ZIP Code 55406 — Minneapolis, MN Home Prices (2026)

The typical home in ZIP 55406 (Minneapolis, Minnesota) is worth about $351,000 at roughly $242 per square foot — 1% more expensive than the Minneapolis median and 19% more expensive than the typical U.S. home.

$351,000

Typical home value

$242

Price per sq ft

#9 of 19

Minneapolis ZIPs by value

+1%

vs Minneapolis median

How 55406 compares

ZIP 55406 is a mid-priced ZIP code for Minneapolis: its typical home value of $351,000 ranks #9 of the 19 Minneapolis ZIP codes we track (the citywide range runs from $152,000 in 55454 to $633,000 in 55402). Per square foot it costs about $242, against $239 for Minneapolis as a whole, $189 for Minnesota, and $195 nationally.

Area	Typical value	$ / sq ft
ZIP 55406	$351,000	$242
Minneapolis, MN	$347,000	$239
Minnesota	$304,000	$189
United States	$294,000	$195

Home value by size in 55406

Using this ZIP’s rate of about $242 per square foot. Condition, lot, and the exact street move these meaningfully — use the estimator below for a home-specific figure.

Home size	Estimated value
1,000 sq ft	$242,000
1,500 sq ft	$363,000
2,000 sq ft	$484,000
2,500 sq ft	$605,000
3,000 sq ft	$726,000

Salary needed to buy a home in ZIP 55406

To buy the typical $351,000 home in ZIP 55406 with 20% down, you need a household income of roughly $95,000 a year (about $2,230 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $113,000, because the loan is bigger and mortgage insurance kicks in.

Down payment	Cash down	Monthly payment	Income needed
5% (+PMI)	$17,600	$2,770/mo	$119,000/yr
10% (+PMI)	$35,100	$2,650/mo	$113,000/yr
20%	$70,200	$2,230/mo	$95,000/yr

Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.

What your budget buys in ZIP 55406

At about $242 per square foot, here is roughly how much home different budgets get you in ZIP 55406:

Budget	Approx. size	What that looks like locally
$200k	830 sq ft	below the local median — condos, smaller or older homes
$250k	1030 sq ft	below the local median — condos, smaller or older homes
$300k	1240 sq ft	around the typical home here
$400k	1650 sq ft	around the typical home here
$500k	2070 sq ft	above the median — larger homes or the pricier ZIPs

Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens pre-filled with a typical 55406 home.

Estimate a specific home in 55406

The estimator below is pre-set to ZIP 55406 — pick your home’s size for an instant ballpark, then open the full calculator to adjust beds, baths, and condition.

All Minneapolis ZIP codes by home value

Where 55406 sits among Minneapolis’s 19 ZIP codes:

#	ZIP code	Typical value	$ / sq ft
1	55402	$633,000	$333
2	55410	$605,000	$345
3	55419	$502,000	$270
4	55405	$473,000	$279
5	55417	$384,000	$245
6	55409	$382,000	$233
7	55415	$376,000	$351
8	55418	$357,000	$217
9	55406 (this page)	$351,000	$242
10	55414	$347,000	$239
11	55413	$329,000	$274
12	55407	$321,000	$187
13	55401	$319,000	$331
14	55408	$296,000	$212
15	55411	$246,000	$150
16	55404	$243,000	$200
17	55412	$238,000	$172
18	55403	$208,000	$223
19	55454	$152,000	$136

ZIP 55406 home prices: frequently asked

What is the average home price in ZIP code 55406? +

The typical home in ZIP 55406 (Minneapolis, MN) is worth about $351,000 as of 2026. That is 1% more expensive than the Minneapolis median of $347,000 and 19% more expensive than the U.S. median of $294,000.

What is the price per square foot in 55406? +

About $242 per square foot in 55406, versus $239 across Minneapolis and $189 across Minnesota. At that rate a 1,500 sq ft home runs roughly $363,000 and a 2,500 sq ft home about $605,000.

What salary do you need to buy a house in ZIP 55406? +

For the typical $351,000 home in ZIP 55406, a household income of about $95,000 a year covers the payment with 20% down (a 30-year fixed at 6.5%, plus taxes and insurance, under the 28% rule). With 10% down you need roughly $113,000; with 5% down about $119,000.

Is 55406 an expensive ZIP code? +

Within Minneapolis, 55406 ranks #9 of 19 ZIP codes by typical home value, which makes it a mid-priced ZIP code for Minneapolis. Nationally it is about average.

See the full Minneapolis home values page, all Minnesota cities, or price per square foot by ZIP code nationwide.

Directional estimates from public market data (Realtor.com & Zillow research), not appraisals. A single ZIP contains very different homes; actual values vary and change over time.