Housing costs in Minneapolis?
A typical home costs
$293,200, which is 13.3% less expensive than the national average of
$338,100 and 5.3% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Minneapolis costs
$1,340 per month, which is 8.1% more than the national average of
$1,240 and 4.5% cheaper than the state average of
$1,400.
Can I afford Minneapolis?
To live comfortably in Minneapolis (zip 55407), Minnesota, a minimum annual income of
$56,160 for a family, and
$43,600 for a single person is recommended.
What does A.I. say about Minneapolis?
The cost of living in 55407 Minneapolis, MN is quite high compared to other areas in the United States. According to BestPlaces, the overall cost of living index is rated at 134.1 which is significantly higher than the national average. Rent prices are especially expensive with a 1 bedroom apartment averaging $1300 per month and a 3 bedroom averaging around $2200 per month. Transportation costs are also fairly high with public transportation costing an adult fare of $2.25 for a single ride or up to $70 for an unlimited monthly pass. Groceries and restaurant meals can also be pricey depending on where you shop or eat out. All in all, 55407 Minneapolis, MN is a great place to live but it comes with a hefty price tag.