Bloomington, MN

Average · 108

Minnesota · Population 88,838 · Updated March 2026

$1,526
Median Rent / Month
$90,677
Median Income
$346,200
Median Home Value
$1,522
Owner Costs / Month

Affordability

How far your income goes in Bloomington

20.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$18,312
Annual Rent
$8,932
State Income Tax
$3,843
Property Tax (est.)

Cost of Living Overview

Bloomington is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 108 (where 100 equals the national median), Bloomington residents can expect to pay median rent of $1,526/month while earning a median household income of $90,677/year.

The median home value in Bloomington, MN is $346,200, with typical monthly owner costs around $1,522 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Bloomington.

Frequently Asked Questions

Common questions about living costs in Bloomington

What is the cost of living in Bloomington, MN?
The cost of living index in Bloomington, MN is 108 (US average = 100). Median monthly rent is $1,526, median household income is $90,677/year, and the median home value is $346,200.
Is Bloomington, MN affordable?
No, Bloomington is more expensive than the national average with a cost index of 108. The rent-to-income ratio is 20.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Bloomington, MN?
The median gross rent in Bloomington, MN is $1,526 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $18,312.
What is the median household income in Bloomington?
The median household income in Bloomington, MN is $90,677 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.