Index Minneapolis Minnesota National
Cost of living index 106 102 100
Index Minneapolis Minnesota National
Goods & Services index 108 106 100
Groceries index 106 105 100
Health care index 106 110 100
Housing index 110 101 100
Transportation index 101 98 100
Utilities index 96 91 100

 

  • Cost of living is 4% higher than the state average
  • Cost of living is 6% higher than the national average
  • Cost of housing is 10% higher than the national average

 

Goods & Services

Item Minneapolis National avg. Difference
Haircut $24.24 $15.56 55.8%
Beauty Salon $34.24 $36.11 5.2%
Toothpaste $3.32 $2.47 34.4%
Shampoo $1.04 $0.96 7.4%
Movie $9.88 $10.13 2.4%
Bowling $4.12 $4.74 13.1%

 

Groceries

Item Minneapolis National avg. Difference
Ground Beef $4.14 $3.98 4.0%
Fried Chicken $2.00 $1.41 42.1%
Milk $2.23 $2.06 8.1%
Potatoes $3.30 $2.98 10.5%
Pizza $10.53 $9.47 11.1%
Beer $8.81 $8.79 0.2%

 

Health Care

Item Minneapolis National avg. Difference
Optometrist $81.38 $101.04 19.5%
Doctor $133.98 $107.44 24.7%
Dentist $85.91 $90.42 5.0%
Ibuprofen $11.82 $9.28 27.4%
Lipitor $416.78 $426.50 2.3%

 

Median Income & Debt-To-Income Ratio

Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
Owners $80,527 $6,711 $1,879 $2,416
Renters $30,689 $2,557 $716 $921

If you want to find a good determining factor for the cost of living and the general affordability of housing in Minneapolis, MN, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Minneapolis, MN, the median monthly income is $80,527 for those who own their own homes. Under the standard rule, that income level would allow for $1,879 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $30,689, per the median income in the area. That would allow for renters to spend up to $716 on monthly rental expenses.

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