Cost of Living: Minneapolis, MN vs Madison, WI (2026)

Minneapolis

Minnesota
102
VS

Madison

Wisconsin
103

Minneapolis and Madison have a similar cost of living.

$1,329/mo ↓ 3%
Median Rent
$1,364/mo ↑ 3%
$80,269/yr ↑ 4%
Median Income
$76,983/yr ↓ 4%
$345,600 ≈ Same
Home Value
$346,900 ≈ Same
$1,513/mo ↑ 3%
Owner Costs
$1,476/mo ↓ 2%
426,845
Population
275,568

Tax Comparison

9.85%
Income Tax
7.65%
6.875%
State Sales Tax
5.0%
1.11%
Property Tax
1.61%

Affordability

19.9%
rent-to-income
Affordability
21.3%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Madison, WI, the overall cost of living indices are 102 and 103 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $3,286/year higher in Minneapolis. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $346,900 in Madison.

Wisconsin has a lower income tax rate, making Madison slightly more tax-friendly.

Frequently Asked Questions

Minneapolis vs Madison — common questions

Is Minneapolis or Madison cheaper to live in?
Based on our cost index, Minneapolis is cheaper to live in with an index of 102 compared to 103 (US average = 100).
What is the rent difference between Minneapolis and Madison?
Median rent in Minneapolis is $1,329/month and in Madison it's $1,364/month — a difference of $35/month.
Which city has higher income, Minneapolis or Madison?
Median household income is $80,269 in Minneapolis and $76,983 in Madison. Median household income is $3,286/year higher in Minneapolis.
How do taxes compare between Minnesota and Wisconsin?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. Wisconsin has 7.65% income tax, 5.0% sales tax, and 1.61% property tax.
Should I move to Minneapolis or Madison?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Madison has a cost index of 103 with rent of $1,364/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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