Cost of Living Breakdown
The cost of living in Minneapolis, MN is 7% higher than the national average. Here's how each category compares:
| Category | Index | vs National Avg |
|---|---|---|
| Overall | 107 | +7% |
| Housing | 110 | +10% |
| Groceries | 103 | +3% |
| Utilities | 100 | Average |
| Transportation | 108 | +8% |
| Healthcare | 103 | +3% |
Housing Costs in Minneapolis
Housing is typically the largest expense. In Minneapolis, the housing index is 110 (national average = 100).
- Median home price: $340,000
- Median rent (1 bedroom): $1,400/month
- Median rent (2 bedrooms): $1,750/month
- Annual rent (1BR): $16,800/year
Housing costs in Minneapolis are roughly in line with national averages.
How Much Do You Need to Earn in Minneapolis?
To maintain the equivalent of a $50,000 salary at the national average cost of living, you would need to earn approximately $53,500 in Minneapolis. The median household income of $65,598 translates to a monthly budget of approximately $5,467.
Groceries & Everyday Expenses
The grocery index in Minneapolis is 103. Grocery prices are close to the national average.
Transportation & Utilities
Transportation costs sit at an index of 108, while utilities come in at 100. Transportation costs are reasonable compared to other major cities.
Healthcare
Healthcare costs in Minneapolis are indexed at 103. Healthcare costs are close to or below the national average.
Compare to Minnesota
See statewide salary and tax data on our average salary in Minnesota page. Also see income data for this city on our average salary in Minneapolis page.
Financial Tools
Use our free calculators to plan your finances in Minneapolis:
- Mortgage Calculator — estimate your monthly home payment
- Home Affordability Calculator — see how much house you can afford
- Salary Calculator — convert hourly to annual pay
- Savings Goal Calculator — plan for your move or down payment