Cost of Living: Minneapolis, MN vs Elizabeth, NJ (2026)

Minneapolis

Minnesota
102
VS

Elizabeth

New Jersey
112

Minneapolis is 9% cheaper than Elizabeth.

$1,329/mo ↓ 9%
Median Rent
$1,463/mo ↑ 10%
$80,269/yr ↑ 26%
Median Income
$63,874/yr ↓ 20%
$345,600 ↓ 12%
Home Value
$393,500 ↑ 14%
$1,513/mo ↓ 2%
Owner Costs
$1,543/mo ↑ 2%
426,845
Population
135,887

Tax Comparison

9.85%
Income Tax
10.75%
6.875%
State Sales Tax
6.625%
1.11%
Property Tax
2.23%

Affordability

19.9%
rent-to-income
Affordability
27.5%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Elizabeth, NJ, the overall cost of living indices are 102 and 112 respectively (national median = 100). Rent is $134/month cheaper in Minneapolis, saving renters about $1,608/year.

Median household income is $16,395/year higher in Minneapolis. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $393,500 in Elizabeth.

Minnesota has a lower income tax rate, making Minneapolis slightly more tax-friendly.

Frequently Asked Questions

Minneapolis vs Elizabeth — common questions

Is Minneapolis or Elizabeth cheaper to live in?
Based on our cost index, Minneapolis is cheaper to live in with an index of 102 compared to 112 (US average = 100).
What is the rent difference between Minneapolis and Elizabeth?
Median rent in Minneapolis is $1,329/month and in Elizabeth it's $1,463/month — a difference of $134/month.
Which city has higher income, Minneapolis or Elizabeth?
Median household income is $80,269 in Minneapolis and $63,874 in Elizabeth. Median household income is $16,395/year higher in Minneapolis.
How do taxes compare between Minnesota and New Jersey?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to Minneapolis or Elizabeth?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Elizabeth has a cost index of 112 with rent of $1,463/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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