Is Minneapolis, MN cheaper than Chicago, IL?

Based on cost of living data, Minneapolis, MN is 0.1% cheaper than Chicago, IL. The two cities have very similar living costs.

What salary do I need in Minneapolis, MN to live like I do in Chicago, IL?

If you earn $150,000 in Chicago, IL, you'd need approximately $149,916.744 in Minneapolis, MN to maintain the same standard of living.

How does housing cost compare between Chicago, IL and Minneapolis, MN?

Housing in Minneapolis, MN is 8.5% cheaper than in Chicago, IL. For a two-bedroom apartment, rent is $1,700/month in Minneapolis, MN compared to $1,925/month in Chicago, IL.

How much can I save per month by moving from Chicago, IL to Minneapolis, MN?

Moving from Chicago, IL to Minneapolis, MN could save you approximately $7 per month, or $83 per year, based on a $150,000 salary.

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Chicago, IL

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Minneapolis, MN

Cost of Living Comparison 2026

Current salary in Chicago, IL

Numbers update automatically as you type

You'd save $6.94/month moving to Minneapolis, MN

$150.0K in your current city equals $149.9K in Minneapolis, MN

Rent data from HUD ZIP-level estimates · COL index from Chicago-Naperville-Elgin, IL-IN-WI area

Overall Cost

↓ 0.1%

Less expensive

Monthly Impact

$6.94

Savings

Annual Impact

$83.26

Per year

Based on monthly living costs (rent, groceries, utilities, transport, healthcare). Home purchase prices shown separately below.

Chicago, IL

Population:2746K

Cost Index:100

Median Home:$305K

Minneapolis, MN

Population:430K

Cost Index:100

Median Home:$308K

Chicago, IL

The Prairie State

2.7M

Population

State Tax

Yes

Climate

Continental

Notable Facts

•Major transportation hub
•Architectural landmark city
•Great Lakes location

Major Industries

FinanceTechnologyManufacturingTransportation

Minneapolis, MN

The North Star State

430K

Population

State Tax

Yes

Located in Minnesota, this city has a population of 430K residents.

Cost Breakdown by Category

Annual spending: Chicago, IL vs Minneapolis, MN

Category	Chicago, IL	Minneapolis, MN	Difference	Change
🚗Transportation	$1,680/mo	$1,380/mo	↓ $301less	17.9%
🏠Housing	$3,066/mo	$2,807/mo	↓ $260less	8.5%
🏥Healthcare	$595/mo	$756/mo	↑ $161more	27.1%
📦Other	$1,758/mo	$1,774/mo	↑ $16.74more	1.0%
⚡All Utilities	$519/mo	$508/mo	↓ $10.93less	2.1%
🛒Groceries	$1,029/mo	$1,029/mo	→ $0	0.0%

🚗Transportation

↓ 17.9%

Chicago, IL

$1,680

Minneapolis, MN

$1,380

Difference

$301

less

🏠Housing

↓ 8.5%

Chicago, IL

$3,066

Minneapolis, MN

$2,807

Difference

$260

less

🏥Healthcare

↑ 27.1%

Chicago, IL

$595

Minneapolis, MN

$756

Difference

$161

📦Other

↑ 1.0%

Chicago, IL

$1,758

Minneapolis, MN

$1,774

Difference

$16.74

⚡All Utilities

↓ 2.1%

Chicago, IL

$519

Minneapolis, MN

$508

Difference

$10.93

less

🛒Groceries

→ 0.0%

Chicago, IL

$1,029

Minneapolis, MN

$1,029

Difference

same

🏠Rent Comparison

Studio

From$1,600

To$1,240

↓ $360

1 Bed

From$1,710

To$1,400

↓ $310

2 Bed

From$1,925

To$1,700

↓ $225

3 Bed

From$2,480

To$2,250

↓ $230

Chicago, ILZIP-level data

1BR range: $1,140–$2,370/mo

Minneapolis, MNZIP-level data

1BR range: $1,250–$2,100/mo

💡 Note: Rent prices are based on HUD Fair Market Rent data and represent median costs. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$8,648

Monthly in Chicago, IL

$8,254

Monthly in Minneapolis, MN

$393

Difference

Home Values

Chicago

Minneapolis

$305K

Median Value

$308K

↑ +1.8%

YoY Change

↑ +1%

↑ +10.2%

5-Year Change

↑ +8.2%

$116K - $611K

Price Range

$152K - $469K

Homes in Minneapolis are 1% more expensive than Chicago

Calculate payment - Chicago Calculate payment - Minneapolis

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↓ $3.0K

More taxes

Monthly Difference

$251

Less take-home

Effective Rate Diff

2.0%

Rate difference

Chicago, IL

Federal Income Tax

Effective: 18.9%

$25.5K

Illinois State Tax

Effective: 5.0%

$7.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 29.6%

$44.4K

Take-Home Pay

$8,797/month

$105.6K

Minneapolis, MN

Federal Income Tax

Effective: 18.9%

$25.5K

Minnesota State Tax

Effective: 7.0%

$10.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.6%

$47.4K

Take-Home Pay

$8,546/month

$102.6K

Additional Tax Information

Chicago, IL Tax Rates

Sales Tax:8.8%

Property Tax:2.2%

Minneapolis, MN Tax Rates

Sales Tax:8.0%

Property Tax:1.1%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.