What is the cost of living in Minnesota?
The cost of living in Minnesota is 5.2% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Minnesota is $94,430 vs the national average for a family of four with two working parents of $89,744. The median income of a Minnesota household is $73,382.
The average home price in Minnesota is $235,700, which is higher than the US average home price of $229,800. Median rent in Minnesota is $1,010/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.2 to 1. That means it takes roughly 3.2 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Minnesota has a high cost of living compared to America as a whole.
People Also Ask About Minnesota
Is Minnesota a dangerous state?
No, Minnesota is not a dangerous state as it ranks as the #19 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Minnesota ranks 38th most dangerous in the United States -- 24.96% better than US average violent crime rate. The property crime rate in the North Star State ranks 20th most dangerous in the United States -- 8.72% worse than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Minneapolis, MN a dangerous city?
Yes, Minneapolis is a dangerous city. Minneapolis ranks as the #14 most dangerous out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Minneapolis might be considered dangerous you still need to be aware of where you are. For example, Linden Hills is the safest in Minneapolis, while Hawthorne is considered dangerous by many based on recent crime stats.
Compared to other big cities, the violent crime rate in Minneapolis ranks 19th highest in America -- 121.5% worse than US average violent crime rate. The property crime rate in the ranks 19th highest in the United States -- 92.85% worse than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Minnesota has the lowest cost of living?
The county in Minnesota with the lowest cost of living is Faribault County. The average living wage in Faribault County is $83,518 according to MIT data. Faribault County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Minnesota as a whole. Childcare costs $12,417 a year in Faribault County for two children compared to the Minnesota average of $17,401. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,808 per year in Faribault County compared to $13,400 on average in Minnesota.
What is the cheapest housing market in Minnesota?
The cheapest housing market in Minnesota is Virginia. The average home value in Virginia is $90,800, the lowest in the state. The average home value in Minnesota is $235,700, almost 2.6 times higher than Virginia.