Housing costs in Minneapolis?
A typical home costs
$360,000, which is 6.5% more expensive than the national average of
$338,100 and 16.3% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Minneapolis costs
$2,120 per month, which is 71.0% more than the national average of
$1,240 and 34.0% more than the state average of
$1,400.
Can I afford Minneapolis?
To live comfortably in Minneapolis (zip 55401), Minnesota, a minimum annual income of
$69,120 for a family, and
$69,200 for a single person is recommended.
What does A.I. say about Minneapolis?
The cost of living in 55401 Minneapolis, MN is relatively high compared to other parts of the country. According to BestPlaces, a website that tracks cost of living metrics, the cost of living index for Minneapolis is 118.9, which means it is 18.9% more expensive than the national average. Rent in particular is expensive in this area, with an average one bedroom apartment costing $1,280 and a three bedroom apartment costing around $2,000 per month. However, the city has plenty of job opportunities and many amenities that make it worth the financial commitment for those looking to live in downtown Minneapolis.