Minneapolis, MN Cost Of Living

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Minneapolis cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Minneapolis	Minnesota	National
Cost of living index	106	102	100
Index	Minneapolis	Minnesota	National
Goods & Services index	107	105	100
Groceries index	107	106	100
Health care index	105	113	100
Housing index	109	100	100
Transportation index	108	103	100
Utilities index	91	89	100

The above illustration supplies generalized information for the Minneapolis, MN cost of living index. Compared to other cities in Minnesota and cities across the country, the cost of living index in Minneapolis, MN is 106, which is 4% higher than the Minnesota average and 6% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Minneapolis, MN are 2% higher than the average for Minnesota and 7% higher than the rest of the country.

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Did you know?

The cost of living in Minneapolis is 4% higher than the Minnesota average.
The cost of living in Minneapolis is 6% higher than the national average.
The cost of housing in Minneapolis is 9% higher than the national average.
Minnesota general sales tax is 35% higher than the national average.
Minnesota state income tax is 141% higher than the national average.

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Salary Calculator

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator is used in order to provide a comparison of your current salary in Minneapolis, MN to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Minneapolis, MN, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Minneapolis, MN salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$83,789	$6,982	$1,955	$2,514
Renters	$33,268	$2,772	$776	$998

If you want to find a good determining factor for the cost of living and the general affordability of housing in Minneapolis, MN, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Minneapolis, MN, the median monthly income is $83,789 for those who own their own homes. Under the standard rule, that income level would allow for $1,955 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $33,268, per the median income in the area. That would allow for renters to spend up to $776 on monthly rental expenses.

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

One thing to keep in mind when considering the cost of living in Minneapolis, MN is the Minnesota sales tax and Minnesota income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Minnesota sales tax rate is 6.875% and the maximum surtax that can be charged is 7.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Minnesota income tax rates range from 5.35% to 9.85%.

Goods & Services

Item	Minneapolis	National avg.	Difference
Haircut	$23.99	$16.09	49.1%
Beauty Salon	$34.28	$37.33	8.2%
Toothpaste	$3.38	$2.45	38.2%
Shampoo	$1.06	$1.00	6.3%
Movie	$10.13	$10.28	1.4%
Bowling	$4.01	$4.93	18.6%

Groceries

Item	Minneapolis	National avg.	Difference
Ground Beef	$4.38	$3.80	15.1%
Fried Chicken	$2.05	$1.40	46.8%
Milk	$2.30	$2.01	14.6%
Potatoes	$3.30	$3.01	9.6%
Pizza	$11.04	$9.89	11.7%
Beer	$8.98	$8.90	0.9%

Health Care

Item	Minneapolis	National avg.	Difference
Optometrist	$82.63	$102.16	19.1%
Doctor	$132.41	$108.36	22.2%
Dentist	$84.22	$92.53	9.0%
Ibuprofen	$12.00	$9.28	29.3%
Lipitor	$422.69	$425.82	0.7%

Housing

Item	Minneapolis	National avg.	Difference
Home Price	$212,800.00	$184,700.00	15.2%
Avg. Mortgage Payment	$1,258.46	$1,202.44	4.7%
Apartment Rent	$898.00	$949.00	5.4%

Transportation

Item	Minneapolis	National avg.	Difference
Gasoline	$2.23	$2.24	0.5%
Tire Balancing	$58.07	$46.29	25.5%

Utilities

Item	Minneapolis	National avg.	Difference
All Electricity	$157.86	$165.96	4.9%
Phone	$24.99	$28.68	12.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Landfall, MN	793	75	-25%
South End, MN	26	78	-22%
Hilltop, MN	799	81	-19%
St. Anthony city (Stearns County), MN	106	86	-14%
Brooklyn Center, MN	30,785	98	-2%
Minneapolis, MN	404,670	106	6%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Tulsa, OK	399,906	93	-7%
Oakland, CA	412,040	154	54%
Cleveland, OH	389,165	88	-12%
Wichita, KS	388,033	91	-9%
Arlington, TX	383,899	96	-4%
Minneapolis, MN	404,670	106	6%

Source: The Minneapolis, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Minneapolis, MN Cost of Living