Cost of Living in Minneapolis

• Average cost of a one-bedroom apartment for rent in Minneapolis is $1,175 per month
• Average cost of utilities in Minneapolis is $144.04 per month
• Average annual salary in Minneapolis is $52,678 per year
• Cost of living in Minneapolis is 30% lower than in Washington, D.C.

Whatever type of accommodations you’re looking for, Minneapolis is a fantastic city for renters. This major Minnesota city is home to nearly 440,000 residents. Minneapolis is renowned for its impeccable park system, with its 13 lakes and abundance of creeks, waterfalls, wetlands, and stunning parks in the Grand Rounds National Scenic Byway. Not only does the city have impressive greenery, but you’ll always find something exciting going on here.

Shopping lovers can spend the day browsing the stores at M&M’s Mall of America. Those passionate about art can head to the Minneapolis Institute of Art or the Walker Art Center. The city is also renowned for its vibrant nightlife and exciting food scene.

Whether you already live close to Minneapolis or live on the other side of the country, moving to a new city can be one of the most daunting life changes. Find out more about Minneapolis, Minnesota, and learn everything you need to know about the Minneapolis cost of living.

Minneapolis housing costs

Current housing costs in Minneapolis:

• Studio: $995 per month
• One-bedroom: $1,175 per month
• Two-bedroom: $1,695 per month

When compared with other major U.S. cities, Minneapolis is a significantly cheaper place to live. For example, Washington, D.C. is 30% more expensive than Minneapolis. The city ranks among the cheapest cities for living by offering all the amenities and activities of many other significant metropolitan areas.

It’s vital to consider the cost of utilities when moving to a new city since these costs often require a significant amount of your monthly income. According to Numbeo.com, the cost of essential utilities in Minneapolis is approximately $144.04 per month and $60 per month for internet services. Be sure to factor in utility costs when evaluating the average cost of living in Minneapolis.

How do I find cheap apartments in Minneapolis?

Before going on the hunt for an affordable place to live in Minneapolis, take a moment to consider what you’re looking for. Make a list of factors like the preferred location, any amenities you’d like the apartment to have, the ideal size of the apartment, and, of course, a suitable budget. Once you’ve established these parameters, you should start searching. When you’re trying to find a cheap apartment in Minneapolis, follow the suggestions below: 

• Be aware of any deal breakers: For example, would you be prepared to live with a roommate to cut costs? Would you be willing to live slightly outside the city center if it means a cheaper apartment? Are you happy to live somewhere quieter where there’s not much going on in exchange for lower monthly rent? Knowing about your deal breakers is crucial when you’re looking for an apartment.
• Consider finding a roommate: Whether you’ve lived with roommates before or if you generally have always lived alone, the fact is that renting an apartment is much cheaper when you live with others. Not only is the monthly rental cost split in half, but so is the cost of utility bills.
• Make inquiries with the chamber of commerce: Many community chambers of commerce or economic development organizations maintain directories or listings of property management firms that offer apartments for rent. These sources can provide information about the cost of living in Minneapolis, Minnesota, and connect you with other resources, such as employment centers, that you may need when moving to a new community. You can also visit the websites for these organizations for more information related to living in a new area and becoming a part of the Minneapolis community.
• Be willing to look in other areas: As is the case with many larger cities, renting an apartment outside of the city center in Minneapolis is generally cheaper than renting one downtown. Neighborhoods that are considered less trendy and more residential usually provide apartment listings that offer much more cost-effective places to rent. In general, the cheapest neighborhoods in Minneapolis are Cedar-Riverside, Elliot Park, University District, Loring Park, and East Phillips.
• Take advantage of Zumper: Zumper lets you browse an array of apartments available in Minneapolis. You can also sign up to receive notifications to be alerted as soon as a new apartment for rent appears on the site. Using Zumper can help improve your chance of finding a cheap apartment in Minneapolis.
• Choose cheaper neighborhoods: Some of the cheapest neighborhoods in Minneapolis include Cooper, Hale, Linden Hills, and St. Anthony West. Looking for rentals in these areas may give you a break on your monthly rent than when compared to Downtown Minneapolis.

Minneapolis transportation costs

It’s important to account for transportation costs when considering a new place to live. Minneapolis has a Metro Transit system, which costs between $2 and $6.50 per ticket, depending on your destination. Some people choose to own a vehicle while living in Minneapolis. The average cost of auto insurance in Minneapolis, Minnesota, is $1,373 per year. Gas right now is around $3.688 per gallon in Minneapolis.

Minneapolis food costs

Food costs are another important consideration when calculating the cost of living in Minneapolis. You can expect to pay around $18 per person for an inexpensive meal and $68 for a midrange meal for two people in Minneapolis. Common grocery items like milk is around $3.24 a gallon, and a loaf of bread is $3.02.

Minneapolis health care costs

Minneapolis’s average cost of health insurance is $392 per person per month. A few health insurance providers available to Minneapolis residents include Blue Cross and Blue Shield of Minnesota, HealthPartners, Medica of Minnesota, and PreferredOne.

Minneapolis entertainment costs

With so much to do in Minneapolis, you’ll want to create an entertainment budget. Some of the most popular entertainment attractions in Minneapolis include:

• Minneapolis Institute of Art: Membership starts at $60 per person per year.
• Walker Art Center: Tickets start at $5 per person.
• Mall of America: Mall of America includes a large collection of shops at all different price points.
• Target Field: Enjoy a baseball game at Target Field. Tickets start at $20 per person.

If you’re on a budget, there’s a ton of free entertainment in Minneapolis. Some free attractions to visit include Minnehaha Falls, the Minneapolis Sculpture, and the downtown art scene. Of course, you could also stroll around the Mall of America without spending anything. The Weisman Art Museum is also free.

Other expenses to consider when living in Minneapolis

Other expenses to consider before living in or moving to Minneapolis include child care, fitness centers, and taxes. You can expect to pay around $1,100 per child per month for child care in Minneapolis. A fitness center costs an average of $71 per person per month. Taxes in Minneapolis are based on income brackets and range between 5.35% and 9.85%.

Average salary in Minneapolis

The average annual salary in Minneapolis is $52,678 per year. Many people who call Minneapolis home work in health care, social assistance, government, or manufacturing. Minneapolis’s biggest employers include UnitedHealth Group, Target, Best Buy, and 3M.

The current job market in Minneapolis is good. The number of careers in science, biotechnology, and health technology are increasing quickly. Whereas the U.S. unemployment rate is currently at 8.7%, the city of Minneapolis is lower at 6.7%. This means that Minneapolis is a great place to move if you’re in search of employment.