Cost of Living: Minneapolis, MN vs Anchorage, AK (2026)

Minneapolis

Minnesota
102
VS

Anchorage

Alaska
113

Minneapolis is 10% cheaper than Anchorage.

$1,329/mo ↓ 9%
Median Rent
$1,453/mo ↑ 9%
$80,269/yr ↓ 18%
Median Income
$98,152/yr ↑ 22%
$345,600 ↓ 8%
Home Value
$375,900 ↑ 9%
$1,513/mo ↓ 11%
Owner Costs
$1,698/mo ↑ 12%
426,845
Population
289,069

Tax Comparison

9.85%
Income Tax
0%
6.875%
State Sales Tax
0%
1.11%
Property Tax
1.04%

Affordability

19.9%
rent-to-income
Affordability
17.8%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Anchorage, AK, the overall cost of living indices are 102 and 113 respectively (national median = 100). Rent is $124/month cheaper in Minneapolis, saving renters about $1,488/year.

Median household income is $17,883/year higher in Anchorage. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $375,900 in Anchorage.

Alaska has no state income tax, giving Anchorage residents a significant tax advantage over Minnesota's 9.85% rate.

Frequently Asked Questions

Minneapolis vs Anchorage — common questions

Is Minneapolis or Anchorage cheaper to live in?
Based on our cost index, Minneapolis is cheaper to live in with an index of 102 compared to 113 (US average = 100).
What is the rent difference between Minneapolis and Anchorage?
Median rent in Minneapolis is $1,329/month and in Anchorage it's $1,453/month — a difference of $124/month.
Which city has higher income, Minneapolis or Anchorage?
Median household income is $80,269 in Minneapolis and $98,152 in Anchorage. Median household income is $17,883/year higher in Anchorage.
How do taxes compare between Minnesota and Alaska?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. Alaska has 0% income tax, 0% sales tax, and 1.04% property tax.
Should I move to Minneapolis or Anchorage?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Anchorage has a cost index of 113 with rent of $1,453/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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