Cost of Living: Indianapolis, IN vs Minneapolis, MN (2026)

Indianapolis

Indiana
74
VS

Minneapolis

Minnesota
102

Indianapolis is 27% cheaper than Minneapolis.

$1,112/mo ↓ 16%
Median Rent
$1,329/mo ↑ 20%
$62,995/yr ↓ 22%
Median Income
$80,269/yr ↑ 27%
$207,000 ↓ 40%
Home Value
$345,600 ↑ 67%
$1,124/mo ↓ 26%
Owner Costs
$1,513/mo ↑ 35%
882,043
Population
426,845

Tax Comparison

3.05%
Income Tax
9.85%
7.0%
State Sales Tax
6.875%
0.83%
Property Tax
1.11%

Affordability

21.2%
rent-to-income
Affordability
19.9%
rent-to-income

Detailed Comparison

When comparing Indianapolis, IN and Minneapolis, MN, the overall cost of living indices are 74 and 102 respectively (national median = 100). Rent is $217/month cheaper in Indianapolis, saving renters about $2,604/year.

Median household income is $17,274/year higher in Minneapolis. Home values also differ significantly — the median in Indianapolis is $207,000 compared to $345,600 in Minneapolis.

Indiana has a lower income tax rate, making Indianapolis slightly more tax-friendly.

Frequently Asked Questions

Indianapolis vs Minneapolis — common questions

Is Indianapolis or Minneapolis cheaper to live in?
Based on our cost index, Indianapolis is cheaper to live in with an index of 74 compared to 102 (US average = 100).
What is the rent difference between Indianapolis and Minneapolis?
Median rent in Indianapolis is $1,112/month and in Minneapolis it's $1,329/month — a difference of $217/month.
Which city has higher income, Indianapolis or Minneapolis?
Median household income is $62,995 in Indianapolis and $80,269 in Minneapolis. Median household income is $17,274/year higher in Minneapolis.
How do taxes compare between Indiana and Minnesota?
Indiana has 3.05% income tax, 7.0% sales tax, and 0.83% property tax. Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax.
Should I move to Indianapolis or Minneapolis?
It depends on your priorities. Indianapolis has a cost index of 74 with median rent of $1,112/mo, while Minneapolis has a cost index of 102 with rent of $1,329/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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