Chicago, IL vs Minneapolis, MN
Cost of living comparison · 2023 Census ACS data
Quick Summary
On the headline indicators, Chicago and Minneapolis are closely matched markets (homes within 9% of each other). Distinguishing the two usually requires looking past the cost averages — at the tax structure, commute patterns, and individual neighborhood differences. State income-tax burden also tilts toward Chicago — a top rate of 5.0% versus 9.8% — which compounds at higher incomes.
Median Home Value
$315,200 ✓
$345,600
Zillow Home Value
$312,456
$327,043
Median Gross Rent
$1,380/mo
$1,329/mo ✓
Owner Occupied %
45.5%
48.0%
Price-to-Rent Ratio
19.0x
21.7x
Median Household Income
$75,134
$80,269 ✓
Per Capita Income
$48,148
$50,605
Unemployment Rate
7.9%
5.7% ✓
Poverty Rate
16.8%
16.4%
Avg Commute (min)
36.7 min
24.3 min
Drove Alone %
46.0%
53.4%
Public Transit %
19.3%
7.5%
Work From Home %
18.3%
23.3%
State Income Tax
5.0%
9.8%
Total Sales Tax
8.7%
7.4% ✓
Property Tax Rate
2.2%
1.1%
Bachelor's Degree %
24.9%
32.7%
Median Age
35.7
33
Avg High Temp
60.3°F
—
Annual Precipitation
34.4"
33.3"
Chicago, IL 1 wins
- ✓Median Home Value
Minneapolis, MN 4 wins
- ✓Median Gross Rent
- ✓Total Sales Tax
- ✓Median Household Income
- ✓Unemployment Rate
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