The 10 Most Expensive Places To Live In Minnesota For 2023


We used science and data to determine which cities in Minnesota that will put a big dent in your wallet.

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Editor’s Note: We updated this article for 2023. This is our tenth time ranking the most expensive places to live in Minnesota.

Everyone wants a home that mixes affordability with comfort and Minnesota does this very well. Families love the North Star State's beaches, midlands, and mountains as tourists before moving here and calling it home.

But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.

These are the places in Minnesota that cost a pretty penny -- the most expensive cities in the state.

After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Minnesota for 2023.

So where is the most expensive place to live in Minnesota? That would be Hopkins.
the 2017-2021 American Community Survey for the 147 places in Minnesota with more than 5,000 people.

Here are the 10 most expensive places to live in Minnesota for 2023:

  1. Hopkins
  2. Minneapolis
  3. Little Canada
  4. Falcon Heights
  5. New Hope
  6. St. Louis Park
  7. West St. Paul
  8. Burnsville
  9. Edina
  10. Minnetonka

What's the most expensive place to live in Minnesota? Well, HomeSnacks crunched the numbers and discovered that Hopkins is the most expensive place to live in Minnesota.

So hopefully Hibbing (the cheapest place to live in Minnesota) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.

And if you already knew these places were expensive, check out some more reading about Minnesota and the most expensive cities in the country:

The 10 Most Expensive Places To Live In Minnesota For 2023

1. Hopkins

Hopkins, MN

Overall SnackAbility

8
/10

Population: 18,861
Rank Last Year: 1 (No Change)
Home Price To Income Ratio: 4.8x (2nd most expensive)
Income To Rent Ratio: 52.3x (4th most expensive)
More on Hopkins: Real Estate | Data | Photos

The median income in Hopkins comes in at $60,824 and the median home value is $289,500 for 2023.

2. Minneapolis

Minneapolis, MN

Overall SnackAbility

7
/10

Population: 425,091
Rank Last Year: 3 (Up 1)
Home Price To Income Ratio: 4.1x (5th most expensive)
Income To Rent Ratio: 60.5x (22nd most expensive)
More on Minneapolis: Real Estate | Data | Photos

The median income in Minneapolis comes in at $70,099 and the median home value is $284,400 for 2023.

3. Little Canada

Overall SnackAbility

7
/10

Population: 10,704
Rank Last Year: 2 (Down 1)
Home Price To Income Ratio: 4.0x (7th most expensive)
Income To Rent Ratio: 55.4x (9th most expensive)
More on Little Canada: Real Estate | Data

The median income in Little Canada comes in at $61,959 and the median home value is $247,200 for 2023.

4. Falcon Heights

Falcon Heights, MN

Overall SnackAbility

7.5
/10

Population: 5,388
Rank Last Year: 4 (No Change)
Home Price To Income Ratio: 4.1x (4th most expensive)
Income To Rent Ratio: 68.0x (55th most expensive)
More on Falcon Heights: Real Estate | Data | Photos

The median income in Falcon Heights comes in at $77,685 and the median home value is $315,500 for 2023.

5. New Hope

New Hope, MN

Overall SnackAbility

8
/10

Population: 21,683
Rank Last Year: 6 (Up 1)
Home Price To Income Ratio: 3.8x (9th most expensive)
Income To Rent Ratio: 57.4x (13th most expensive)
More on New Hope: Real Estate | Data | Photos

The median income in New Hope comes in at $64,929 and the median home value is $249,600 for 2023.

6. St. Louis Park

St. Louis Park, MN

Source: Public domain
Overall SnackAbility

9
/10

Population: 49,539
Rank Last Year: 12 (Up 7)
Home Price To Income Ratio: 3.5x (19th most expensive)
Income To Rent Ratio: 64.1x (39th most expensive)
More on St. Louis Park: Real Estate | Data | Photos

The median income in St. Louis Park comes in at $87,639 and the median home value is $308,800 for 2023.

7. West St. Paul

West St. Paul, MN

Overall SnackAbility

8
/10

Population: 20,476
Rank Last Year: 9 (Up 2)
Home Price To Income Ratio: 4.0x (6th most expensive)
Income To Rent Ratio: 53.1x (5th most expensive)
More on West St. Paul: Real Estate | Data | Photos

The median income in West St. Paul comes in at $57,434 and the median home value is $232,400 for 2023.

8. Burnsville

Burnsville, MN

Overall SnackAbility

8.5
/10

Population: 63,926
Rank Last Year: 7 (Down 1)
Home Price To Income Ratio: 3.5x (23rd most expensive)
Income To Rent Ratio: 59.4x (18th most expensive)
More on Burnsville: Real Estate | Data | Photos

The median income in Burnsville comes in at $79,059 and the median home value is $275,500 for 2023.

9. Edina

Edina, MN

Source: Public domain
Overall SnackAbility

10
/10

Population: 53,059
Rank Last Year: 8 (Down 1)
Home Price To Income Ratio: 4.7x (3rd most expensive)
Income To Rent Ratio: 75.6x (96th most expensive)
More on Edina: Real Estate | Data | Photos

The median income in Edina comes in at $115,047 and the median home value is $537,400 for 2023.

10. Minnetonka

Minnetonka, MN

Source: Public domain
Overall SnackAbility

10
/10

Population: 53,809
Rank Last Year: 5 (Down 4)
Home Price To Income Ratio: 3.5x (20th most expensive)
Income To Rent Ratio: 69.6x (68th most expensive)
More on Minnetonka: Real Estate | Data | Photos

The median income in Minnetonka comes in at $106,023 and the median home value is $373,000 for 2023.

Methodology: How We Determined The Most Expensive Places To Live In The North Star State For 2023

Map Of The Cheapest Places To Live In Minnesota
The two most important things to think about when it comes to being able to afford if you can live comes down to:

  1. How much do money do I make?
  2. How much do I have spend to live there?

You need to understand your costs in the context of how much money you make.

For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.

With that example in mind, we derived several statistics from the latest Census American Community Survey 2017-2021 around incomes and costs. They are:

  • Median Home Price / Median Income (lower is better)
  • Median Income / Median Rent (Higher is better)
  • Median Home Price

We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).

You can then compare these metrics in each of the places in Minnesota to figure out which is the most expensive.

What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.

So we used that cost of living index in order to rank all of the 147 places in Minnesota that have more than 5,000 people.

The place with the highest cost of living in Minnesota according to the data is Hopkins. You can download the data here.

Summary: Taking A Chunk Out Of Your Paycheck In Minnesota For 2023

Well there you have it, the places in Minnesota that have the highest cost of living, with Hopkins ranking as the most expensive city in the North Star State.

Here's a look at the most affordable cities in Minnesota according to the data:

  1. Hibbing
  2. Stewartville
  3. Montevideo

For more Minnesota reading, check out:

Detailed List Of The Most Expensive Cities In Minnesota

Rank City ExpensiveScore Population Home/Income Ratio Income/Rent Ratio
1 Hopkins 17.67 18,861 4.8x 52.3x
2 Minneapolis 26.0 425,091 4.1x 60.5x
3 Little Canada 30.0 10,704 4.0x 55.4x
4 Falcon Heights 30.33 5,388 4.1x 68.0x
5 New Hope 31.33 21,683 3.8x 57.4x
6 St. Louis Park 31.33 49,539 3.5x 64.1x
7 West St. Paul 31.5 20,476 4.0x 53.1x
8 Burnsville 33.67 63,926 3.5x 59.4x
9 Edina 34.67 53,059 4.7x 75.6x
10 Minnetonka 34.67 53,809 3.5x 69.6x
11 Bloomington 35.0 89,436 3.5x 61.4x
12 Richfield 37.33 36,899 3.5x 61.6x
13 St. Paul 37.83 309,751 3.7x 58.8x
14 White Bear Lake 38.0 24,520 3.4x 56.6x
15 New Brighton 40.0 23,293 3.7x 68.5x
16 Hermantown 41.67 10,128 3.8x 71.0x
17 Waite Park 43.0 8,245 3.8x 49.4x
18 Shorewood 45.0 7,779 3.7x 83.5x
19 Apple Valley 45.0 55,237 3.2x 63.1x
20 Anoka 46.67 17,749 3.5x 62.7x
21 Robbinsdale 47.0 14,522 3.3x 58.0x
22 Woodbury 47.33 74,014 3.1x 67.7x
23 Orono 48.33 8,252 4.8x 102.1x
24 Golden Valley 48.67 22,247 3.3x 73.6x
25 Mankato 49.67 43,938 3.5x 58.1x
26 Chanhassen 50.33 25,646 3.4x 81.3x
27 Bemidji 50.67 15,114 3.5x 49.0x
28 Little Falls 52.0 9,049 3.6x 54.6x
29 Fridley 52.33 29,422 3.3x 60.4x
30 Roseville 53.67 36,119 3.4x 71.2x
31 Brooklyn Park 54.33 85,247 3.2x 65.4x
32 Arden Hills 54.33 9,868 3.0x 65.4x
33 Forest Lake 54.83 20,366 3.4x 74.7x
34 Chisago City 55.0 5,499 3.4x 74.7x
35 Waconia 55.0 12,773 3.6x 85.3x
36 Hugo 55.33 15,541 2.9x 60.3x
37 Maplewood 57.33 41,673 3.1x 63.1x
38 Cambridge 57.33 9,454 3.2x 53.7x
39 Stillwater 57.33 19,243 3.3x 77.7x
40 Eagan 57.67 68,205 3.2x 72.5x
41 Plymouth 58.0 80,034 3.2x 81.3x
42 St. Anthony 58.0 9,145 3.4x 78.9x
43 Mahtomedi 58.67 8,041 3.1x 73.8x
44 North St. Paul 59.0 12,395 3.2x 65.1x
45 Minnetrista 59.33 8,215 3.1x 77.5x
46 Brooklyn Center 59.33 33,298 3.1x 54.9x
47 Eden Prairie 59.67 64,048 3.2x 79.3x
48 Chaska 60.67 27,461 3.2x 77.4x
49 Spring Lake Park 61.33 6,920 3.1x 59.8x
50 Dayton 61.67 7,257 3.3x 97.6x
51 Alexandria 62.17 14,030 3.7x 69.3x
52 Detroit Lakes 62.33 9,717 3.6x 69.5x
53 Inver Grove Heights 62.67 35,539 3.2x 73.1x
54 Baxter 62.67 8,544 3.2x 63.8x
55 Medina 63.67 6,654 3.3x 124.7x
56 Ham Lake 64.33 16,389 3.2x 85.6x
57 Mendota Heights 64.33 11,681 3.4x 140.8x
58 Blaine 64.67 68,999 2.8x 59.0x
59 Ramsey 66.17 27,409 2.8x 62.4x
60 Faribault 66.33 24,310 3.1x 56.8x
61 Albertville 66.67 7,792 3.0x 65.4x
62 Brainerd 67.0 14,053 3.2x 55.6x
63 Vadnais Heights 67.33 12,931 3.2x 73.2x
64 Grand Rapids 67.67 11,056 3.2x 62.0x
65 North Oaks 68.0 5,204 3.2x 97.7x
66 Moorhead 68.67 44,129 3.3x 69.4x
67 Oakdale 69.33 28,019 3.1x 69.1x
68 Savage 70.67 32,092 2.9x 73.9x
69 Sartell 71.33 19,096 3.1x 67.8x
70 Maple Grove 72.33 69,900 2.7x 69.7x
71 Andover 72.33 32,471 2.8x 70.9x
72 Mound 72.67 9,365 3.5x 91.9x
73 Shoreview 73.33 26,871 3.1x 80.7x
74 Coon Rapids 73.33 63,269 2.9x 62.6x
75 Winona 73.33 26,199 3.3x 67.5x
76 Fergus Falls 73.67 13,969 3.2x 63.1x
77 Shakopee 73.67 43,396 3.1x 76.6x
78 Lakeville 74.33 69,026 2.9x 74.8x
79 Monticello 75.0 14,235 3.1x 70.8x
80 St. Paul Park 75.0 5,490 2.6x 51.1x
81 Crystal 75.0 23,143 2.9x 64.1x
82 Northfield 75.33 20,374 3.4x 84.8x
83 Oak Grove 75.33 8,870 3.0x 80.8x
84 St. Peter 75.33 11,699 3.2x 66.8x
85 Victoria 77.0 10,361 2.9x 82.5x
86 La Crescent 77.67 5,333 3.2x 68.9x
87 Columbia Heights 78.0 21,612 3.0x 66.7x
88 Prior Lake 78.0 27,242 3.0x 86.2x
89 St. Cloud 79.33 68,430 3.0x 61.6x
90 Corcoran 79.33 6,317 2.9x 89.8x
91 Zimmerman 80.0 6,108 2.9x 63.6x
92 Rochester 80.33 119,732 3.0x 70.7x
93 Duluth 81.0 86,711 3.0x 64.7x
94 Cottage Grove 81.33 38,582 2.6x 68.7x
95 Lake Elmo 82.0 11,237 3.0x 134.2x
96 Litchfield 82.33 6,537 3.1x 65.9x
97 South St. Paul 83.33 20,637 3.1x 72.5x
98 Elk River 83.33 25,467 3.1x 81.2x
99 Lake City 83.5 5,120 3.0x 68.2x
100 Sauk Rapids 83.67 13,830 3.2x 72.7x

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About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.