Minnetonka, MN
Population 53,256 · Minnesota
About Minnetonka, MN
Minnetonka is a mid-sized city located in Minnesota with a population of 53,256 residents according to the latest US Census Bureau American Community Survey data. The median household income is $120,496 per year, which is 60% above the national median of $75,149. The median age of 42.8 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Minnetonka features a median home value of $456,200, which is 86% above the national median of $244,900. This places Minnetonka in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,758, 51% above the national average of $1,163/month. Of the 24,595 total housing units, 72% are owner-occupied (16,917 units) and 28% are renter-occupied (6,431 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Minnetonka shows an unemployment rate of 2.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Minnetonka have an average one-way commute time of 20.1 minutes.
Education & Demographics
63.3% of Minnetonka residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.3% White, 1.1% Hispanic or Latino, 0.1% Black or African American, and 2.6% Asian residents, with 10.7% of the population being foreign-born.
How Minnetonka Ranks in Minnesota
Cost of Living in Minnetonka, MN
Compared to national averages, Minnetonka has a median household income of $120,496 (60% above the national median of $75,149). Home values average $456,200, which is 86% above the national median. Monthly rent at $1,758 is 51% above the US average of $1,163. Within Minnesota, Minnetonka's income is 62% above the state average of $74,221, and home values are 123% above the state median of $204,472.
Why Live in Minnetonka, MN?
Minnetonka offers a strong local economy with a median household income of $120,496, well above the national average, and a strong job market with an unemployment rate of just 2.2%, and a well-educated community where 63.3% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 4.8%, better than the national average, and short commute times averaging just 20.1 minutes.
Potential considerations include a competitive housing market where the typical home costs $456,200. However, as a mid-sized city, Minnetonka provides access to a wide range of amenities and services.
Minnetonka has a population of 53,256 with a median age of 42.8 years. Compare Minnetonka with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Minnetonka
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Edina | 53,125 | $129,225 | $624,000 | Compare |
| Apple Valley | 55,696 | $99,277 | $354,200 | Compare |
| St. Louis Park | 49,541 | $100,250 | $371,600 | Compare |
| Shakopee | 45,002 | $110,989 | $361,400 | Compare |
| Mankato | 44,882 | $64,826 | $250,600 | Compare |
| Moorhead | 44,706 | $69,371 | $246,300 | Compare |
| Eden Prairie | 63,249 | $127,732 | $463,300 | Compare |
| Coon Rapids | 63,348 | $86,618 | $287,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Minnetonka With Other Cities
Frequently Asked Questions about Minnetonka
What is the population of Minnetonka, MN?
The population of Minnetonka, MN is 53,256 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Minnesota.
What is the median household income in Minnetonka?
The median household income in Minnetonka, MN is $120,496 per year, which is 60% above the national median of $75,149.
What is the median home value in Minnetonka?
The median home value in Minnetonka, MN is $456,200, which is 86% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Minnetonka?
The median monthly rent in Minnetonka, MN is $1,758, which is 51% above the national average of $1,163/month.
What is the unemployment rate in Minnetonka?
The unemployment rate in Minnetonka, MN is 2.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Minnetonka, MN a good place to live?
Minnetonka offers above-average incomes, a competitive housing market, and a strong job market. With a population of 53,256 and a median age of 42.8, the city appeals to a broad range of residents.
How educated is Minnetonka, MN?
63.3% of residents in Minnetonka aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Minnetonka?
Key cost-of-living indicators for Minnetonka, MN: median home value is $456,200 (86% above national), median rent is $1,758/month, and median household income is $120,496. The home-value-to-income ratio is 3.8x, a moderate figure by national standards.
What is the poverty rate in Minnetonka?
The poverty rate in Minnetonka, MN is 4.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Minnetonka, MN?
Minnetonka's population is 1.3% White, 1.1% Hispanic or Latino, 0.1% Black or African American, 2.6% Asian, and 3.8% two or more races. 10.7% of residents are foreign-born.