Chicago vs Minneapolis
Chicago, IL · Minneapolis, MN
Minneapolis is 8% cheaper than Chicago overall.
Home Price
Chicago: $315,000
Minneapolis: $330,000
Monthly Rent
Chicago: $2,288/mo
Minneapolis: $1,114/mo
COL Index
Chicago: 114
Minneapolis: 105
Median Income
Chicago: $70,100
Minneapolis: $80,600
Side-by-Side Comparison
Median Home Price
Monthly Rent (Median)
Median Household Income
Property Tax Rate
Cost of Living Index
100 = national average
Avg. Commute
Unemployment Rate
Median Age
What This Means For You
Buying Power
A $100,000 salary in Chicago has the same purchasing power as $92,105 in Minneapolis — based on each city's cost of living index.
Housing
Homes in Minneapolis are 5% cheaper (-$15,000 less). That's a significant down payment and monthly payment difference.
Renting
Renting in Minneapolis saves you $1,174/month — $14,088 per year. Median rent: $2,288/mo in Chicago vs $1,114/mo in Minneapolis.
Property Taxes
On a median-priced home, Chicago owners pay roughly $6,615/year in property taxes vs $3,630/year in Minneapolis. That's a $2,985 annual difference.
Local Earnings
Median household income is $70,100 in Chicago and $80,600 in Minneapolis. Chicago residents earn 15% more — but remember to factor in cost of living.
Daily Commute
Average commute is 31 minutes in Chicago vs 25 minutes in Minneapolis. Over a year, that's 3000 extra minutes (50 hours) of commuting in Chicago.
Salary Equivalence
To maintain the same lifestyle when moving from Chicago to Minneapolis, here's the salary you'd need:
| Salary in Chicago | Equivalent in Minneapolis | Difference |
|---|---|---|
| $50,000 | $46,053 | -$3,947 |
| $75,000 | $69,079 | -$5,921 |
| $100,000 | $92,105 | -$7,895 |
| $150,000 | $138,158 | -$11,842 |
| $200,000 | $184,211 | -$15,789 |
* Calculated using cost of living indices (national average = 100). Does not account for state income tax differences.
Run the Numbers
Mortgage Calculator
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Rent vs Buy
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Cost of Living
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Home Appreciation
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Affordability Calculator
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Property Tax Calculator
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Chicago Calculators
Minneapolis Calculators
Related Comparisons
Chicago vs Minneapolis: Common Questions
Is Chicago or Minneapolis cheaper to live in?
Based on cost of living indices, Minneapolis is cheaper overall. Chicago has a COL index of 114 while Minneapolis scores 105 (national average = 100).
How do home prices compare between Chicago and Minneapolis?
The median home price in Chicago is $315,000 vs $330,000 in Minneapolis — a difference of $15,000 (5%).
What salary do I need in Minneapolis to match my Chicago income?
Use the salary equivalence table above. For example, a $100K salary in Chicago is equivalent to $92,105 in Minneapolis in terms of purchasing power.
Which city has lower property taxes?
Minneapolis has a lower property tax rate (1.1% vs 2.1%). On a median-priced home, that means paying $3,630/year vs $6,615/year.
Cost of living data sourced from Council for Community and Economic Research (C2ER) Cost of Living Index, U.S. Census Bureau American Community Survey, and Zillow Research. Tax rates from Tax Foundation and state revenue agencies. Last updated: March 2025.