Housing costs in Minneapolis?
A typical home costs
$313,400, which is 7.3% less expensive than the national average of
$338,100 and 1.3% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Minneapolis costs
$1,270 per month, which is 2.4% more than the national average of
$1,240 and 10.2% cheaper than the state average of
$1,400.
Can I afford Minneapolis?
To live comfortably in Minneapolis (zip 55418), Minnesota, a minimum annual income of
$60,120 for a family, and
$41,200 for a single person is recommended.
What does A.I. say about Minneapolis?
The cost of living in 55418 Minneapolis, MN is higher than the national average. However, it's still relatively affordable compared to other cities around the country. The median home price in this zip code is $302,400 which is much lower than the state's median home value of $277,700. Renting a two-bedroom apartment in this zip code can cost between $1,200 and $2,100 depending on the amenities provided. Groceries, healthcare and other necessities are all more expensive here than the national average. On top of that, taxes are also fairly high compared to other states. All in all, Minneapolis does have a higher cost of living than most places but it isn't as prohibitively expensive as some other large cities around the US.