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: $305,000
- 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 Minneapolis is a financially viable option for your relocation.