Quick facts: Minnetonka, MN

Quick Facts

105.3
Cost of Living
above US average
52,544
Population
18.18
Crime Rate per 1000
below US average
$114,867
Median Income
above US average
$550,000
Median House Price
above US average
$3549.0
Average Rent
above US average
6%
Poverty Rate
below US average
3.4%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $114,867.

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Income Needed to Buy

βœ— Stretch
$173k/year
Based on $550,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $173k vs median $114,867
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Income Needed to Rent

⚠ Stretch
$152k/year
Based on $3549.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $152k vs median $114,867
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Minnetonka, MN

Minnetonka, Minnesota, is a vibrant suburban city located in Hennepin County, just west of Minneapolis. Known for its beautiful lakes, parks, and a strong sense of community, Minnetonka offers a blend of natural beauty and urban convenience. The city is home to several large lakes, including Lake Minnetonka, which provides ample opportunities for boating, fishing, and recreation. The city features an array of amenities, including shopping centers, restaurants, and recreational facilities. Minnetonka's school district is highly regarded, attracting families seeking quality education for their children. The area also boasts a diverse economy, with employers in various sectors such as healthcare, retail, and technology. Minnetonka has numerous parks and trails, perfect for outdoor enthusiasts. It hosts community events throughout the year, fostering a sense of connection among residents. The city is also conveniently located near major highways, allowing easy access to the Twin Cities for work and entertainment. Overall, Minnetonka is an appealing place to live, characterized by its suburban charm, excellent schools, and abundant outdoor opportunities.

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