Cost of Living in Minneapolis, MN
Population 427,246 · Census ACS 2020–2024 5-year estimates
The median rent in Minneapolis, MN is $1,371/month, 7% higher than the Minnesota median and 3% lower than the U.S. median. The median home value is $362,200, 9% higher than the national median. Households earn a median of $80,846 a year, 9% lower than the state median.
Affordability
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Minneapolis vs. Minnesota vs. U.S.
| Minneapolis | Minnesota | U.S. | |
|---|---|---|---|
| Median rent | $1,371 | $1,280 | $1,413 |
| Median home value | $362,200 | $329,300 | $332,700 |
| Median household income | $80,846 | $89,062 | $80,734 |
| Homeownership rate | 47.7% | 72.2% | 65.2% |
| Bachelor's degree or higher | 55.5% | 39.4% | 35.7% |
| Poverty rate | 16.0% | 9.3% | 12.5% |
| Unemployment rate | 5.9% | 4.1% | 5.2% |
| Work from home | 26.2% | 17.6% | 15.1% |
| Median age | 33.4 | 38.8 | 38.9 |
FAQ
What is the average rent in Minneapolis, MN?
The median gross rent in Minneapolis, MN is $1,371 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Minneapolis, MN?
Using the common 30% rule, renting a median-priced home takes about $54,840 a year in gross income.
Is Minneapolis, MN expensive to live in?
Rent there is 3% lower than the U.S. median, and the median home costs about 4.5 times the median household income.
Other cities in Minnesota
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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