Minnesota Cost of Living & Economic Score
Federal Bureau of Economic Analysis data on price levels, real income, and household-budget impact for Minnesota. Last updated 2024.
InflationRank Score
Cost of living in Minnesota
According to the U.S. Bureau of Economic Analysis, prices in Minnesota run 2.5% below the U.S. average (Regional Price Parity index 97.5 on a base of 100). The state sits in the Midwest region. That puts it close to the middle of the U.S. cost-of-living distribution.
Real per-capita personal income — what local residents actually earn after adjusting for cost of living — is $61.0K (vs $59K nationally). Locals have higher real purchasing power than the U.S. average — high incomes here more than compensate for any cost premium.
Notable cost factors: high top-marginal income tax of 9.85%.
Cost of living in Minnesota's major metro areas
- Minneapolis-St. Paul-Bloomington, MN RPP 101.0 C
How does cost of living in Minnesota compare to other states?
Frequently Asked Questions
What is the cost of living in Minnesota?
Minnesota's Regional Price Parity (RPP) is 97.5 (U.S.=100), meaning prices are 2.5% below the national average. Source: U.S. Bureau of Economic Analysis, 2024.
Is Minnesota affordable to live in?
Minnesota has an InflationRank score of 79/100 (grade C+), reflecting costs above the national average relative to local incomes. Real per-capita income is $61.0K (U.S. avg $59K).
What is the InflationRank score for Minnesota?
Minnesota's InflationRank score is 79/100 (grade C+). The score blends cost burden (60%), inflation pressure (25%), and income resilience (15%), using Bureau of Economic Analysis and Bureau of Labor Statistics federal data.
About the InflationRank Score
The InflationRank Score is a proprietary 0–100 composite that summarizes a place's cost-of-living and economic conditions on a familiar A–F grading scale. Higher scores reflect a better cost-of-living-adjusted economic situation.
The composite weighs three dimensions sourced from federal government datasets: cost level (how local prices compare to the national average), inflation pressure (recent direction and pace of cost movements), and income resilience (real, cost-adjusted earning power of local residents). The score is anchored to the U.S. national average and reviewed annually as federal data refreshes.
Underlying data is drawn from authoritative federal economic agencies and public housing datasets. See full data sources →