Cost of Living in Minneapolis, Minnesota
In Minneapolis, the median household income is $80,846 and the median gross rent is $1,371/mo, with a median home value of $362,200. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $80,846
- Median gross rent
- $1,371/mo
- Median home value
- $362,200
- Population
- 427,246
How Minneapolis compares to the Minnesota average
| Measure | Minneapolis, MN | Minnesota statewide | Difference |
|---|---|---|---|
| Median household income | $80,846 | $89,062 | -9.2% |
| Median gross rent (monthly) | $1,371 | $1,280 | +7.1% |
| Median home value | $362,200 | $329,300 | +10.0% |
Statewide, Minnesota prices average 98.6 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Minneapolis
- Salary needed for median rent
- $54,840
- Rent burden at median income
- 20.3%
- Est. affordable home price
- $294,921
So that $1,371/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Minneapolis is $362,200 — +22.8% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other Minnesota cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.