Manageable

What Salary Do You Need to Live in New Hope?

To afford a 2-bedroom in New Hope, you need to earn at least $59,280/year based on estimated fair market rent data. The median household income here is $69,244, which means the typical resident is $9,964 above the threshold.

Census ACS Data Pop. 21,620

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,037	$3,457	$41,480	$-27,764
1 Bedroom	$1,230	$4,100	$49,200	$-20,044
2 Bedroom BENCHMARK	$1,482	$4,940	$59,280	$-9,964
3 Bedroom	$1,808	$6,027	$72,320	+$3,076
4 Bedroom	$2,223	$7,410	$88,920	+$19,676

Affordability Breakdown

Where the required salary line crosses above New Hope's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$69,244

Annual household

2BR Required Salary

$59,280

Under 30% rule

Income Gap

+$9,964

Surplus

Verdict

Manageable

Ratio: 25.7%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in New Hope

Your Annual Salary

Pre-filled with New Hope's median household income

Max monthly rent you can afford$1,731

Studio

$1,037/mo

1 BR

$1,230/mo

2 BR

$1,482/mo

3 BR

$1,808/mo

4 BR

$2,223/mo

Your salary is $0 above the median income in New Hope.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for New Hope's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to New Hope

Renting in New Hope, Minnesota is doable for median earners, but tight. A 2-bedroom requires roughly $59,280/year under the 30% rule, and with a median income of $69,244, residents are operating close to the threshold.

Downsizing to a 1-bedroom ($1,230/month) or studio ($1,037/month) materially improves the math. For those needing more space, a 3-bedroom in New Hope pushes the required income to $72,320.

For comfortable living in New Hope without financial stress, target a household income of at least $88,920 — this accounts for rent being approximately 30% of take-home pay while leaving adequate room for Minnesota's cost of living.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in New Hope, Minnesota.

With a total population of 21,620, the city supports an active civilian workforce of 11,472 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $59,280 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

11,472

Active civilian employees in New Hope

Frequently Asked Questions About Renting in New Hope

What salary do I need to live in New Hope, Minnesota?

To afford a 2-bedroom in New Hope under the 30% rule, you need an annual salary of at least $59,280. The median household income in New Hope is $69,244.

Can I afford a 2-bedroom in New Hope on $69,244?

The affordability verdict for New Hope is "Manageable". The rent-to-income ratio is 25.7%, meaning median earners have a $9,964 surplus.

What is the average rent in New Hope compared to median income?

The median gross rent in New Hope is $1,230/month. With a median household income of $69,244, residents spend approximately 25.7% of their income on rent.

What salary do I need for a studio in New Hope?

A studio in New Hope rents for approximately $1,037/month. Under the 30% rule, you need an annual salary of $41,480 to afford this.

Is New Hope considered an affordable place to live?

Based on the surplus of $9,964 and an affordability verdict of "Manageable", New Hope is considered a manageable rental market when comparing the required 2-bedroom salary of $59,280 to the local median household income.

How New Hope Compares

Other cities in Minnesota with salary requirements