$2,750 Per Month
- 3 Beds
- 2.5 Baths
- 2,144 Sq Ft
- Townhouse for Rent
7601 Elm Grove Cir, New Hope, MN 55428
7601 Elm Grove Cir, New Hope, MN 55428
Frequently Asked Questions
How much does it cost to rent a home in New Hope, MN?
The median rent for a home in New Hope, MN is $1,399 per month, though prices vary by neighborhood, size, and property type. As of August 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.
How much do you need to make to afford rent in New Hope, MN?
To comfortably afford the median rent in New Hope, MN, a household needs to earn roughly $55,960 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,399 per month in New Hope, MN, renters typically need to show $4,197 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in New Hope, MN?
In New Hope, MN, the price-to-rent ratio is 21.5, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in New Hope, MN are best for renting a home?
The best neighborhood for renting in New Hope, MN depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Terra Linda and Valley Place, each with its own character and price range.
