Minneapolis, Minnesota has an overall cost of living index of 102.6, which is 2.6 points above the US average of 100 — making it about average versus most American cities. Renters pay a median of $1,329 per month, while the typical home is valued around $345,600. Households earn a median of $80,269 per year, leaving rent at a manageable share of income for many residents. Air quality is good, with an average AQI of 24. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$80,269
Annual · Census ACS
Median Gross Rent
$1,329
Per month · Census ACS
Median Home Value
$345,600
Census ACS
Cost of Living Index
102.6
BEA RPP · US avg = 100
1BR Fair Market Rent
N/A
HUD FMR
2BR Fair Market Rent
N/A
HUD FMR
3BR Fair Market Rent
N/A
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
Each category is indexed to the US average of 100. Below 100 = cheaper than average.
Overall
102.6
Goods
102.5
Rents / Housing
119.0
Services
85.8
Source: BEA Regional Price Parities (metro-level)
State Income Tax
9.85%
Top marginal rate
State Sales Tax
6.88%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $122,930 |
| 🏥Registered Nurse | $98,550 |
| 📚Elementary Teacher | $69,610 |
| ⚡Electrician | $83,120 |
| 📊Accountant | $89,480 |
Source: BLS OEWS 2023 (metro-level data)
Population
426,845
Latest estimate
Median Age
33 yrs
Census ACS
Average AQI
24.0
Source: EPA AirNow
What is the cost of living index for Minneapolis?
Minneapolis has a Regional Price Parity (RPP) index of 102.6. The US national average is 100, so Minneapolis is 2.6 points above the national average.
What is the median rent in Minneapolis?
The median gross rent in Minneapolis is $1,329 per month according to US Census ACS data.
What is the median household income in Minneapolis?
The median household income in Minneapolis is $80,269 per year.
What is the median home value in Minneapolis?
The median home value in Minneapolis is $345,600 based on the latest Census ACS survey.
How is the air quality in Minneapolis?
Minneapolis has an average Air Quality Index (AQI) of 24.0, which is rated "Good" by the EPA. Lower AQI values indicate cleaner air.
What are the taxes like in Minneapolis?
Minnesota has a top state income tax rate of 9.85% and a statewide sales tax of 6.88% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology