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Hennepin County, MN

RANK #680 / 996  ·  POP 1,270,787  ·  MN

PROJECTED GROWTH: +0.1%

Hennepin County ranks in the bottom tier of U.S. counties on economic momentum.

[01] Why Hennepin County?

Hennepin County, Minnesota, is defined by the city of Minneapolis and its surrounding communities, offering a blend of urban amenities and natural spaces. The county is home to the Chain of Lakes, a series of interconnected lakes within Minneapolis that provide opportunities for recreation like kayaking, cycling, and walking. Commuting within the county and to downtown Minneapolis is facilitated by Metro Transit, which operates buses, light rail, and commuter trains. The community feel varies from the bustling city center to quieter suburban towns such as Eden Prairie and Minnetonka.

Life in Hennepin County offers access to highly rated public schools and a range of outdoor activities, including numerous parks and trails. The economy is diverse, with major institutions like the University of Minnesota contributing to the job market. Recent economic developments include significant county investment in transit-oriented community projects and programs supporting small businesses. These initiatives aim to foster inclusive economic growth and enhance livability for residents across the county.

[02] Market Snapshot

Housing Ratio
2.9x

Undervalued relative to economy

GDP Growth
+1.6%

Below national median

Home Prices
+1.8%

Above national median

Climate & Terrain
-2.1

Below-average climate & terrain

Price/Rent
18x

Above national median (13x)

Housing looks undervalued at 2.9x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Hennepin County U.S. National

The Numbers

DEMOGRAPHICS
Population
1,270,787
+0.04% YoY
Median Household Income
$92,595
Median Home Value
$358,000
+1.78% 12mo
Median Rent
$1,373
Average Annual Pay
$90,157
+3.1% YoY
Employment
917,117
+0.3% YoY
Income-to-Home-Value
0.2586
More affordable than average
Migration Inflow
3.4%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$375,000
Days on Market
61
Slower market
Months of Supply
3.2
Balanced market
Sale-to-List Ratio
98.9%
Near asking price
Sold Above List
28.4%
Listings w/ Price Drops
23.6%
Building Permits (2024)
3,919
Single-Family Permits
2,054

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$1,448M
TOTAL
PROJECT AMOUNT STATUS
Sherco Energy Hub Battery Storage Expansion
Xcel Energy
$400M Proposed
METRO Blue Line Light Rail Extension
Hennepin County
$374M Under Construction
Xcel Energy Distributed Battery Storage Network (Capacity*Connect)
Xcel Energy
$280M Proposed
Hennepin County Capital Improvement Program (Roads, Bridges, Trails, Bus Rapid Transit, Facilities)
Hennepin County
$227M Planned
MinnPACE Energy Improvement Loans (Portfolio of 126 projects)
MinnPACE (Hennepin County)
$117M Operating
Oppidan MN Data Center
Oppidan
$50M Planned

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +1.6% 28 percentile
Population Growth +0.0% 32 percentile
Income Growth +8.4% 46 percentile
Vacancy Rate 1.1% 52 percentile
Home Price Change +1.8% 56 percentile
Rent Growth +4.2% 69 percentile
Price/Rent 18x 17 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Hennepin County, MN a good place to move to?

Hennepin County has a Boom Town Index score of 32/100, ranking #680 among 996 U.S. counties. With job growth at +0.3% and a median household income of $92,595, it faces some economic headwinds compared to faster-growing counties.

Is Hennepin County affordable?

The median home value in Hennepin County is $358,000 with median rent at $1,373/month. The income-to-home-value ratio is 0.2586, which is more affordable than the national average.

Is Hennepin County growing or shrinking?

Population growth: +0.0% year-over-year. Job growth: +0.3%. Home values changed +1.8% in the past 12 months.

Are people moving to Hennepin County?

Yes — 3.4% of Hennepin County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

Story County, IA 42 Jasper County, MO 42 El Paso County, TX 42 Anne Arundel County, MD 42 St. Francois County, MO 42 Rowan County, NC 42 Sedgwick County, KS 42 Cecil County, MD 42