How Much Money Do You Need To Live in Minneapolis?

by | Jan 4, 2023

Are you thinking of living in Minneapolis? Find out what it costs!

Minneapolis is an amazing place to explore and a wonderful place to live, especially for those who thrive in colder and winter-like climates! Minneapolis has many things to offer, including delicious food, big city amenities, and fantastic parks with nature, culture, and history. But before you move, let’s find out and learn about the financial cost of living in the city of Minneapolis.

Living In Minneapolis: What Do the Numbers Say?

The first thing to consider when planning to live in another city is to learn about the cost of living in that area. It is important to know what your money can get you there. A simple comparison between your current area and the city you’ll move in will help you decide and make you knowledgeable about your future finances and how you would handle it right. Let’s figure out more about Minneapolis and the cost behind it.

The Cost of Living in Minneapolis

Living in Minneapolis costs approximately 3% more annually than the national average. You should remember that the cost of living in any specific region varies based on some factors, like the real estate market of the area, your career, and your average salary.

Throughout Minneapolis, the overall transportation expense is roughly 6% higher than in the rest of the nation, including bus fares and gas prices. Although the cost of transportation is significantly higher than in other regions, housing expenses are 1% lower than the national average, and grocery expenses are 2% higher than in surrounding areas. To compensate for the price increases, utility expenses are, on average, 3% less than surrounding areas, and health care is an additional 2% decrease from the nationwide average too.

Home Prices in Minneapolis

Minneapolis is a gorgeous city in the heart of Minnesota, consisting of 87 neighborhoods. Purchasing a home within this region can range anywhere from $25K to $4.5M, with roughly 1,335 houses currently on the market! In November of 2022, the median listing home price in Minneapolis was $302.5K, trending up 4.3% year-over-year. The median listing home price per square foot was $217, and the median cost of homes sold was $315K. 

Average Salary in Minneapolis

Minneapolis can offer some amazing opportunities for anyone who chooses to reside in it.

As of November 22, the average annual salary in Minnesota is $52,760, which translates roughly to $25.37 an hour.  Additionally, this is equivalent to $1,014 a week or $4,396 a month. Most salaries in Minnesota range between $37,855 to $65,688 annually. Remember, salaries vary depending on your occupation and other important individual factors.

Is Minneapolis Right For You?

When deciding to travel or relocate to another area, it is important to consider the financial factors to determine how well you’ll be able to manage day-to-day. These factors can range anywhere from housing and utilities, to groceries and transportation. Minneapolis is one of the great big cities that will welcome you and your loved ones with open arms as long as you prepare accordingly.

The Takeaway

Minneapolis is surely a great fit for you and has a lot to offer. Although living expenses are a little higher than in other regions in the US, Minneapolis offers affordable healthcare and a 0% tax on necessary items like shoes and clothes, making it great for students. Minneapolis residents are able to save a big portion of their income. Comfortable living in this area is simple, but budgeting and being financially aware are essential. To explore the many beautiful student apartments Minneapolis has to offer, check out our listings today!