Median rent is 22% lower in Minneapolis ($1,371/mo vs $1,758/mo). Buying is cheaper in Minneapolis, where the median home runs $362,200 versus $518,100. Households earn more in Minneapolis ($80,846 vs $62,462 a year). Taken together, Minneapolis is the more affordable choice with a cost index of 104.3 against 112.1 — about 7% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Minneapolis, MN.
Cost of living verdict
Minneapolis is 7% cheaper overall
Cost of Living Index: 104.3 in Minneapolis vs 112.1 in Miami (US national average = 100)
City A
Miami, FL
City B
Minneapolis, MN
How much would you need to earn in Minneapolis, MN to maintain your standard of living from Miami, FL?
Equivalent salary in Minneapolis, MN
$69,790
You could earn $5,210 less (7% lower) and break even.
Based on BEA Regional Price Parity (cost index) for each metro area. This estimates overall purchasing power; it does not account for taxes or take-home pay differences.
Metric
Miami
Florida
Minneapolis
Minnesota
Population
Median Household Income
Annual
Median Gross Rent
Per month
Median Home Value
Cost of Living Index
US avg = 100
1BR Fair Market Rent
HUD FMR
2BR Fair Market Rent
HUD FMR
3BR Fair Market Rent
HUD FMR
Air Quality Index
Lower = cleaner
Top State Income Tax
Top marginal rate
State Sales Tax
Statewide base rate
Median Age
Years
✓ = better value · Sources: Census ACS, BEA, HUD Fair Market Rents, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Minneapolis — median rent of $1,371/mo versus $1,758/mo in Miami, a 22% difference. Home buyers face a steeper market in Miami: the median home is $518,100 versus $362,200 in Minneapolis — 30% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
State tax data is not yet available for these cities.
Miami
Income tax: N/A
Sales tax: N/A
Minneapolis
Income tax: N/A
Sales tax: N/A
Miami has cleaner air on average: 37.0 AQI (Good) compared to 55.0 AQI (Moderate) in the other city. Lower AQI means cleaner, healthier air.
Pick Minneapolis if you prioritize lower overall cost of living (index 104.3 vs 112.1).
Pick Minneapolis if you prioritize higher median household income ($80,846/yr).
Pick Minneapolis if you prioritize cheaper rent ($1,371/mo median).
Pick Miami if you prioritize cleaner air quality (avg AQI 37.0).
Is Miami cheaper than Minneapolis?
Minneapolis is cheaper overall, with a cost of living index of 104.3 versus 112.1 (US average = 100). That means prices run about 7% lower in Minneapolis.
How much is rent in Miami vs Minneapolis?
Median rent is $1,758/mo in Miami, FL and $1,371/mo in Minneapolis, MN. Minneapolis, MN has the lower rent by about 22%.
Which has higher salaries — Miami or Minneapolis?
Median household income is $62,462 in Miami, FL and $80,846 in Minneapolis, MN. Minneapolis, MN has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Miami, FL has better air quality on average: 37.0 AQI versus 55.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Miami or Minneapolis?
State tax data is not yet available for one or both cities.
What salary do I need in Minneapolis to match my Miami income?
To maintain the same purchasing power, a salary of $100,000 in Miami, FL is equivalent to roughly $93,054 in Minneapolis, MN (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
