Economy in Minneapolis, Minnesota

Minneapolis, MN is a vibrant city with plenty of opportunities for work and leisure. The cost of living is relatively affordable, making it an attractive destination for many people. Renting a 2-bedroom apartment in Minneapolis is slightly more expensive than the national average, at $1,440. However, groceries are actually cheaper here than in other parts of the US, as the Grocery Cost Index in Minneapolis stands at 101 compared to 100 elsewhere.
The city has many well known companies such as Target Corporation and General Mills which provide local employment opportunities. There are also many attractions to explore like the Walker Art Center and Como Park Zoo & Conservatory. Along with the great restaurants like Spoon & Stable and Sea Change, there is something for everyone to enjoy in Minneapolis.

Minneapolis has an unemployment rate of 4.5%. The US average is 6.0%.

Minneapolis has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.7%, which is higher than the US average of 33.5%.

Tax Rates for Minneapolis
- The Sales Tax Rate for Minneapolis is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Minneapolis is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Minneapolis
- The average income of a Minneapolis resident is $32,232 a year. The US average is $28,555 a year.
- The Median household income of a Minneapolis resident is $70,099 a year. The US average is $69,021 a year.