WHAT THE STATE DISTRIBUTION SAYSAcross Minnesota's 14 current published direct-evidence ZIP reports, the June 2026 Zillow Observed Rent Index (ZORI) ranges from $1,436 to $1,955—a $519 spread around a $1,532.50 median. The shown endpoints support a comparison that cannot be reduced to one statewide asking-rent figure. The practical screen is whether a renter's budget, income and desired location fit the relevant ZIP-level ZORI position; ZORI is an observed monthly asking-rent index, not a survey estimate of what existing tenants pay. This distribution includes only current published direct-evidence reports rather than every Minnesota ZIP, neighborhood or rental property. The figures are best used to frame comparisons among covered ZIP reports.
Current price-to-income fit and renter burden point to related but nonidentical pressures. Across the reports, the asking-rent-to-income ratio runs from 18.2% to 41.1%, with a 23.3% median. At 55404, annual income required to hold its ZORI at a 30% share is $57,520, above the ACS ZCTA median household income of $41,940. The distinct ACS five-year ZCTA estimate of renter households spending at least 30% of gross rent spans 41.1% to 62.2%, with a 49.6% median. These percentages describe household burden from survey estimates, not an index divided by median income. ZCTAs are statistical areas rather than identical USPS delivery ZIPs.
Momentum should be read alongside variability, because the two direct monthly Zillow series measures do not rank the reports the same way. One-year rent growth ranges from -0.2% to 6.0%, with a 2.7% median. The upper end marks recent index growth, while the negative endpoint shows a cooling reading despite the cross-section's positive median. Annualized volatility ranges from 1.7% to 3.5%, versus a 2.6% median. Minneapolis 55403 is at the volatility maximum and also recorded the deepest maximum drawdown, 8.8%. Accordingly, a high growth reading does not by itself identify a smooth observed rent path; growth, volatility and drawdown answer different questions about the monthly index.
The HUD comparison is an administrative benchmark, not another observed asking-rent series. Direct ZORI as a share of HUD's two-bedroom FMR/SAFMR standard ranges from 84.0% to 150.5%, with an 89.7% median. Those values include a $1,709 standard in Hennepin and Dakota County reports and a $1,214 standard in Olmsted County reports. It cannot establish whether an advertised unit is expensive or inexpensive relative to a matching two-bedroom listing, because the measures have different defined purposes. The aggregate reports also lack the unit-specific evidence needed for a property decision, including address, bedroom configuration, asking terms and availability. Use a listing's current terms for that comparison rather than turning a ZIP index or HUD benchmark into a property-level conclusion.
