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 108, with 100 being the average.
The cost of living index in Minneapolis is 1.1x higher than the national average.
Minneapolis ranks as the #95 cheapest in Minnesota out of 147.
Minneapolis ranks as the #3,954 cheapest out of 6,412 in the US.
The median home value in Minneapolis is $284,400.
The median income in Minneapolis is $70,099.
According to the most recent data on the cost of living, Minneapolis has an overall cost of living index of 108, 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 95.
The standard of living in Minneapolis ranks as #95 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Minneapolis ranks as the #52 most expensive place in the North Star State.
For more reading on life in Minneapolis, check out:
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 110.
The Groceries index in Minneapolis is 101.
The Health index in Minneapolis is 104.
The Housing index in Minneapolis is 110.
The Transportation index in Minneapolis is 101.
The Utilities index in Minneapolis is 98.
|Living Expense||Minneapolis||Minnesota||National Average|
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 2017-2021. The key points are:
The Median Home Value in Minneapolis is $284,400.
The Median Rent in Minneapolis is $1,159.
The Median Income in Minneapolis is $70,099.
The Home Value To Income in Minneapolis is 4.1x.
The Rent To Monthly Income in Minneapolis is 0.2x.
|Median Home Value||$284,400||$250,200||$244,900|
|Home Value To Income||4.1x||3.2x||3.5x|
|Rent To Monthly Income||0.2x||0.17x||0.2x|
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 122, 1.1x Minneapolis.
Woodbury, MN has a cost of living index of 122, 1.1x Minneapolis.
Maple Grove, MN has a cost of living index of 117, 1.1x Minneapolis.
|City||Population||Cost Of Living||Vs. Minneapolis|
|Maple Grove, MN||69,900||117||1.1x|
|Eden Prairie, MN||64,048||121||1.1x|
|St. Louis Park, MN||49,539||113||1.0x|