Living Cost Compare
Minneapolis

Minnesota

$1,370/mo est.

vs
Richmond

Virginia

$1,390/mo est.

Monthly estimate = 1BR rent + electricity + gas

A one-person monthly baseline (1BR rent plus typical utilities) runs $1,370 in Minneapolis, MN versus $1,390 in Richmond, VA. Overall, Minneapolis, MN is roughly 1% cheaper to live in day-to-day than Richmond, VA, driven mainly by natural gas costs.

Median household income is $80,269 in Minneapolis, MN and $62,671 in Richmond, VA — about 22% higher in Minneapolis, MN. Minnesota has a top state income tax rate of 9.85% and a 6.875% state sales tax; Virginia has a top state income tax rate of 5.75% and a 5.3% state sales tax.

Minneapolis, MN
Richmond, VA

Rent

Studio
$992
$1,183
+19% in Richmond, VA
1 Bedroom
$1,192
$1,195
+0% in Richmond, VA
2 Bedroom
$1,555
$1,374
+12% in Minneapolis, MN
3 Bedroom
$1,761
$1,447
+18% in Minneapolis, MN

Buying a Home

Median Home Value
$345,600
$328,100
+5% in Minneapolis, MN

Income

Median Household Income
$80,269
$62,671
+22% in Minneapolis, MN
Metro Median Wage (annual)
$59,320
$51,460
+13% in Minneapolis, MN

People & Lifestyle

Median Age
33.0 yr
34.5 yr
+1.5 yr in Richmond, VA
Homeownership
48.0%
43.5%
+4.5 pp in Minneapolis, MN
Bachelor's+ (25+)
54.5%
44.1%
+10.4 pp in Minneapolis, MN
Avg Commute
22.5 min
22.1 min
+0.4 min in Minneapolis, MN

Crime (per 100k/yr)

Violent Crime
1,168.5
349
+70% in Minneapolis, MN
Property Crime
5,183.1
3,240.2
+37% in Minneapolis, MN

FBI Crime Data Explorer. Offenses per 100,000 residents per year; agency reporting practices vary, so this is approximate.

Climate

Avg Annual Temperature
47.4°F
58.9°F
+11.5°F in Richmond, VA
Annual Precipitation
32.8 in
43.6 in
+10.8 in in Richmond, VA

Gas

Regular Gasoline
$3.95/gal
$3.86/gal
+2% in Minneapolis, MN

Area: Minnesota vs East Coast (PADD 1).

Public Transit

Base Fare (one-way)
$2.00
—

Adult base one-way fare — Metro Transit vs — (2026).

Utilities

Electricity (¢/kWh)
16.9
17.6
+4% in Richmond, VA
Natural Gas ($/MCF)
$14.95
$23.66
+58% in Richmond, VA

Residential, state-level averages (EIA). MCF = 1,000 cubic feet.

Groceries

Milk (gal)
$4.31
$4.00
+7% in Minneapolis, MN
Bread (lb)
$1.66
$1.75
+5% in Richmond, VA
Eggs (doz)
$3.63
$2.21
+39% in Minneapolis, MN
Ground Beef (lb)
$6.77
$6.45
+5% in Minneapolis, MN
Chicken (lb)
$2.10
$1.90
+9% in Minneapolis, MN
Bananas (lb)
$0.62
$0.62
about equal

Average prices — Midwest vs South (BLS). Regional where available, otherwise U.S. average.

State Taxes

Sales Tax (MN / VA)
6.875%
5.3%
+1.6 pp in MN
Income Tax (top rate)
9.85%
5.75%
+4.1 pp in MN

Minneapolis vs Richmond — FAQ

Is it cheaper to live in Minneapolis or Richmond?
Minneapolis, MN is cheaper. Its monthly baseline of $1,370 (1BR rent + utilities) runs about 1% below Richmond, VA's $1,390, mainly because of natural gas costs.
How much more do you need to earn to live in Minneapolis than in Richmond?
To keep rent near the recommended 30% of gross income, you'd want to earn roughly $48,000 a year in Minneapolis versus $48,000 in Richmond.
Which has lower taxes, Minneapolis or Richmond?
Minneapolis is taxed under Minnesota's rules (a top state income tax rate of 9.85% and a 6.875% state sales tax); Richmond under Virginia's (a top state income tax rate of 5.75% and a 5.3% state sales tax).

Sources: US Census Bureau, ACS 5-Year (rent, income, home value, demographics); NOAA Climate Normals 1981–2010 (climate); EIA weekly retail (gas); Tax Foundation 2026 (state taxes).