Cost of Living: Minneapolis, MN vs Richardson, TX (2026)

Minneapolis

Minnesota
102
VS

Richardson

Texas
128

Minneapolis is 20% cheaper than Richardson.

$1,329/mo ↓ 27%
Median Rent
$1,825/mo ↑ 37%
$80,269/yr ↓ 17%
Median Income
$96,257/yr ↑ 20%
$345,600 ↓ 15%
Home Value
$405,600 ↑ 17%
$1,513/mo ↓ 16%
Owner Costs
$1,796/mo ↑ 19%
426,845
Population
118,269

Tax Comparison

9.85%
Income Tax
0%
6.875%
State Sales Tax
6.25%
1.11%
Property Tax
1.6%

Affordability

19.9%
rent-to-income
Affordability
22.8%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Richardson, TX, the overall cost of living indices are 102 and 128 respectively (national median = 100). Rent is $496/month cheaper in Minneapolis, saving renters about $5,952/year.

Median household income is $15,988/year higher in Richardson. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $405,600 in Richardson.

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

Frequently Asked Questions

Minneapolis vs Richardson — common questions

Is Minneapolis or Richardson cheaper to live in?
Based on our cost index, Minneapolis is cheaper to live in with an index of 102 compared to 128 (US average = 100).
What is the rent difference between Minneapolis and Richardson?
Median rent in Minneapolis is $1,329/month and in Richardson it's $1,825/month — a difference of $496/month.
Which city has higher income, Minneapolis or Richardson?
Median household income is $80,269 in Minneapolis and $96,257 in Richardson. Median household income is $15,988/year higher in Richardson.
How do taxes compare between Minnesota and Texas?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Minneapolis or Richardson?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Richardson has a cost index of 128 with rent of $1,825/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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