minnetonka?
The median age in Minnetonka is 42.9 years (Minnesota: 38.8).
How long is the commute in Minnetonka?
The average commute to work in Minnetonka is 19 minutes; 27.4% of workers work from home.
What is the unemployment rate in Minnetonka?
The unemployment rate in Minnetonka is 3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Minnetonka?
65% of adults in Minnetonka have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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