Cost of Living in Minneapolis, MN
Cost of Living in Minneapolis, MN has an overall index of 107, 7% above the U.S. baseline of 100. The typical home value is $327,043; typical monthly rent is $1,638; and median household income is $80,269.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area price parities. Home value: Zillow ZHVI market signal as of 2026-02. Rent: Zillow ZORI market signal as of 2026-02. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
Can your household carry the housing cost?
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Other Minnesota cities with a useful tradeoff.
Recommendations require usable housing and income data and exclude very small places for a city of this scale.
Frequently asked questions about Minneapolis
Living in Minneapolis
What is the cost of living like in Minneapolis, MN?+
Living costs in Minneapolis land close to the national average, with a Cost Index of 107 (where 100 = the US baseline). Housing is the largest variable: the median home value here is $327,043, and typical monthly rents are $1,638. Groceries and utilities are in line with what you would find in most US cities.
How does Minneapolis fit a household housing budget?+
Start with housing. Typical monthly rent is $1,638, while local median household income is $80,269. That implies a rent-burden proxy of about 24% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Minneapolis, MN?+
Minnesota uses a progressive model; 9.85% is top marginal-rate context. Applying the 1.11% state-level effective owner-occupied proxy to a home worth $327,043 gives a planning estimate near $3,630 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 7.54%.
How much does it cost to rent in Minneapolis, MN?+
The typical monthly rent in Minneapolis is around $1,638. That's about 22% higher than the $1,348 national median. For comparison, the median home value here is $327,043, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Minneapolis, MN?+
The typical home value in Minneapolis is $327,043. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $1,587/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 48% of residents here own their homes.
Are groceries and utilities expensive in Minneapolis?+
Grocery prices in Minneapolis are about average compared to the rest of the US (index: 103, where 100 is the national average). Utility bills (electricity, gas, water) are about typical (index: 93). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Minneapolis, MN like to live in?+
Minneapolis is a mid-sized city with a population of about 426,845. The median age of residents is 33, which is close to the national median. The local poverty rate is 16.36%, above the national average of 12.4%.