Is Minneapolis, MN cheaper than New York, NY?

Based on cost of living data, Minneapolis, MN is 35.7% cheaper than New York, NY. This translates to saving $2679 per month.

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

If you earn $150,000 in New York, NY, you'd need approximately $117,857.143 in Minneapolis, MN to maintain the same standard of living.

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

Housing in Minneapolis, MN is 63.3% cheaper than in New York, NY. For a two-bedroom apartment, rent is $1,700/month in Minneapolis, MN compared to $3,590/month in New York, NY.

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

Moving from New York, NY to Minneapolis, MN could save you approximately $2679 per month, or $32143 per year, based on a $150,000 salary.

MoveNumbers

New York, NY

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Minneapolis, MN

Cost of Living Comparison 2026

Current salary in New York, NY

Numbers update automatically as you type

You'd save $2.7K/month moving to Minneapolis, MN

$150.0K in your current city equals $117.9K in Minneapolis, MN

Rent data from HUD ZIP-level estimates · COL index from New York-Newark-Jersey City, NY-NJ-PA area

Overall Cost

↓ 35.7%

Less expensive

Monthly Impact

$2,679

Savings

Annual Impact

$32.1K

Per year

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

New York, NY

Population:8337K

Cost Index:100

Median Home:$1.05M

Minneapolis, MN

Population:430K

Cost Index:64

Median Home:$308K

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

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: New York, NY vs Minneapolis, MN

Category	New York, NY	Minneapolis, MN	Difference	Change
🏠Housing	$7,648/mo	$2,807/mo	↓ $4,841less	63.3%
📦Other	$2,034/mo	$1,774/mo	↓ $259less	12.8%
🚗Transportation	$1,602/mo	$1,380/mo	↓ $223less	13.9%
🛒Groceries	$1,165/mo	$1,029/mo	↓ $136less	11.7%
⚡All Utilities	$600/mo	$508/mo	↓ $91.80less	15.3%
🏥Healthcare	$688/mo	$756/mo	↑ $68.15more	9.9%

🏠Housing

↓ 63.3%

New York, NY

$7,648

Minneapolis, MN

$2,807

Difference

$4,841

less

📦Other

↓ 12.8%

New York, NY

$2,034

Minneapolis, MN

$1,774

Difference

$259

less

🚗Transportation

↓ 13.9%

New York, NY

$1,602

Minneapolis, MN

$1,380

Difference

$223

less

🛒Groceries

↓ 11.7%

New York, NY

$1,165

Minneapolis, MN

$1,029

Difference

$136

less

⚡All Utilities

↓ 15.3%

New York, NY

$600

Minneapolis, MN

$508

Difference

$91.80

less

🏥Healthcare

↑ 9.9%

New York, NY

$688

Minneapolis, MN

$756

Difference

$68.15

🏛️ 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$3,120

To$1,240

↓ $1,880

1 Bed

From$3,270

To$1,400

↓ $1,870

2 Bed

From$3,590

To$1,700

↓ $1,890

3 Bed

From$4,500

To$2,250

↓ $2,250

New York, NYZIP-level data

1BR range: $2,260–$3,990/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.

$13,737

Monthly in New York, NY

$8,254

Monthly in Minneapolis, MN

$5,483

Difference

Home Values

New York

Minneapolis

$1.05M

Median Value

$308K

↓ -0.1%

YoY Change

↑ +1%

↓ -5.9%

5-Year Change

↑ +8.2%

$471K - $3.49M

Price Range

$152K - $469K

Homes in Minneapolis are 71% less expensive than New York

Calculate payment - New York Calculate payment - Minneapolis

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

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↓ $889

More taxes

Monthly Difference

$74.04

Less take-home

Effective Rate Diff

0.6%

Rate difference

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

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

New York, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

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.