Cost of Living in Minneapolis, MN
Population 426,845 · Minnesota · Data vintage 2023
(100 = US avg)
The Minneapolis cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $346,000, rents near $1,329 a month.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Minneapolis
The median home value in Minneapolis is $345,600 — 13% above the national median of $305,000. Median rent runs $1,329/month, 1% higher than the national median of $1,314/month. The median household income of $80,269/year is 8% higher than the US median of $74,580. The local unemployment rate is 5.7%, above the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Minneapolis has a cost of living index of 108 versus the US average of 100, meaning it is 8% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Minneapolis, MN?
Minneapolis has a cost index of 108 (100 = national average). It is 8% above the national average.
What is average rent in Minneapolis, MN?
The median gross rent in Minneapolis is $1,329 per month based on 2023 Census data.
What is the average home price in Minneapolis?
The median home value in Minneapolis is $345,600 according to Zillow and Census data.
What is the median income in Minneapolis?
The median household income in Minneapolis is $80,269 per year (2023 ACS 5-year estimates).
What is the sales tax in Minneapolis, MN?
The combined state and local sales tax rate in Minneapolis is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Minneapolis, MN affordable?
Minneapolis is near the national average in terms of cost of living, with an index of 108 (100 = US average).
Minneapolis at a Glance
- Population
- 426,845
- Median Income
- $80,269
- Home Value
- $345,600
- Median Rent
- $1,329/mo
- Unemployment
- 5.7%
- Sales Tax
- 7.4%
Nearby Cities
Compare Minneapolis
Explore county-level cost of living data
Minnesota Rankings
Similar Cost Cities
Cities in other states with comparable housing costs