Cost of Living: Minneapolis, MN vs Palm Bay, FL (2026)

Minneapolis

Minnesota
102
VS

Palm Bay

Florida
91

Minneapolis is 12% more expensive than Palm Bay.

$1,329/mo ↓ 11%
Median Rent
$1,487/mo ↑ 12%
$80,269/yr ↑ 19%
Median Income
$67,521/yr ↓ 16%
$345,600 ↑ 39%
Home Value
$248,000 ↓ 28%
$1,513/mo ↑ 26%
Owner Costs
$1,203/mo ↓ 20%
426,845
Population
125,273

Tax Comparison

9.85%
Income Tax
0%
6.875%
State Sales Tax
6.0%
1.11%
Property Tax
0.86%

Affordability

19.9%
rent-to-income
Affordability
26.4%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Palm Bay, FL, the overall cost of living indices are 102 and 91 respectively (national median = 100). Rent is $158/month cheaper in Minneapolis, saving renters about $1,896/year.

Median household income is $12,748/year higher in Minneapolis. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $248,000 in Palm Bay.

Florida has no state income tax, giving Palm Bay residents a significant tax advantage over Minnesota's 9.85% rate.

Frequently Asked Questions

Minneapolis vs Palm Bay — common questions

Is Minneapolis or Palm Bay cheaper to live in?
Based on our cost index, Palm Bay is cheaper to live in with an index of 91 compared to 102 (US average = 100).
What is the rent difference between Minneapolis and Palm Bay?
Median rent in Minneapolis is $1,329/month and in Palm Bay it's $1,487/month — a difference of $158/month.
Which city has higher income, Minneapolis or Palm Bay?
Median household income is $80,269 in Minneapolis and $67,521 in Palm Bay. Median household income is $12,748/year higher in Minneapolis.
How do taxes compare between Minnesota and Florida?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. Florida has 0% income tax, 6.0% sales tax, and 0.86% property tax.
Should I move to Minneapolis or Palm Bay?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Palm Bay has a cost index of 91 with rent of $1,487/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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More Comparisons

Other cost of living comparisons for Minneapolis and Palm Bay

Minneapolis vs. Oakland Minneapolis vs. Tulsa Minneapolis vs. Miami Minneapolis vs. Bakersfield Minneapolis vs. Virginia Beach Minneapolis vs. Wichita Palm Bay vs. Allentown Palm Bay vs. Meridian Palm Bay vs. Thousand Oaks Palm Bay vs. Vallejo Palm Bay vs. Simi Valley Palm Bay vs. Round Rock