Minneapolis, Minnesota Cost Of Living

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Overall 8%

Goods & Services 13%

Housing 9%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Minneapolis	Minnesota	National
Cost of living	108	104	100
Goods & Services	113	109	100
Groceries	103	106	100
Health care	103	110	100
Housing	109	100	100
Transportation	104	100	100
Utilities	97	98	100

Key findings

The cost of living in Minneapolis is 4% higher than the Minnesota average
The cost of living in Minneapolis is 8% higher than the national average
Minneapolis housing is 9% higher than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 117% higher than the national average

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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

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

A good indicator of the general affordability of housing in Minneapolis, MN, 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, 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%

Goods & Services

Item	Minneapolis	National avg.	Difference
Haircut	$24.49	$17.49	40.0%
Beauty Salon	$34.71	$38.17	9.1%
Toothpaste	$3.37	$2.32	45.2%
Shampoo	$1.08	$1.01	6.7%
Movie	$10.43	$10.72	2.7%
Bowling	$21.05	$13.86	51.9%

Groceries

Item	Minneapolis	National avg.	Difference
Ground Beef	$4.52	$3.90	15.9%
Fried Chicken	$2.10	$1.40	50.5%
Milk	$2.62	$1.96	33.5%
Potatoes	$3.36	$3.18	5.6%
Pizza	$12.73	$10.39	22.5%
Beer	$8.91	$9.23	3.5%

Health Care

Item	Minneapolis	National avg.	Difference
Optometrist	$89.90	$106.34	15.5%
Doctor	$150.44	$115.25	30.5%
Dentist	$85.78	$98.38	12.8%
Ibuprofen	$11.78	$9.26	27.2%
Lipitor	$445.61	$466.47	4.5%

Housing

Item	Minneapolis	National avg.	Difference
Home Price	$212,800.00	$184,700.00	15.2%
Avg. Mortgage Payment	$1,327.62	$1,273.32	4.3%
Apartment Rent	$898.00	$949.00	5.4%

Transportation

Item	Minneapolis	National avg.	Difference
Gasoline	$2.47	$2.59	4.5%
Tire Balancing	$59.72	$48.90	22.1%

Utilities

Item	Minneapolis	National avg.	Difference
All Electricity	$162.02	$167.60	3.3%
Phone	$178.08	$163.42	9.0%

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	77	-23%
South End, MN	26	80	-20%
Hilltop, MN	799	83	-17%
St. Anthony city (Stearns County), MN	106	88	-12%
Brooklyn Center, MN	30,785	100	0%
Minneapolis, MN	404,670	108	8%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Tulsa, OK	399,906	87	-13%
Oakland, CA	412,040	158	58%
Cleveland, OH	389,165	85	-15%
Wichita, KS	388,033	90	-10%
Arlington, TX	383,899	93	-7%
Minneapolis, MN	404,670	108	8%

Source: The Minneapolis, MN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.