New Hope, MN
Population 21,402 · Minnesota
About New Hope, MN
New Hope is a mid-sized city located in Minnesota with a population of 21,402 residents according to the latest US Census Bureau American Community Survey data. The median household income is $73,698 per year, which is 2% below the national median of $75,149. The median age of 41 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in New Hope features a median home value of $314,600, which is 28% above the national median of $244,900. This positions New Hope in a moderately priced market relative to the rest of the country. Median monthly rent is $1,306, 12% above the national average of $1,163/month. Of the 9,417 total housing units, 52% are owner-occupied (4,782 units) and 48% are renter-occupied (4,332 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in New Hope shows an unemployment rate of 5.3%, which is near the national rate of 3.7%. The poverty rate stands at 11.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in New Hope have an average one-way commute time of 21.1 minutes.
Education & Demographics
36.7% of New Hope residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 3.5% White, 2.3% Hispanic or Latino, 0.1% Black or African American, and 2.3% Asian residents, with 18.3% of the population being foreign-born.
Cost of Living in New Hope, MN
Compared to national averages, New Hope has a median household income of $73,698 (2% below the national median of $75,149). Home values average $314,600, which is 28% above the national median. Monthly rent at $1,306 is 12% above the US average of $1,163. Within Minnesota, New Hope's income is 1% below the state average of $74,221, and home values are 54% above the state median of $204,472.
Why Live in New Hope, MN?
New Hope offers a well-educated community where 36.7% of residents hold a bachelor’s degree or higher, and a low poverty rate of 11.7%, better than the national average, and short commute times averaging just 21.1 minutes.
Potential considerations include median household income ($73,698) that falls below the national average. However, New Hope’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
New Hope has a population of 21,402 with a median age of 41 years. Compare New Hope with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near New Hope
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Otsego | 21,358 | $127,219 | $367,200 | Compare |
| Willmar | 21,136 | $63,368 | $186,000 | Compare |
| West St. Paul | 21,076 | $70,738 | $281,800 | Compare |
| Lino Lakes | 21,847 | $121,800 | $385,000 | Compare |
| Golden Valley | 21,927 | $114,435 | $423,500 | Compare |
| Columbia Heights | 22,016 | $74,688 | $259,900 | Compare |
| Hastings | 22,050 | $92,940 | $294,100 | Compare |
| Forest Lake | 20,678 | $89,879 | $375,900 | 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 New Hope With Other Cities
Frequently Asked Questions about New Hope
What is the population of New Hope, MN?
The population of New Hope, MN is 21,402 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 New Hope?
The median household income in New Hope, MN is $73,698 per year, which is 2% below the national median of $75,149.
What is the median home value in New Hope?
The median home value in New Hope, MN is $314,600, which is 28% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in New Hope?
The median monthly rent in New Hope, MN is $1,306, which is 12% above the national average of $1,163/month.
What is the unemployment rate in New Hope?
The unemployment rate in New Hope, MN is 5.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is New Hope, MN a good place to live?
New Hope offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 21,402 and a median age of 41, the city appeals to a broad range of residents.
How educated is New Hope, MN?
36.7% of residents in New Hope 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 New Hope?
Key cost-of-living indicators for New Hope, MN: median home value is $314,600 (28% above national), median rent is $1,306/month, and median household income is $73,698. The home-value-to-income ratio is 4.3x, a moderate figure by national standards.
What is the poverty rate in New Hope?
The poverty rate in New Hope, MN is 11.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is New Hope, MN?
New Hope's population is 3.5% White, 2.3% Hispanic or Latino, 0.1% Black or African American, 2.3% Asian, and 26.6% two or more races. 18.3% of residents are foreign-born.