Cost of living in New Hope, MN — Housing, Rent & Index

The median home value in New Hope, MN is $354,786 as of 2026-04. That places New Hope near the US average for housing cost, with a cost index of approximately 100 versus a national baseline of 100.

Over the past 12 months, the median home value in New Hope has climbed 3.6%, and over the past five years it has averaged +2.9% annual growth. The current price sits -0.1% from its 5-year peak in 2026-03.

Renters pay a median of $1,391 per month in New Hope. Rents have changed +5.0% over the last year and averaged — per year over five years.

Beyond housing, day-to-day costs in New Hope are shaped by state and local taxes, utility rates, transportation, and groceries. This page focuses on the housing component, which is the largest single line in most household budgets and the easiest to compare across cities using consistent national data.