Median rent is 25% lower in Minneapolis ($1,329/mo vs $1,779/mo). Buying is cheaper in Minneapolis, where the median home runs $345,600 versus $751,700. Households earn more in Minneapolis ($80,269 vs $79,713 a year). Taken together, Minneapolis is the more affordable choice with a cost index of 102.6 against 113.0 — about 9% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Minneapolis, MN.
Quick verdict
Minneapolis is 9% cheaper overall
Cost index: 102.6 in Minneapolis vs 113.0 in New York (US 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
$82,560
You'd need $7,560 more (10% higher).
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
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: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Minneapolis — median rent of $1,329/mo versus $1,779/mo in New York, a 25% difference. Home buyers face a steeper market in New York: the median home is $751,700 versus $345,600 in Minneapolis — 54% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Minnesota's top income tax rate is 9.85% versus 10.90% in New York, so Minneapolis is more tax-friendly for high earners. Sales tax is 6.88% in Minnesota and 4.00% in New York; New York has the lower rate (local add-ons may apply in both).
Minneapolis
Income tax: 9.85%
Sales tax: 6.88%
New York
Income tax: 10.90%
Sales tax: 4.00%
Minneapolis has cleaner air on average: 24.0 AQI (Good) compared to 61.0 AQI (Moderate) in the other city. Lower AQI means cleaner, healthier air.
Pick Minneapolis if you prioritize lower overall cost of living (index 102.6 vs 113.0).
Pick Minneapolis if you prioritize cheaper rent ($1,329/mo median).
Pick Minneapolis if you prioritize cleaner air quality (avg AQI 24.0).
Pick Minneapolis if you prioritize lower state income tax (9.85%).
Is Minneapolis cheaper than New York?
Minneapolis is cheaper overall, with a cost of living index of 102.6 versus 113.0 (US average = 100). That means prices run about 9% lower in Minneapolis.
How much is rent in Minneapolis vs New York?
Median rent is $1,329/mo in Minneapolis, MN and $1,779/mo in New York, NY. Minneapolis, MN has the lower rent by about 25%.
Which has higher salaries — Minneapolis or New York?
Median household income is $80,269 in Minneapolis, MN and $79,713 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.
Which city has better air quality?
Minneapolis, MN has better air quality on average: 24.0 AQI versus 61.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Minneapolis or New York?
Minnesota's top income tax rate is 9.85% and New York's is 10.90%. Minneapolis, MN has the lower rate.
What salary do I need in New York to match my Minneapolis income?
To maintain the same purchasing power, a salary of $100,000 in Minneapolis, MN is equivalent to roughly $110,080 in New York, NY (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology