Median rent is 25% lower in Minneapolis ($1,371/mo vs $1,821/mo). Buying is cheaper in Minneapolis, where the median home runs $362,200 versus $777,600. Households earn more in Minneapolis ($80,846 vs $80,483 a year). Taken together, Minneapolis is the more affordable choice with a cost index of 104.3 against 112.6 — 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 112.6 in New York (US national average = 100)
City A
Minneapolis, MN
City B
New York, NY
How much would you need to earn in New York, NY to maintain your standard of living from Minneapolis, MN?
Equivalent salary in New York, NY
$80,999
You'd need $5,999 more (8% higher).
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
Minneapolis
Minnesota
New York
New York
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 $1,821/mo in New York, a 25% difference. Home buyers face a steeper market in New York: the median home is $777,600 versus $362,200 in Minneapolis — 53% more expensive.
Metric
Minneapolis
New York
Software Developer
Registered Nurse
Elementary Teacher
Electrician
Accountant
Higher wage highlighted · BLS OEWS 2023 (metro-level data)
State tax data is not yet available for these cities.
Minneapolis
Income tax: N/A
Sales tax: N/A
New York
Income tax: N/A
Sales tax: N/A
New York has cleaner air on average: 46.0 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 112.6).
Pick Minneapolis if you prioritize cheaper rent ($1,371/mo median).
Pick New York if you prioritize cleaner air quality (avg AQI 46.0).
Minneapolis is cheaper overall, with a cost of living index of 104.3 versus 112.6 (US average = 100). That means prices run about 7% lower in Minneapolis.
Median rent is $1,371/mo in Minneapolis, MN and $1,821/mo in New York, NY. Minneapolis, MN has the lower rent by about 25%.
Median household income is $80,846 in Minneapolis, MN and $80,483 in New York, NY. Minneapolis, MN has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
New York, NY has better air quality on average: 46.0 AQI versus 55.0 AQI. Both are EPA AirNow annual averages; lower is better.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Minneapolis, MN is equivalent to roughly $107,999 in New York, NY (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
