Hennepin County · Minnesota · Midwest · 427k residents
Minneapolis, MN: economy, jobs & business costs
The site-selection read on Minneapolis: labor costs, talent, corporate tax, energy, and business activity, with the Minnesota median as the yardstick. Compare it live against any of 3,000 US cities.
Data coverage: Curated city row; coverage varies by fact.
Average weekly wages in the surrounding labor market run $1,777/wk. Minnesota's corporate income tax rate is 9.8%. Commercial electricity averages 12.1¢/kWh.
Compare Minneapolis side by side
Avg. weekly wage
$1,777/wk
Corporate income tax
9.8%
Bachelor's degree or higher
55.5%
Commercial electricity
12.1¢/kWh
Economic momentum
How fast Minneapolis's economy is moving, ranked against the US cities we track.
42/100
Steady
Ranks Minneapolis's residential building-permit and jobs growth against the US cities we cover. The label is relative pace, not a direction, so a market can rank low while some figures still rise. A higher score moves faster, it is not cheaper or better. This is economic activity, not commercial lease rates or vacancy. Not investment or relocation advice.
| Median home value | $330,000 |
| Price per sq. ft. | $230 |
| Property tax rate | 1.35% |
| 1-bedroom rent | $1,350/mo |
| 2-bedroom rent | $1,750/mo |
| State & local income tax | 3.68% |
| Sales tax | 8.03% |
| Corporate income tax | 9.8% |
| Avg. weekly wage | $1,777/wk |
| Bachelor's degree or higher | 55.5% |
| Commercial electricity | 12.1¢/kWh |
| Businesses per 1k residents | 34.5/1k |
| Wage: Software developer | $130,920 |
| Wage: Registered nurse | $103,040 |
| Wage: General manager | $103,570 |
| Wage: Customer service | $49,480 |
| Wage: Warehouse worker | $37,440 |
| Wage: Heavy truck driver | $64,200 |
| Wage: Electrician | $81,890 |
| Wage: Retail salesperson | $36,670 |
| Cost of living index | 100 |
| Groceries index | 101 |
| Utilities | $165/mo |
| Transit pass | $90/mo |
| Gas price | $3.15/gal |
| Healthcare index | 104 |
| Childcare (per child) | $1,700/mo |
| Median household income | $76,000 |
| Unemployment rate | 3.2% |
| Population | 427k |
| Crime index | 52/100 |
| School rating | 6.5/10 |
| Walkability | 71/100 |
| Disaster risk | 98/100 |
| Avg. commute | 24 min |
| Sunny days / year | 198 days |
| July high | 83°F |
| January low | 8°F |
| Annual snowfall | — |
| Home price YoY | +1.2% |
| Home price MoM | -0.5% |
| Rent YoY | +4.2% |
| Rent MoM | +0.3% |
| Employment (jobs) YoY | 0.0% |
| Building permits YoY | -8.8% |
| Ocean coast | 1026 mi |
| Big lake | 16 mi |
| Mountains | 491 mi |
| Major airport | 8 mi |
| Ski resort | 130 mi |
Popular comparisons
Nearby
- Golden Valley, MN · 22k
- Columbia Heights, MN · 22k
- Crystal, MN · 22k
- Roseville, MN · 36k
- Brooklyn Center, MN · 32k
Similar size
- St. Paul, MN · 307k
- Rochester, MN · 122k
- Bloomington, MN · 89k
- Duluth, MN · 87k
- Brooklyn Park, MN · 84k
Real listings in Minneapolis
LoopNet ↗Crexi ↗CommercialCafe ↗
Links open third-party listing searches. WhereToHQ has no paid relationship with these sites.
- Is Minneapolis a good place to run a business?
- Minnesota's corporate income tax rate is 9.8%; average weekly wages in the surrounding labor market run $1,777/wk; commercial electricity averages 12.1¢/kWh. Weigh these against your own priorities in the business comparison tool.
- What is the cost of living in Minneapolis, MN?
- Minneapolis indexes at 100 for day-to-day costs against a national baseline of 100, with a typical two-bedroom renting for $1,750/mo and a median home value of $330,000.
- How much does a house cost in Minneapolis?
- The median home value in Minneapolis is $330,000 (compiled estimate; individual listings vary).
- How much is rent in Minneapolis?
- A two-bedroom in Minneapolis rents for about $1,750/mo.