City profile
Minneapolis, MN cost of living
MN · BLS RPP 102.9
Overall RPP
102.9
US = 100
Housing RPP
119.2
Housing component
Goods RPP
102.7
Goods component
2-BR Rent (HUD)
$1,622/mo
FY2024 FMR
Where Minneapolis, MN sits in the verified metro set
RPP rank
#24 of 67
+2.9 vs U.S. average
Vs median metro
+4.5
median RPP 98.4
2-BR rent rank
#31 of 67
+16/mo vs median verified metro
RPP ranks use only verified ReloMath metro records. Sources: BEA Regional Price Parities by MSA, 2022 (Table 4); HUD FY2024 Fair Market Rents (2-BR); reviewed June 2026. These are official published averages, not neighborhood-level prices.
Who’s moving in and out of Minneapolis, MN
IRS tax-return migration · 2021-2022Cost of living is only half the relocation question. The other half is which way people are actually voting with their feet, straight from IRS tax-return migration for the Minneapolis, MN metro.
Moved in
196,963
people · 119,641 households
Moved out
209,389
people · 125,995 households
Net
−12,426
net loss of residents
Net migration rank
#52 of 65
among IRS-covered ReloMath metros
Vs median net flow
-12,322
median -104 people
Largest flow share
1% in / 1% out
top named county shares
Where new residents came from
- Stearns County, MN 2,686
- Cook County, IL 1,589
- Maricopa County, AZ 1,551
- Olmsted County, MN 1,497
- St. Louis County, MN 1,367
Where residents moved to
- Stearns County, MN 2,477
- Maricopa County, AZ 2,418
- Rice County, MN 1,539
- Cook County, IL 1,528
- St. Louis County, MN 1,457
Counts are IRS tax filers (returns ≈ households, individuals ≈ exemptions) who changed address between 2021-2022. Flows too small for IRS to disclose are grouped and excluded from the named lists. Source: IRS SOI county-to-county migration data ↗, mapped to metros via the U.S. Census CBSA delineation.
What salary do you need in Minneapolis, MN?
Equivalent salary to maintain the same purchasing power as in a US-average city (RPP 100).
| In US-average city | You need in Minneapolis, MN | Formula |
|---|---|---|
| $50,000 | $51,450 | $50,000 x (102.9/100) |
| $75,000 | $77,175 | $75,000 x (102.9/100) |
| $100,000 | $102,900 | $100,000 x (102.9/100) |
| $125,000 | $128,625 | $125,000 x (102.9/100) |
| $150,000 | $154,350 | $150,000 x (102.9/100) |
| $200,000 | $205,800 | $200,000 x (102.9/100) |
This tool provides estimates only. Equivalent-salary figures are derived from BLS Regional Price Parities (RPP) and HUD Fair Market Rents — they are averages, not guarantees. Actual cost of living varies by neighborhood, lifestyle, and individual circumstances. Not financial advice.
State income tax note
Minnesota income tax 5.35%-9.85%. No city income tax.
Frequently asked questions
- What is the cost of living in Minneapolis, MN?
- Minneapolis, MN has a BLS Regional Price Parity of 102.9 (US average = 100). It is 2.9% more expensive than the national average.
- What salary do I need to live in Minneapolis, MN?
- If you earn $100,000 in a US-average city (RPP 100), you would need approximately $102,900 in Minneapolis, MN to maintain the same purchasing power.
- What is the average rent in Minneapolis, MN?
- The HUD Fair Market Rent for a 2-bedroom in Minneapolis, MN is approximately $1,622 per month as of FY2024.
- Are people moving to or away from Minneapolis, MN?
- Based on IRS tax-return migration data for 2021-2022, about 196,963 people moved into the Minneapolis, MN metro and 209,389 moved out — a net loss of roughly 12,426 residents. The largest single source of new residents was Stearns County, MN.
Curated nearby & similar cities
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