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  1. Home
  2. /Browse ZIP Codes
  3. /Minnesota
  4. /Minneapolis
  5. /Phillips, Minneapolis, MN - 55404

Phillips, Minneapolis, MN—55404

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$243,000
0.4% YoY Growth
Household Income
$43,900
63.3% YoY Growth
Days on Market
50
0.0% Longer YoY
Home Price Forecast
-0.8%
Median Rent
$1,210
6.5% YoY Growth
1-Bed Rent
$1,050
5.1% YoY Growth
2-Bed Rent
$1,720
8.7% YoY Growth
3-Bed Rent
$2,050
18.1% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Phillips, Minneapolis, MN

As of May '26, the median home price in Phillips, Minneapolis, MN is $243,000, with a year-over-year change of 0.4%. This indicates that home prices in Phillips, Minneapolis, MN are flat. According to Zillow, the 1-year price projection is -0.8%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$243,0000.4%
Single Family $288,0000.0%
Condos $216,0000.5%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $178,000
    3.5%
    2 Bed
    		$272,0001.5%
    3 Bed
    		$286,0000.7%
    4 Bed
    		$297,0000.0%
    5 Bed $425,4675.6%
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    % of Housing Stock

    Studio
    22.7%
    1 Bedroom
    36.0%
    2 Bedrooms
    25.3%
    3 Bedrooms
    11.2%
    4 Bedrooms
    3.6%
    5+ Bedrooms
    1.1%

    Rental Trends — Phillips, Minneapolis, MN

    As of July '25, Rentcast reports the average rent in Phillips, Minneapolis, MN is $1,470, with a year-over-year rent change of 6.5%. Per bedroom, the median rent as of July '25 in Phillips, Minneapolis, MN is studios: $908, 1-bedrooms: $1,230, 2-bedrooms: $1,880, 3-bedrooms: $2,150, 4-bedrooms: $2,070. The most common rental property sizes in Phillips, Minneapolis, MN are 1-bedroom and studio, accounting for 37.8% and 25.6% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,210$1,470
    Studio Rent $875$908
    1 Bed Rent $1,050$1,230
    2 Bed Rent $1,720$1,880
    3 Bed Rent $2,050$2,150
    4 Bed Rent $1,800$2,070
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    % of Rental Stock

    Studio
    25.6%
    1 Bedroom
    37.8%
    2 Bedrooms
    23.5%
    3 Bedrooms
    9.7%
    4 Bedrooms
    2.6%
    5+ Bedrooms
    0.7%

    Property Listings — Phillips, Minneapolis, MN

    As of May '26, Realtor.com reports that the median days on market for a home in Phillips, Minneapolis, MN is 50. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$220,000-7.0%
    Listing Count
    		74-16.0%
    Listings as % of Homes0.3%-16.0%
    Days on Market
    		500.0%
    Loading chart...

    Demographics — Phillips, Minneapolis, MN

    As of the latest ACS Survey released in 2023, Phillips, Minneapolis, MN has a population of 28,100, which has increased by 3.2% over the past 5 years. Phillips, Minneapolis, MN is a moderately popular place for families, as children make up 20.7% of the population. The area has a moderately educated workforce, with 34.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.3% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		28,1003.2%
    % Under 18
    		20.7%-1.0%
    % Seniors
    		9.7%-4.9%
    % WFH
    		16.3%307.5%
    % w/ College Degree
    		34.6%16.1%
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    As of the latest ACS Survey released in 2023, Phillips, Minneapolis, MN is a predominantly white area, with 36.2% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Phillips, Minneapolis, MN is black, making up 32.5% of the population. Foreign-born residents account for 24.2% of the population in Phillips, Minneapolis, MN, and this percentage has decreased by 18.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		36.2%-4.2%
    % Black
    		32.5%-17.1%
    % Hispanic
    		19.8%61.0%
    % Asian
    		3.8%-17.4%
    % Foreign Born
    		24.2%-18.5%
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    Mortgage and Risk — Phillips, Minneapolis, MN

    According to HUD data as of 2023, there were 96 mortgage originations in Phillips, Minneapolis, MN, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Phillips, Minneapolis, MN. Investor activity is low, as 10.0% of loans were by investors. 1.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		96
    % Conventional Loans
    		94.0%
    % Government Loans
    		6.0%
    % Investor Loans
    		10.0%
    % Second Loans
    		3.0%
    % Cash Out Refinance
    		1.0%
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    Rentals and Section 8 — Phillips, Minneapolis, MN

    As of 2024, the percent of homes in Phillips, Minneapolis, MN under the Section 8 program is 16.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Phillips, Minneapolis, MN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		3,129
    Total Units Section 8
    		1,660
    % Rentals under Section 8
    		16.3%
    % Occupied Section 8
    		87.5%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$200$1,050$1,250
    2 Bedroom-$190$1,720$1,530
    3 Bedroom-$10$2,050$2,040
    4 Bedroom$480$1,800$2,280

    Affordability — Phillips, Minneapolis, MN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5.7
    Median Home Price$243,000
    Median Household Income$43,900

    Phillips, Minneapolis, MN — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Downtown East, Minneapolis, MN

    55415

    Minneapolis, MN

    55402

    Cedar-Riverside, Minneapolis, MN

    55454

    North Loop, Minneapolis, MN

    55401

    Loring Park, Minneapolis, MN

    55403

    Frequently Asked Questions