Hennepin County · Minnesota
Minneapolis cost of living (MN)
Price levels published by the Bureau of Economic Analysis for Minneapolis-St. Paul-Bloomington, MN-WI, with the national average set to 100 — so 108 means things cost 8% more here than the US average.
Quick answer
Minneapolis costs 4.8% above the national average — all-items price level 104.8, rank 23 of 94 covered metros. A $100,000 national-average salary needs to be $104,822 here. Housing is the reason, at 111.8.
- All items
- 104.8US average = 100
- Housing
- 111.811.8% above the national average
- Goods
- 103.13.1% above the national average
- Other services
- 104.44.4% above the national average
Price level by component
Where the difference actually comes from.
| Component | Index | vs US | What it covers |
|---|---|---|---|
| Goods | 103.1 | +3.1% | Groceries, fuel, clothing, durable purchases. |
| Housing | 111.8 | +11.8% | Rents and imputed rents — the biggest single swing factor. |
| Utilities | 93.5 | -6.5% | Electricity, gas, water and other household energy. |
| Other services | 104.4 | +4.4% | Healthcare, dining, repairs, personal services. |
Reading the Minneapolis price level
What the 104.8 figure actually means for a household here.
Minneapolis prices sit 4.8% above the US average — an all-items parity of 104.8, rank 23 of 94 covered metros. Moderately above average. The median covered metro reads 100.8.
Housing drives it: 111.8, 11.8% above average. Utilities pull the other way at 93.5. The spread between the cheapest and dearest component is 18.3 points, so the headline number hides real variation — a renter and an owner in Minneapolis do not face the same cost gap versus the rest of the country.
A $100,000 national-average salary needs to be $104,822 here to buy the same basket. Run it the other way: the $76,332 median household income in Minneapolis is worth $72,821 in national-average dollars, 7.3% below the $78,538 US median. Local pay does not cover the local price level.
Parities are published for Minneapolis-St. Paul-Bloomington, MN-WI as a whole. Neighbourhood prices inside that metro diverge widely, and BEA revises the series annually.
What your salary is worth in Minneapolis, MN
Enter a salary. We deflate it by the local price level (104.8 where 100 is the US average) and show what you would need to earn here to match the same pay somewhere average.
- Real value here
- $72,821
- Needed to match US average
- $80,013
- Monthly difference
- $307
What a local paycheck is really worth
Nominal pay is only half the story.
$76,332 median household income in Minneapolis is worth $72,821 in national-average dollars. BEA calls that real income: income × 100 ÷ 104.8.
Frequently asked questions
Common questions about this area.
- Is Minneapolis expensive?
- Yes — 4.8% above the US average, rank 23 of 94 covered metros. housing is the component furthest from average at 111.8.
- What salary do you need to live in Minneapolis, MN?
- $104,822 to match a $100,000 national-average salary. The local median household earns $76,332, worth $72,821 after adjusting for the 104.8 price level.
- Why is the cost of living high in Minneapolis?
- Housing at 111.8 versus utilities at 93.5. A 18.3-point spread between components means one category, not general inflation, sets the headline figure.
More Minneapolis data
Other Minneapolis datasets on this site.
- Minneapolis population and income
- Minneapolis sales tax rate
- Minneapolis property tax
- Minneapolis home values and rent
- Minneapolis crime rates
- Minneapolis public schools
- Minneapolis weather normals
- Minneapolis commute times
- Minneapolis jobs and wages
Statewide: Minnesota cities · Minnesota ZIP codes · Minnesota sales tax · Minnesota counties
2024 BEA Regional Price Parities, published for Minneapolis-St. Paul-Bloomington, MN-WI. Parities are metro-wide, so a single neighbourhood can sit well above or below these figures.