Is New York, NY cheaper than Minneapolis, MN?

Based on cost of living data, New York, NY is 55.6% more expensive than Minneapolis, MN. This translates to spending an extra $4167 per month.

What salary do I need in New York, NY to live like I do in Minneapolis, MN?

If you earn $150,000 in Minneapolis, MN, you'd need approximately $200,000 in New York, NY to maintain the same standard of living.

How does housing cost compare between Minneapolis, MN and New York, NY?

Housing in New York, NY is 172.5% more expensive than in Minneapolis, MN. For a two-bedroom apartment, rent is $3,590/month in New York, NY compared to $1,700/month in Minneapolis, MN.

How much can I save per month by moving from Minneapolis, MN to New York, NY?

Living in New York, NY costs approximately $4167 more per month than Minneapolis, MN, or $50000 more per year, based on a $150,000 salary.

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Minneapolis, MN

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New York, NY

Cost of Living Comparison 2026

Current salary in Minneapolis, MN

Numbers update automatically as you type

You'd spend $4.2K/month more in New York, NY

$150.0K in your current city equals $200.0K in New York, NY

Rent data from HUD ZIP-level estimates · COL index from Minneapolis-St. Paul-Bloomington, MN-WI area

Overall Cost

↑ 55.6%

More expensive

Monthly Impact

$4,167

Extra cost

Annual Impact

$50.0K

Per year

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

Minneapolis, MN

Population:430K

Cost Index:100

Median Home:$308K

New York, NY

Population:8337K

Cost Index:156

Median Home:$1.05M

Minneapolis, MN

The North Star State

430K

Population

State Tax

Yes

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

New York, NY

The Empire State

8.3M

Population

State Tax

Yes

Climate

Humid subtropical

Notable Facts

•Most populous city in the US
•Major global financial center
•World-renowned cultural hub

Major Industries

FinanceReal EstateTechnologyMedia

Cost Breakdown by Category

Annual spending: Minneapolis, MN vs New York, NY

Category	Minneapolis, MN	New York, NY	Difference	Change
🏠Housing	$2,807/mo	$7,648/mo	↑ $4,841more	172.5%
📦Other	$1,774/mo	$2,034/mo	↑ $259more	14.6%
🚗Transportation	$1,380/mo	$1,602/mo	↑ $223more	16.1%
🛒Groceries	$1,029/mo	$1,165/mo	↑ $136more	13.2%
⚡All Utilities	$508/mo	$600/mo	↑ $91.80more	18.1%
🏥Healthcare	$756/mo	$688/mo	↓ $68.15less	9.0%

🏠Housing

↑ 172.5%

Minneapolis, MN

$2,807

New York, NY

$7,648

Difference

$4,841

📦Other

↑ 14.6%

Minneapolis, MN

$1,774

New York, NY

$2,034

Difference

$259

🚗Transportation

↑ 16.1%

Minneapolis, MN

$1,380

New York, NY

$1,602

Difference

$223

🛒Groceries

↑ 13.2%

Minneapolis, MN

$1,029

New York, NY

$1,165

Difference

$136

⚡All Utilities

↑ 18.1%

Minneapolis, MN

$508

New York, NY

$600

Difference

$91.80

🏥Healthcare

↓ 9.0%

Minneapolis, MN

$756

New York, NY

$688

Difference

$68.15

less

🏛️ Local Income Taxes

New York, NY: NYC Income Tax$5,689/yr (3.8%)

Minneapolis, MN has no local income tax.

Local taxes are in addition to state income tax. Not all cities levy local income taxes.

🏠Rent Comparison

Studio

From$1,240

To$3,120

↑ $1,880

1 Bed

From$1,400

To$3,270

↑ $1,870

2 Bed

From$1,700

To$3,590

↑ $1,890

3 Bed

From$2,250

To$4,500

↑ $2,250

Minneapolis, MNZIP-level data

1BR range: $1,250–$2,100/mo

New York, NYZIP-level data

1BR range: $2,260–$3,990/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.

$8,254

Monthly in Minneapolis, MN

$13,737

Monthly in New York, NY

$5,483

Difference

Home Values

Minneapolis

New York

$308K

Median Value

$1.05M

↑ +1%

YoY Change

↓ -0.1%

↑ +8.2%

5-Year Change

↓ -5.9%

$152K - $469K

Price Range

$471K - $3.49M

Homes in New York are 241% more expensive than Minneapolis

Calculate payment - Minneapolis Calculate payment - New York

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

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $889

Per year

Monthly Difference

$74.04

More take-home

Effective Rate Diff

0.6%

Rate difference

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

New York, NY

Federal Income Tax

Effective: 18.9%

$25.5K

New York State Tax

Effective: 6.4%

$9.5K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.0%

$46.6K

Take-Home Pay

$8,620/month

$103.4K

Additional Tax Information

Minneapolis, MN Tax Rates

Sales Tax:8.0%

Property Tax:1.1%

New York, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

💡 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.