Cost of Living in Minnetonka, MN
Population 53,256 · Minnesota · Data vintage 2023
(100 = US avg)
The Minnetonka cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $456,000, rents near $1,758 a month. An unemployment rate of 2.2% points to a labor market well on the tight side of the national distribution.
Geographically, Minnetonka sits roughly 9 miles west of Minneapolis. Median home values run roughly 32% higher than Minneapolis' $346,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Minnetonka
The median home value in Minnetonka is $456,200 — 50% above the national median of $305,000. Median rent runs $1,758/month, 34% higher than the national median of $1,314/month. The median household income of $120,496/year is 62% higher than the US median of $74,580. The local unemployment rate is 2.2%, below 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, Minnetonka has a cost of living index of 143 versus the US average of 100, meaning it is 43% 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 Minnetonka, MN?
Minnetonka has a cost index of 143 (100 = national average). It is 43% above the national average.
What is average rent in Minnetonka, MN?
The median gross rent in Minnetonka is $1,758 per month based on 2023 Census data.
What is the average home price in Minnetonka?
The median home value in Minnetonka is $456,200 according to Zillow and Census data.
What is the median income in Minnetonka?
The median household income in Minnetonka is $120,496 per year (2023 ACS 5-year estimates).
What is the sales tax in Minnetonka, MN?
The combined state and local sales tax rate in Minnetonka is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Minnetonka, MN affordable?
Minnetonka is above average in cost of living, with an index of 143 — about 43% higher than the national average.
Minnetonka at a Glance
- Population
- 53,256
- Median Income
- $120,496
- Home Value
- $456,200
- Median Rent
- $1,758/mo
- Unemployment
- 2.2%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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