How Much Does it Cost to Live in Minneapolis, MN?

Considering moving to Minneapolis? Whether you're moving from a short distance away or working on a cross-country move—it's important to ask movers questions before hiring and understand how much it costs to live in this Twin City to budget properly. Explore this guide to the city's average cost of living—including housing, healthcare, transportation, utilities, and other goods and services—to prepare to live in Minneapolis!

Cost of living data provided by the Council for Community and Economic Research (C2ER).

How Much Does It Cost to Live in Minneapolis?

The average cost of living in Minneapolis is 6.8% lower than the national average, making it more affordable than other major cities like Denver and Boston, and a good place to move to. Housing costs in Minneapolis are particularly low, followed by categories like healthcare, utilities, and goods and services. Find more detailed cost comparisons below!

Cost of Housing in Minneapolis

Both rent prices and housing prices in Minneapolis are lower than the national average, with home prices that can offer savings of over $100,000! Check out Minneapolis home and rent costs compared to the national averages below.

Cost of Utilities in Minneapolis (Monthly)

You can expect your monthly energy bill in Minneapolis to be around $10 lower than the national average, while phone bills tend to be more on par with the U.S. average.

Cost of Groceries in Minneapolis

Average costs for groceries in Minneapolis are just 2.4% higher than the national average, though certain items—like ground beef, bread, and coffee—offer more savings. See the chart below for average cost comparisons of common grocery items.

Cost of Healthcare in Minneapolis

Minneapolis healthcare costs tend to be more affordable than the national average, with lower costs for dentists, optometrists, and prescription medication—though doctor visits are about 16% more expensive. These are the average costs for each category:

Cost of Transportation in Minneapolis

Transportation costs in Minneapolis are relatively affordable—prices for gas and tire balances are rather even with with the national averages. Refer to the chart below for more specific price comparisons.

Cost of Goods & Services in Minneapolis

For most goods and services, costs in Minneapolis are slightly below or on par with the national averages. However, Minneapolis prices range a few dollars higher than the national average for certain expenses, such as services like haircuts and goods like pizza. Explore average costs for various goods and services below.

Frequently Asked Questions

Is Minneapolis expensive to live in?

One of the best big cities to live in the U.S., Minneapolis is a relatively affordable place to settle down—with an average cost of living that's 6.8% lower than the national average. Most living expenses in Minneapolis cost less than the U.S. average, including utilities, transportation, healthcare, goods and services, and more. Housing costs are especially low, which means there are plenty of safe, affordable neighborhoods in Minneapolis to choose from—whether you're looking to buy or rent a home.

What is a good salary in Minneapolis?

While a good salary in Minneapolis depends on your unique lifestyle, a livable wage in Minneapolis for a single adult without children is just over $48,000 per year. However, families typically need to make more. For example, the recommended annual salary in Minneapolis for two working adults with two children is around $134,000.

What is the cost of living in Minneapolis vs. Chicago?

The cost of living in Minneapolis is 6.8% lower than the national average, whereas the cost of living in Chicago is 15.6% higher than the national average. While housing and rent prices make the biggest difference, Minneapolis also offers lower average costs than Chicago when it comes to expenses like healthcare, transportation, goods and services, and more. That said, Minneapolis is around 22% less expensive than Chicago overall.

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Relocating to Minneapolis? Find helpful moving resources on our comprehensive Moving Hub to help make your move easier. And if you need self storage during your move, Extra Space Storage has conveniently located storage facilities throughout the Twin Cities to help. Find Minneapolis storage near you!