Minneapolis, MN Cost Of Living
Cost Of Living In Minneapolis, MN Summary
Cost of living in Minneapolis research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Minneapolis is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Minneapolis is 110, with 100 being the average.
The cost of living index in Minneapolis is 1.1x higher than the national average.
Minneapolis ranks as the #98 cheapest in Minnesota out of 148.
Minneapolis ranks as the #3,657 cheapest out of 6,489 in the US.
The median home value in Minneapolis is $324,173.
The median income in Minneapolis is $80,269.
Table Of Contents
Minneapolis's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Minneapolis, MN?
According to the most recent data on the cost of living, Minneapolis has an overall cost of living index of 110, which is 1.1x higher than the national index of 100.
Compared to Minnesota, Minneapolis has a cost of living index that's 1.1x higher than Minnesota's index of 97.
The standard of living in Minneapolis ranks as #98 most affordable out of the 148 places we measured in Minnesota. By definition, that implies Minneapolis ranks as the #50 most expensive place in the North Star State.
For more reading on life in Minneapolis, check out:
In Minnesota
In America
Minneapolis Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Minneapolis. Here is how it fairs on each of the criteria:
The Services index in Minneapolis is 95.
The Groceries index in Minneapolis is 99.
The Health index in Minneapolis is 100.
The Housing index in Minneapolis is 134.
The Transportation index in Minneapolis is 97.
The Utilities index in Minneapolis is 94.
| Living Expense | Minneapolis | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 110 | 97 | 100 | |
| Services | 95 | 101 | 100 | |
| Groceries | 99 | 99 | 100 | |
| Health | 100 | 110 | 100 | |
| Housing | 134 | 100 | 100 | |
| Transportation | 97 | 95 | 100 | |
| Utilities | 94 | 94 | 100 | |
Minneapolis, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Minneapolis is $324,173.
The Median Rent in Minneapolis is $1,329.
The Median Income in Minneapolis is $80,269.
The Home Value To Income in Minneapolis is 4.0x.
The Rent To Monthly Income in Minneapolis is 0.2x.
| Statistic | Minneapolis | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $324,173 | $344,484 | $303,400 |
| Median Rent | $1,329 | $1,235 | $1,348 |
| Median Income | $80,269 | $87,556 | $78,538 |
| Home Value To Income | 4.0x | 3.9x | 3.9x |
| Rent To Monthly Income | 0.2x | 0.17x | 0.21x |
Median Home Value
Median Rent
Median Income
Minneapolis, MN Costs By Category
Detailed Minneapolis Services Costs Vs. Minnesota
| Item | Minneapolis | Minnesota |
|---|---|---|
| Shampoo | $1.5 | $1.28 |
| Movie | $11.32 | $12.13 |
| Bowling | $25.68 | $18 |
| Haircut | $25.86 | $24.26 |
| Beauty Salon | $37.0 | $45.56 |
Detailed Minneapolis Groceries Costs Vs. Minnesota
| Item | Minneapolis | Minnesota |
|---|---|---|
| Ground Beef | $5.75 | $5.84 |
| Fried Chicken | $1.4 | $1.57 |
| Milk | $4.6 | $4.67 |
| Potatoes | $4.76 | $4.93 |
| Pizza | $13.0 | $12.09 |
| Beer | $9.44 | $10.41 |
| Toothpaste | $3.62 | $3.7 |
Detailed Minneapolis Health Costs Vs. Minnesota
| Item | Minneapolis | Minnesota |
|---|---|---|
| Optometrist | $112.72 | $125.68 |
| Doctor | $164.15 | $135.78 |
| Dentist | $95.01 | $113.29 |
Detailed Minneapolis Transportation Costs Vs. Minnesota
| Item | Minneapolis | Minnesota |
|---|---|---|
| Gasoline | $3.32 | $3.46 |
| Tire Balancing | $59.91 | $59.92 |
Detailed Minneapolis Utilities Costs Vs. Minnesota
| Item | Minneapolis | Minnesota |
|---|---|---|
| All Electricity | $180.11 | $193.99 |
| Phone | $187.59 | $192.25 |
Minneapolis SnackAbility
/10
Cost Of Living In Cities Around Minneapolis
The cost of living varies in the cities and towns around Minneapolis. Here's a quick look at the cost of living in the most populous nearby places:
Plymouth, MN has a cost of living index of 124, 1.1x Minneapolis.
Woodbury, MN has a cost of living index of 122, 1.1x Minneapolis.
Lakeville, MN has a cost of living index of 119, 1.1x Minneapolis.
| City | Population | Cost Of Living | Vs. Minneapolis |
|---|---|---|---|
| Plymouth, MN | 79,526 | 124 | 1.1x |
| Woodbury, MN | 76,945 | 122 | 1.1x |
| Lakeville, MN | 72,480 | 119 | 1.1x |
| Maple Grove, MN | 70,539 | 118 | 1.1x |
| Eden Prairie, MN | 63,249 | 124 | 1.1x |
| Minnetonka, MN | 53,256 | 120 | 1.1x |
| Edina, MN | 53,125 | 139 | 1.3x |
| St. Louis Park, MN | 49,541 | 112 | 1.0x |
| Richfield, MN | 36,725 | 104 | 0.9x |
| Roseville, MN | 35,905 | 108 | 1.0x |
