Cost of Living in Minneapolis, MN [2024]

Curious about the cost of living in Minneapolis? There's no denying that Minneapolis is a city with tons to offer. As home to major sports teams, an incredible art scene, and the best park system in the US, the City of Lakes is a great place to call home.

But is moving to Minneapolis right for you? Most importantly, can you afford to live in Minneapolis?

If you're not sure whether you’re financially prepared to live in Minneapolis, don't worry! This guide will break down everything you need to know about the cost of living in Minneapolis. Let's dive in!

Cost of Living in Minneapolis

What Is the Cost of Living in Minneapolis?

Minneapolis is considered a major city of Minnesota, making up the “Twin Cities” with neighbor St. Paul. The average cost of living in Minneapolis is a little over 7% higher than the national average.

Where Is the Cost of Living Highest in Minneapolis?

Edina is one of the most expensive areas in the Minneapolis metro area with rents averaging $1,764 for a one-bedroom apartment. In Minnetonka, you’ll spend around $1,672 a month for a one-bedroom apartment.

Where Is the Cost of Living Lowest in Minneapolis?

Brooklyn Park is among the most affordable and best neighborhoods in Minneapolis’ metro area, with the median rent for a one-bedroom costing $1,150. In West St. Paul, you'll spend an average of $1,175 for a one-bedroom apartment.

How Much Is Rent in Minneapolis?

As of July 2024, the current average rent for a one bedroom apartment in Minneapolis is $1,658 a month. That figure ranks #56 across the United States among the country's 100 largest cities. If you’re thinking about moving to cities near Minneapolis, here’s a look at what to expect to pay in rent each month:

How Much Is a 1-Bedroom Apartment in Minneapolis?

If you want to relocate to the Twin Cities, you’ll spend an average of $1,658 a month for a one-bedroom apartment. Based on our most recent data, all of Minneapolis' average rents are showing a decrease.

How Much Is a 2-Bedroom Apartment in Minneapolis?

As of July 2024, if you’re renting a two-bedroom apartment in Minneapolis, you’ll spend an average of $2,381. The overall rent growth in Minneapolis currently ranks at #90 among the largest cities throughout the country.

What Salary Do You Need to Live in Minneapolis?

The established rule of thumb is to follow the 30% rule. This rule states that an individual shouldn’t pay more than 30% of their pre-tax income toward housing costs.

The median rent for a one-bedroom apartment in Minneapolis is $1,658. This means that an individual should make at least $65,124 annually, $5,527 a month, or around $31.31 per hour to live comfortably in Minneapolis.

Keep in mind, this is simply a rule of thumb. If you're looking to cut costs, a studio apartment or a roommate can help you save big on an awesome apartment. Just make sure you put in the work to find a great roommate.

You can also get more context by looking at MIT’s “living wage” calculation. Minneapolis’ living wage looks into different factors, including the minimum amount you need to live in the area. Their data shows you need at least $22.49 an hour or $46,779 a year for one adult. A family of two adults with a child would need $42.52 an hour, or $81,808.

Remember these figures are the bare minimum. They don’t take into account an emergency fund, student loans, credit card debt, entertainment, vacations, or investments. You may need a side hustle or a roommate to make the most of your budget in Minneapolis.

The job market in Minneapolis is consistently stable but can always change at any time. Look into the current market and average salaries before you relocate to the Twin Cities area. The U.S. Census Bureau estimates the household income in Minneapolis is $76,332, which is close to the national average of $74,580.

How Much Are Utilities in Minneapolis?

Utility costs for a Minneapolis apartment unit can vary greatly. However, based on data collected from renters, the average utility bill in Minneapolis sits at $174.06 per month. That includes water, cooling, heating, garbage, and electricity. If you add on mobile service and Internet service, that will bring up your utilities to an average of $293.42 a month.

Minnesota is known for its very cold winters. For most individuals, this just means accounting for higher costs during the colder months. Be sure to ask about energy efficiency before signing a lease agreement to avoid huge bills in the winter.

Estimating utility costs can be challenging, as these costs can depend on a few factors. Those factors include individual preferences, whether the unit has been upgraded to be energy-efficient, and yearly climate. In short, there are a host of factors that you should consider before trying to come up with a number.

How Much Is Child Care in Minneapolis?

Childcare is also a significant expenditure of a family’s budget and is usually only second to rent or a mortgage. MIT’s latest data shows you’ll spend around $17,987 for the annual cost of child care in Minneapolis. For two children, you’ll spend $34,196.

The amount you’ll spend on daycare in Minneapolis depends on a few factors. You’ll spend more in higher cost of living areas where wages for caregivers are higher. A shortage will also drive up the costs. You may be able to reduce costs by getting creative with nanny shares and part-time preschools, followed by aftercare services..

How Much Is Transportation in Minneapolis?

When you live in Minneapolis, you'll spend around $9,922 on transportation if you're a single adult. That cost rises to $16,643 if you're a family of four. There are ways to save on transportation around Minneapolis, especially if you take public transportation.

A light rail system and other typical modes of transportation such as buses and taxis make up the public transportation options offered through Minneapolis Metro Transit. Bus fares cost $2 all the way up to $6.25 depending on the time of day.

However, Minneapolis has gone above and beyond by offering residents a plethora of transportation options. Of course, popular ride-sharing options like Uber and Lyft are available. Zipcar users can simply rent a nearby car for the day. If you're getting around in your own vehicle, expect to pay parking fees when you arrive downtown.

How Much Are Groceries in Minneapolis?

Minneapolis is a dining paradise and requires its own budget. Of course, you can do it cheaply. According to the MIT living wage estimates a single adult spends an average of $4,854 per year on food. If you’re a family of two adults and a child, you’ll spend $14,267.

If you moved to Minneapolis to eat your way through the city, expect to spend at least $20 per meal at an inexpensive restaurant without any extras. However, if you want to enjoy a meal with someone else at a mid-range restaurant, expect to pay $80 plus tip for a three-course meal.

Minneapolis Fitness & Entertainment

Enjoying all the things that Minneapolis has to offer means exploring fitness and entertainment options in the Twin Cities. It's important to know how these costs will affect your wallet in the long run.

The average cost of a single gym adult membership in Minneapolis is just over $34.17. You may spend more for an exclusive membership with pool access in a high-end neighborhood. You can also try the YMCA or take advantage of the comprehensive parks system that spans the city. Whether you’re looking to take an outdoor run braving the snow in the cold months or want to take a leisurely bike ride by the water, there is something for everyone. Better yet, it's completely free.

For any sports fan, Minneapolis is a dream city. With major basketball, baseball, and football teams, fans have their pick of the lot. Ticket prices vary greatly between these sports. Here's a quick breakdown of the average ticket prices for each team:

• Minnesota Lynx: $205
• Minnesota Timberwolves: $68
• Minnesota Twins: $34
• Minnesota Vikings: $123

Some Minneapolis teams have been consistent performers over the past couple of years, while others on the rise. There's a lot to look forward to in Minneapolis sports in the next few years.

Find Your Next Apartment in Minneapolis

Moving to Minneapolis offers so much to see, do, and explore. From the park system to the entertainment opportunities, there's truly something for everyone. That's why the city is home to such a diverse group of residents.

If you want to join that group, you'll have to do your due diligence. That means ensuring that you can afford to live in the city comfortably. In short, you'll need to ensure that your budget is airtight.

Ready to find your next home in Minneapolis? Start your apartment search using our quiz!

FAQs: What to Know About the Cost of Living in Minneapolis 2024

How much money do you need to live comfortably in Minneapolis?

If you're renting a one-bedroom apartment in Minneapolis for $1,658 per month, the 30% rule suggests that your annual salary should be around $65,124. This breaks down to approximately $5,247 per month or $31.31 per hour, ensuring that only 30% of your income goes towards rent. Additionally, according to MIT's living wage data, you would need at least $22.49 per hour to cover basic living expenses in Minneapolis, without accounting for extras, savings, or debt repayments.

Where is the most affordable place to live in Minneapolis?

If you want affordability, explore Brooklyn Park for cities near Minneapolis where the median rent for a one-bedroom costs $1,150. West St. Paul is also relatively affordable with the median rent of $1,175 for a one-bedroom apartment.

What is the average electric bill in Minneapolis?

Data shows that the average electric bill in Minneapolis is around $168 but can fluctuate depending on the season, especially during winter. You can also use our tips to lower your electric bill in winter and save money.