Median rent is 18% lower in Minneapolis ($1,371/mo vs $1,663/mo). Buying is cheaper in Minneapolis, where the median home runs $362,200 versus $371,100. Households earn more in Minneapolis ($80,846 vs $75,192 a year). Taken together, St. Petersburg is the more affordable choice with a cost index of 102.5 against 104.3 — about 2% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Minneapolis, MN.
Cost of living verdict
St. Petersburg is 2% cheaper overall
Cost of Living Index: 102.5 in St. Petersburg vs 104.3 in Minneapolis (US national average = 100)
City A
Minneapolis, MN
City B
St. Petersburg, FL
How much would you need to earn in St. Petersburg, FL to maintain your standard of living from Minneapolis, MN?
Equivalent salary in St. Petersburg, FL
$73,685
You could earn $1,315 less (2% 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
Minneapolis
Minnesota
St. Petersburg
Florida
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
Median rent is modestly lower in Minneapolis at $1,371/mo compared to $1,663/mo in St. Petersburg (18% gap). Median home values are within 2% of each other: $362,200 in Minneapolis and $371,100 in St. Petersburg.
1BR Fair Market Rent
2BR Fair Market Rent
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
St. Petersburg
Income tax: N/A
Sales tax: N/A
Both cities have similar air quality: Minneapolis averages 55.0 AQI (Moderate) and St. Petersburg averages 56.0 AQI (Moderate).
Pick Minneapolis if you prioritize higher median household income ($80,846/yr).
Pick Minneapolis if you prioritize cheaper rent ($1,371/mo median).
Is Minneapolis cheaper than St. Petersburg?
St. Petersburg is cheaper overall, with a cost of living index of 102.5 versus 104.3 (US average = 100). That means prices run about 2% lower in St. Petersburg.
How much is rent in Minneapolis vs St. Petersburg?
Median rent is $1,371/mo in Minneapolis, MN and $1,663/mo in St. Petersburg, FL. Minneapolis, MN has the lower rent by about 18%.
Which has higher salaries — Minneapolis or St. Petersburg?
Median household income is $80,846 in Minneapolis, MN and $75,192 in St. Petersburg, FL. 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: 55.0 AQI versus 56.0 AQI. Both are EPA AirNow annual averages; lower is better.
Which has lower taxes — Minneapolis or St. Petersburg?
State tax data is not yet available for one or both cities.
What salary do I need in St. Petersburg to match my Minneapolis income?
To maintain the same purchasing power, a salary of $100,000 in Minneapolis, MN is equivalent to roughly $98,246 in St. Petersburg, FL (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
