Cost of Living in Minneapolis, MN

Housing

The housing market plays a significant role in determining the cost of living in Minneapolis, MN.

• Housing Index: 120.0 / 100
• Median Home Price is: $305000
• Average Rent (2 BR Apartment): $1800 per month
• Average Rent (2 BR House): $1840 per month

When considering a move to Minneapolis, MN, the housing data reveals a housing index of 120.0, indicating a slightly above-average cost of living. The median home price stands at 305000, which reflects a substantial investment opportunity. For renters, the average rental prices are quite significant, with a 2-bedroom apartment costing around 1800 and a house around 1840. This suggests that while home buyers may face high initial costs, rentals aren’t far behind. Take into account the local job market and amenities to assess whether this aligns with your budget and lifestyle.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Minneapolis, MN.

• Electricity Price: 16.38 USD (median by state)
• Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Minneapolis, MN could entail higher utility costs. Electricity costs sit at 16.38, while natural gas is priced at 14.87 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 112.3

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $76332

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Minneapolis, MN, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.