Cost of Living in Minneapolis, MN
Population: 426,845 • 2026 Data
$80,269
Median Household Income
+4% vs national
$1,329
Median Monthly Rent
-1% vs national
$345,600
Median Home Value
+2% vs national
5.6%
Unemployment Rate
Housing in Minneapolis
The median home value in Minneapolis, MN is $345,600. Monthly rent for a typical unit averages $1,329, while total monthly housing costs (including utilities and insurance) average $1,513.
Rent-to-income ratio: 19.9%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Minneapolis, MN is $80,269. The unemployment rate stands at 5.6%, with a labor force of 260,326 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.