Minneapolis is a great city to live in for many reasons! From its vibrant downtown to its diverse neighborhoods, Minneapolis offers a lot of opportunities and amenities for people of all ages and backgrounds. But of course, as with moving to any other place in the world, one question always arises: what’s the cost of living like?
If that’s the question in your mind when considering moving to Minneapolis, you’re in the right place! Let’s delve into the rent and cost of living you can expect:
1. Housing Costs
The average cost of rent for a one-bedroom apartment in Minneapolis is $980, and for a two-bedroom is $1,267. Rental prices in the city have increased very slightly, with a 1.1% increase in the last year. Meanwhile, the median value of houses in Minneapolis is currently $330,700, although this has decreased by 4.3% in the last year.
Either way, pay attention to potential discounted rent deals in Minneapolis, which are becoming increasingly frequent. They’ll help you save lots of money in the long run for other things like food, healthcare, and so on.
2. Food Costs
MIT’s living wage data tool indicates that an individual between the ages of 0 and 51 must spend $285 every month to cover their food costs. If two individuals are living together, their food bill will be around double that number.
And, of course, that number can go significantly higher if you go out to eat often. A meal for two at a mid-priced dining establishment will set you back around $65, not including tip. This cost can go up if you choose to have a three-course meal. However, if you are looking for a more budget-friendly option for one, you can find a meal for around $18. But of course, cooking at home is generally always the cheaper route!
3. Transportation Costs
Minneapolis Metro Transit offers a variety of public transportation options, such as light rail, buses, and taxis. The cost of taking the bus varies depending on the time of day, ranging from $2.00 to $3.25. But of course, you can also find other transportation options, such as ride-sharing services like Uber and Lyft or the ability to rent a car with Zipcar for a day.
For those who want to take matters into their own hands, Nice Ride’s bike-sharing program offers e-bikes and scooters that can be used to explore the city. It’s an affordable way to get around, with a single ride costing just $2. Plus, Minneapolis is well-known for its pedestrian- and bike-friendly roads, making it easy to traverse the city.
If you are planning to bring your own car to get around Minneapolis, expect to pay parking fees.
4. Healthcare Costs
Research shows that people 51 and under will pay approximately $146 a month for their healthcare premiums. Those who are older than 51 will have to pay a higher amount, which is around $212 a month.
If you don’t have much money to work with, don’t worry. Minnesota Health Care Programs provide low-income individuals and families with access to quality, affordable healthcare. Through this program, people who may not be able to afford health insurance can receive free or low-cost coverage. People may have to pay a small portion of their medical expenses or a copay, but they also have access to the care they need.
Conclusion
Minneapolis is a fantastic place to live, offering a wide range of activities and amenities to its citizens. It is full of parks and other entertainment options, making it an ideal spot for people of all backgrounds and interests. This diversity of residents makes the city even more enjoyable, as everyone can find something to love. So, now that you are aware of the costs, are you ready to move? If so, come check out the properties you can find there today!
Real Estate News offers all the latest and greatest news, information, tools, and more for realtors looking to make the most out of the Minneapolis area. If you are looking to learn more about the housing market, check out our blog.
