Cost of Living in Minneapolis, MN
Minneapolis has a cost of living index of 109 (100 = national average), making it more expensive than the national average. The median household income is $63,507 and the median home price is $330,000.
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Minneapolis at a Glance
Population
425,336
Cost of Living Index
109
Median Income
$63,507
Median Home Price
$330,000
Property Tax Rate
1.16%
Sales Tax Rate
8.03%
Rent Index
108
State
Minnesota
Living in Minneapolis
Minneapolis has a cost of living slightly above the national average. While housing at $330,000 is a significant expense, the area offers a balance between cost and quality of life.
The combined sales tax rate in Minneapolis is 8.03%, and the effective property tax rate is 1.16%. Property taxes are close to the national average.