Tax Bracket Calculator for Minneapolis, MN
Updated 2026 · Local data pre-filled
With a median household income of $80,600, most Minneapolis residents fall in the 22% federal bracket. Add your state and local taxes on top for your total effective rate. Understanding your bracket helps you make smarter decisions about Roth vs Traditional IRA contributions, charitable giving, and deductions.
✓ Calculator below is pre-filled with Minneapolis local data
How Minneapolis Compares to the National Average
Understanding how Minneapolis stacks up helps you calibrate your financial planning.
| Metric | Minneapolis, MN | US Average | Difference |
|---|---|---|---|
| Median Home Price | $330,000 | $420,800 | -21.6% |
| Median Monthly Rent | $1,114 | $1,713 | -35.0% |
| Median Household Income | $80,600 | $74,580 | +8.1% |
| Property Tax Rate | 1.10% | 1.10% | +0.0% |
| Cost of Living Index | 105 | 100 | +5.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Minneapolis Financial Snapshot
- Population (Metro)
- 3,730,000
- Unemployment
- 3.3%
- Avg Commute
- 25 min
- Median Age
- 36.1
- Price-to-Rent Ratio
- 24.7x
- Annual Property Tax
- $3,630
Frequently Asked Questions — Minneapolis
What is the median home price in Minneapolis, MN?
The median home price in Minneapolis is $330,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Minneapolis?
Median monthly rent in Minneapolis is $1,114. That works out to $13,368/year, or 17% of the median household income — within the commonly recommended 30% of income guideline.
Is Minneapolis affordable?
Minneapolis's cost of living index is 105 vs. the national average of 100. With a median household income of $80,600/year and a median home price of $330,000, the price-to-income ratio is 4.1x. Minneapolis falls in the middle of the affordability spectrum for US cities.
What is the property tax rate in Minneapolis?
The effective property tax rate in Minneapolis is 1.10% of assessed value. On the median home of $330,000, that's roughly $3,630/year ($303/month).