City profile
Minneapolis, MN cost of living
MN · BEA RPP 104.822
2024 overall RPP
104.822
US = 100
2024 housing-rent RPP
111.838
Housing component
2024 goods RPP
103.065
Goods component
2-BR FMR (HUD)
$1,734/mo
FY2027 FMR
Where Minneapolis, MN sits in the verified metro set
RPP rank
#17 of 67
+4.8 vs U.S. average
Vs median metro
+5.3
median RPP 99.5
2-BR rent rank
#31 of 67
+45/mo vs median verified metro
RPP ranks use only verified ReloMath metro records. Sources: BEA MARPP 2024 (all items, housing, goods, other services); HUD FY2027 2-bedroom Fair Market Rent; reviewed 2026-10-04. These are historical area benchmarks, not current neighborhood prices. HUD FMR is a 40th-percentile gross-rent benchmark, not median rent. BEA metro and HUD rent-area boundaries can differ. BEA: Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) (code 33460). HUD: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area (code METRO33460M33460); counties or county equivalents: Anoka County, Carver County, Chisago County, Dakota County, Hennepin County, Isanti County, Pierce County, Ramsey County, Scott County, Sherburne County, St. Croix County, Washington County, Wright County. The official files were retrieved 2026-10-04.
Who’s moving in and out of Minneapolis, MN
IRS tax-return migration · 2022-2023Cost 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
39,985
people · 26,851 households
Moved out
42,208
people · 27,722 households
Net
−2,223
net loss of residents
Net migration rank
#41 of 65
among IRS-covered ReloMath metros
Vs median net flow
-2,594
median +371 people
Largest flow share
7% in / 6% out
top named county shares
Where new residents came from
- Stearns County, MN 2,812
- St. Louis County, MN 1,519
- Maricopa County, AZ 1,517
- Olmsted County, MN 1,503
- Cook County, IL 1,406
Where residents moved to
- Stearns County, MN 2,435
- Maricopa County, AZ 2,275
- Cook County, IL 1,699
- St. Louis County, MN 1,385
- Rice County, MN 1,305
Counts are IRS tax filers (returns ≈ households, individuals ≈ exemptions) who changed address between 2022-2023. 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?
Historical BEA 2024 salary illustration relative to the U.S. average (RPP 100), before tax and household adjustments. Housing is already included in overall RPP.
| In US-average city | You need in Minneapolis, MN | Formula |
|---|---|---|
| $50,000 | $52,411 | $50,000 x (104.822/100) |
| $75,000 | $78,617 | $75,000 x (104.822/100) |
| $100,000 | $104,822 | $100,000 x (104.822/100) |
| $125,000 | $131,027 | $125,000 x (104.822/100) |
| $150,000 | $157,233 | $150,000 x (104.822/100) |
| $200,000 | $209,644 | $200,000 x (104.822/100) |
Salary illustrations use BEA 2024 overall Regional Price Parities (RPP) only, before tax and household-specific adjustments. Overall RPP already includes housing. HUD FY2027 2-bedroom Fair Market Rent is a separate historical gross-rent benchmark, not a current lease or median rent. Do not add rent to the RPP salary figure. Your lease and moving quote belong in a separate budget. Not financial advice.
Step 2: what will the move itself cost?
The historical salary illustration is separate from moving payments. Use an actual mover quote and lease terms in your budget summary.
State income tax note
Income tax and payroll deductions are not calculated. Obtain take-home estimates for your actual work and home addresses.
Frequently asked questions
- What is the cost of living in Minneapolis, MN?
- In the historical BEA 2024 benchmark, Minneapolis, MN has an overall Regional Price Parity of 104.822 (US average = 100). Its overall price level is 4.8% higher than the national average for that year.
- What salary do I need to live in Minneapolis, MN?
- If you earn $100,000 in a US-average city (RPP 100), the BEA 2024 RPP illustration is approximately $104,822 in Minneapolis, MN, before tax and household adjustments.
- What historical rent benchmark is shown for Minneapolis, MN?
- The historical HUD Fair Market Rent benchmark for a 2-bedroom associated with Minneapolis, MN is $1,734 per month as of FY2027.
- Are people moving to or away from Minneapolis, MN?
- Based on IRS tax-return migration data for 2022-2023, about 39,985 people moved into the Minneapolis, MN metro and 42,208 moved out — a net loss of roughly 2,223 residents. The largest single source of new residents was Stearns County, MN.
Curated nearby & similar cities
Similar verified metros by RPP
These links are chosen by data proximity: closest overall RPP to Minneapolis, MN, with HUD 2-BR rent as a tie-breaker.
Curated cost-of-living comparisons for Minneapolis, MN
Side-by-side cost of living and the equivalent salary you'd need — pick a destination.
Check published data changes
Review dated source notices for tracked metros alongside Minneapolis, MN's historical benchmarks. Change-log entries do not automatically refresh the BEA 2024 or HUD FY2027 values shown here.
View cost-of-living change log