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Cost of Living in Minneapolis

Is it better to rent or buy in Minneapolis? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$86,352
$1,446/mo

Median in area: $1,446

$370,332

Median in area: $370,332

$74,066

If you Rent

🔑
$1,597 /mo
Base Rent$1,446
Est. Utilities$151
% of Income22.2%
Pre-tax Residual$5,599

If you Buy

🏠
$2,619 /mo
P&I (6.823%)$1,936
Taxes & Ins$532
Est. Utilities$151
% of Income36.4%
Pre-tax Residual$4,577

Cost of Living FAQs

Is it cheaper to rent or buy in Minneapolis?›

Based on median housing data, renting is currently more affordable on a monthly basis in Minneapolis. The estimated all-in monthly cost for renting is $1,597, while owning a median-priced home with a 20% down payment is roughly $2,619 per month (a difference of $1,022).

How much do utilities cost in Minneapolis?›

The average monthly utility cost (electricity and natural gas) for a typical home in Minneapolis is approximately $151. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Minneapolis?›

To comfortably afford the median rent and utilities in Minneapolis without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $63,880 per year.