By and large, Minneapolis is a fairly affluent city. There are poor areas, for sure, but there are also plenty of places where people have money to spare. In its very richest neighborhood, the average median income is well over twice the national average.
The average home, meanwhile, is priced at a mammoth $723,900. If you're keen to find out the name of that exclusive little community, stay tuned as we run through the 10 richest neighborhoods in Minneapolis.
10. Fuller Tangletown
If you like a neighborhood to come with good transportation links, clean, safe streets, a good selection of accommodation options, a calm vibe, and great amenities, you're going to love Fuller Tangletown. Just be prepared to spend a good chunk of your life savings trying to keep up with the neighbors. With most households earning around $109,940 each year, this isn't the kind of place an average income is going to cut it.
9. East Isles
East Isles isn't ideal if you like the 24/7 lifestyle. Small, sleepy, and delightfully laid back, the neighborhood is known for attracting those who prefer the slow-paced approach to life. Noise pollution is low, as is the crime rate, and the streets are clean, walkable, and safe.
Understandably, the area attracts a lot of families.... although considering the average property costs 92 percent more than the Minneapolis average, those families had better have some serious savings to draw on. Judging by the sky-high median income, that's not a problem for most.
Hale is a small, exclusive neighborhood of around 3,244 residents. Blessed with plenty of parks, a massive network of cycling and hiking trails, excellent walkability, a tiny crime rate, well-regarded schools, and a calm, residential vibe, it's widely considered to be one of the best places in Minneapolis to raise a family. Naturally, all of that comes at a cost.
The average home in Hale draws 40 percent more than the US average, pushing the cost of living up far past the point that most people could afford. Most people... but not all. Thanks to a median income of $112,757, very few Hale residents are struggling to make ends meet.
7. Lowry Hill
If your wallet is light on cash and your bank account is much the same, don't make the mistake of searching the property listings for Lowry Hill without steeling yourself first. Thanks to its status as one of Minneapolis' most desirable neighborhoods, homeowners can set whatever price they like (most aim for around 108 percent more than the US average) and still get plenty of interest.
If you do manage to find something within budget, you can look forward to safe, walkable streets, plenty of green spaces, excellent transportation links into the downtown, and the kind of neighbors who'd balk at accepting a job for anything less than $100,000 per year.
Home Snacks ranks Fulton as one of the richest neighborhoods in Minneapolis. We can't say what drew them to that conclusion for sure, but it's fair to assume the median income of $128,282 has something to do with it.
What else does Fulton boast other than wealthy residents? Plenty, including a tiny unemployment rate of just 1.4%, short commutes, plenty of amenities, a low crime rate, and the kind of big, beautiful houses that command asking prices of more than twice the US average.
5. East Calhoun
East Calhoun isn't the kind of place where a shoestring budget (or even a decent budget, for that matter) will take you far. According to Area Vibes, this exclusive little stretch of real estate commands property prices that are a full 123 percent higher than the national average.
Even when you factor in the (fairly) reasonable cost of goods and services, the sky-high cost of accommodation still puts the overall cost of living 42 percent higher than the US average. Fortunately, most residents are earning enough to manage with ease.
4. Linden Hills
Linden Hills is arguably one of the most sought-after neighborhoods in Minneapolis. Charming, a little bit quaint, and loaded with quirky bookstores, cute cafes, and stylish boutiques, it's the kind of place we'd all live if we could.
Providing, of course, we could afford it. Unfortunately, this pretty little neighborhood is unattainable to all but the wealthiest. Set your heart on even a modestly sized home here, and you can expect to come out of the deal almost $600,000 poorer.
Yet despite the astronomical property prices, residents of Linden Hills don't stress over their mortgage payments. Why? Simply put, because they don't need to. With the average household earning a stonking $126,883, paying the bills isn't a problem.
3. Downtown East
Back in 2017, prominentconstructionllc.com ranked Downtown East as one of the most expensive neighborhoods in Minneapolis. 4 years later, and the prices are still as high as ever, as is the average household income.
These days, a home in this desirable part of town will cost you 144 percent more than the national average. Regardless of what kind of income or job you have, that's a bitter pill to swallow. Fortunately, most Downtown East residents have enough in the bank to sweeten the deal.
Unless you want to stick out like a sore thumb, you'd better be earning a decent income before you move into Lynnhurst. The average household is earning the monster income of $138, 952 - over double the national average. In fairness, they need to. With the average single-family home selling for the astronomical sum of $491,829, this isn't the kind of place an average income will stretch very far.
Kenwood residents take the meaning of wealthy to whole new levels. Even people on decent incomes will feel a twinge of the green-eyed monster when they learn what most households in this exclusive little neighborhood are earning.
Ready for it? $151,512. Just to put that into perspective, the median household income in the US is $66,004. That means the average family in Kenwood is making twice as much as the average US family. As you'd expect, property is anything but cheap. If you want to make yourself at home here, expect to part with around $723,900 for a house.
You can also read:
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- 10 Things to do in Minneapolis for First Time Visitors
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Written by Dana Hanson
Read more posts by Dana Hanson