Cost of living in Minneapolis: rent, homes and salary
Cost of living in Minneapolis runs 4.8% higher than the US average. The regional price parity (RPP) that BEA published for 2024 puts the metro area of Minneapolis, MN at 104.8, with the US at 100, and housing on its own at 111.8.
- Level of prices
- 104.8US = 100, BEA 2024
- Price level for housing
- 111.8 for rents, US = 100.
Cost of living index for Minneapolis
A regional price parity measures one place's price for an identical basket of goods and services against the US average, which is set at 100. Minneapolis lies in a metro area that BEA prices as one: Minneapolis-St. Paul-Bloomington, MN-WI. Housing (rents) sits furthest above the US average, at 111.8, which puts it 11.8% above the US.
| Price level, US = 100 | Minneapolis, MN metro | Minnesota | Metro against the US |
|---|---|---|---|
| All items | 104.8 | 98.6 | +4.8% |
| Goods | 103.1 | 100.5 | +3.1% |
| Housing (rents) | 111.8 | 91.3 | +11.8% |
| Utilities | 93.5 | 90.8 | −6.5% |
| Other services | 104.4 | 100.2 | +4.4% |
The 2024 regional price parities for metro areas and states are published by the U.S. Bureau of Economic Analysis (BEA). BEA regional price parities
Minneapolis rent
In Minneapolis, the typical asking rent is $1,747 a month, a figure from the Zillow Observed Rent Index (ZORI) that covers homes listed now. It is +3.2% on a year. The US figure is $1,932. Census median gross rent is $1,340, and it counts every renting household, not only new leases. One year of asking rent takes 27% of the median household income.
| Rent | Minneapolis | United States |
|---|---|---|
| Typical asking rent, Zillow ZORI | $1,747 | $1,932 |
| Asking rent, 12-month change | +3.2% | |
| Median gross rent, Census ACS 2024 | $1,340 | $1,487 |
| Share of median income, one year of asking rent | 27% | 28% |
Data: Zillow Observed Rent Index and Census Bureau American Community Survey 2024; the Census figures are one-year estimates.
Minneapolis home prices
In September 2026, the Zillow Home Value Index (ZHVI) valued a typical Minneapolis home at $328,351, a figure measured for a home in the middle of the market. Year over year, that figure is up 0.7%, compared with a US figure of $366,157. That is 4.2 years of median household income, compared with 4.5 for the US.
| Home prices | Minneapolis | United States |
|---|---|---|
| Typical home value, September 2026 | $328,351 | $366,157 |
| 12-month change | +0.7% | +1.2% |
| 10-year change | +44.8% | +77.4% |
| Price to income (years of median income) | 4.2 | 4.5 |
| Price to rent (years of asking rent) | 15.7 | 15.8 |
Days on market, the forecast, and the price chart since 2000: the Minneapolis housing market.
Living in Minneapolis: what salary do you need?
Two questions set the pay in Minneapolis that matches what your pay buys now: the place you live, and the amount you earn.
- Moving from
- Salary
Every city side by side, and the method behind it: cost of living by city.
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Minneapolis cost of living compared with other cities
| City | Level of prices | Housing | Typical rent level | Home value, typical |
|---|---|---|---|---|
| Minneapolis | 104.8 | 111.8 | $1,747 | $328,351 |
| Rochester, Minnesota | 90.8 | 78.6 | $1,602 | $340,589 |
| Duluth | 88.8 | 71.1 | $1,434 | $296,120 |
| New York City | 112.6 | 148.6 | $4,089 | $825,854 |
| Los Angeles | 113.6 | 170.4 | $2,772 | $927,891 |
| Chicago | 103.6 | 112.0 | $2,311 | $334,108 |
| Houston | 98.6 | 104.5 | $1,544 | $259,465 |
| Phoenix | 103.3 | 121.2 | $1,571 | $404,067 |
| Philadelphia | 102.6 | 113.1 | $1,757 | $231,584 |
With US = 100, price levels come from BEA regional price parities for 2024. Rent comes from Zillow ZORI. Home values: Zillow ZHVI, September 2026.
All cities ranked: cost of living comparison. Every state: state cost of living data.