Living in Minneapolis, Minnesota
Cost of living, income, home prices, rent and demographics of Minneapolis · Census data 2020–2024
Minneapolis has 427,246 residents with a median age of 33.4. The median household income is $80,846 (9% lower than the Minnesota median), the median home value is $362,200, the median rent is $1,371/month.
Minneapolis at a glance
- Population
- 427,246
- Median age
- 33.4State: 38.8
- Median household income
- $80,846State: $89,062
- Median home value
- $362,200State: $329,300
- Median rent
- $1,371/moState: $1,280
- Homeowners
- 47.7%
- Bachelor's degree or higher
- 55.5%
- Average commute
- 22 min
Is Minneapolis a good place to live?
Pros: An average commute of 22 minutes.
Cons: Median household income 9% lower than the Minnesota median; home values 10% higher than the state median; unemployment of 5.9%; a poverty rate of 16%.
The weather is best in June to September.
Cost of living in Minneapolis
Housing is the biggest part of the cost of living. In Minneapolis the median home value is $362,200, 9% higher than the U.S. median. Renters pay a median of $1,371 per month, which is 29.3% of household income. Homeowners with a mortgage pay $2,128 a month in housing costs.
Minneapolis median household income
The median household income in Minneapolis is $80,846 and the income per person is $52,692. 16% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Minneapolis: homes for sale and rent
- Housing units
- 209,080
- Owner-occupied
- 47.7%
- Renter-occupied
- 52.3%
- Vacant
- 7.8%Includes seasonal homes
- Median year built
- 1951
- Average household size
- 2.12
Minneapolis demographics
- Population
- 427,246
- Median age
- 33.4
- Under 18
- 18.8%
- 65 and older
- 11.4%
- Households
- 192,734
- Foreign-born
- 13.7%
- Veterans
- 3.4%Adults 18+
Hispanic or Latino can be of any race. Population history of Minneapolis ›
Education in Minneapolis
55.5% of adults 25 and older in Minneapolis have a bachelor's degree or higher (Minnesota: 39.4%), and 22.2% have a graduate or professional degree.
Jobs and commute in Minneapolis
- Unemployment rate
- 5.9%State: 4.1%
- Average commute
- 22 minState: 23 min
- Work from home
- 26.2%
- Drive alone
- 51.9%
- Public transit
- 6.8%
- Walk to work
- 5.8%
- Homes with broadband
- 90.8%
Minneapolis vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Minneapolis | 427,246 | $80,846 | $362,200 | $1,371 |
| Lauderdale | 2,388 | $78,684 | $283,300 | $1,351 |
| Golden Valley | 21,725 | $108,772 | $431,400 | $1,785 |
| St. Louis Park | 49,594 | $101,648 | $386,800 | $1,644 |
| Falcon Heights | 5,085 | $96,528 | $384,500 | $1,202 |
| Robbinsdale | 14,234 | $88,252 | $295,600 | $1,758 |
| St. Anthony | 9,671 | $97,363 | $387,500 | $1,397 |
| Columbia Heights | 22,155 | $73,691 | $277,600 | $1,295 |
| Richfield | 36,642 | $85,132 | $344,000 | $1,393 |
More for people moving to Minneapolis
Minneapolis ZIP code ›Weather and climate ›Living in Minneapolis: FAQ
What is the median household income in Minneapolis, MN?
The median household income in Minneapolis is $80,846, 9% lower than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Minneapolis?
The median home value in Minneapolis is $362,200, compared with $329,300 in Minnesota.
How much is rent in Minneapolis?
The median gross rent in Minneapolis is $1,371 per month, about 29.3% of household income.
Is Minneapolis, MN a good place to live?
Pluses: an average commute of 22 minutes. Minuses: median household income 9% lower than the Minnesota median; home values 10% higher than the state median; unemployment of 5.9%; a poverty rate of 16%.
What is the median age in Minneapolis?
The median age in Minneapolis is 33.4 years (Minnesota: 38.8).
How long is the commute in Minneapolis?
The average commute to work in Minneapolis is 22 minutes; 26.2% of workers work from home.
What is the unemployment rate in Minneapolis?
The unemployment rate in Minneapolis is 5.9% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Minneapolis?
55.5% of adults in Minneapolis have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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