ZIP Code 55407 — Minneapolis, MN
IRS Income Data, Tax Year 2022
About Minneapolis, MN
Fortune 500 corporate headquarters drive above-average incomes throughout metro. Target, Best Buy, UnitedHealth headquarters provide professional employment opportunities and wage growth. High progressive income taxes and rising housing challenge lower earners across neighborhoods.
Income Bracket Distribution
Percentage of tax returns in each AGI bracket for ZIP 55407.
Detailed Bracket Data
| Income Bracket | Returns | Total AGI | Avg AGI in Bracket | % of Returns |
|---|---|---|---|---|
| $1 - $25,000 | 4,760 | $61,456,000 | $12,910 | 27.2% |
| $25,000 - $50,000 | 4,740 | $175,838,000 | $37,096 | 27.1% |
| $50,000 - $75,000 | 3,100 | $189,591,000 | $61,158 | 17.7% |
| $75,000 - $100,000 | 1,720 | $148,202,000 | $86,163 | 9.8% |
| $100,000 - $200,000 | 2,550 | $346,938,000 | $136,054 | 14.6% |
| $200,000 or more | 610 | $179,193,000 | $293,759 | 3.5% |
| Total | 17,480 | $1,101,218,000 | $62,998 | 100% |
Nearby Major Cities
Closest cities by distance with significant tax filing activity.
| City | Distance | Avg AGI | Tax Returns |
|---|---|---|---|
| Saint Paul, MN | 6 mi | $84,722 | 96,050 |
| Brooklyn Center, MN | 10 mi | $63,394 | 52,010 |
| Rochester, MN | 75 mi | $95,397 | 67,880 |
| Sioux Falls, SD | 197 mi | $81,804 | 76,110 |
| Cedar Rapids, IA | 218 mi | $81,017 | 67,890 |
| Madison, WI | 231 mi | $98,052 | 126,460 |
Similar ZIP Codes in Minnesota
| ZIP Code | City | Avg AGI | Nat. Rank |
|---|---|---|---|
| 56014 | Bricelyn | $62,991 | #16,830 |
| 55075 | South Saint Paul | $63,030 | #16,812 |
| 55787 | Tamarack | $63,061 | #16,786 |
| 56450 | Garrison | $62,918 | #16,874 |
| 56714 | Badger | $62,872 | #16,904 |
| 55030 | Grasston | $63,146 | #16,737 |
| 56756 | Salol | $63,197 | #16,708 |
| 56187 | Worthington | $63,209 | #16,702 |
Nearby ZIP Codes
Closest ZIP codes by geographic distance.
| ZIP Code | City | Distance | Avg AGI | Nat. Rank |
|---|---|---|---|---|
| 55409 | Minneapolis, MN | 1.9 mi | $92,389 | #5,820 |
| 55417 | Minneapolis, MN | 1.9 mi | $98,400 | #4,869 |
| 55408 | Minneapolis, MN | 1.9 mi | $67,707 | #14,140 |
| 55415 | Minneapolis, MN | 2.7 mi | $188,665 | #1,020 |
| 55414 | Minneapolis, MN | 2.9 mi | $69,152 | #13,404 |
| 55402 | Minneapolis, MN | 2.9 mi | $751,393 | #45 |
| 55403 | Minneapolis, MN | 3.0 mi | $103,841 | #4,235 |
| 55406 | Minneapolis, MN | 3.1 mi | $81,051 | #8,455 |
About This Data
Income data is based on IRS Statistics of Income (SOI) ZIP code data for Tax Year 2022. AGI (Adjusted Gross Income) represents gross income minus certain deductions. Rankings are calculated across 788 ZIP codes in Minnesota and all U.S. ZIP codes nationally. Data reflects tax returns filed, not total population.