Cost of Living: Minneapolis, MN vs Richmond, VA (2026)

Minneapolis

Minnesota
102
VS

Richmond

Virginia
98

Minneapolis is 4% more expensive than Richmond.

$1,329/mo ↑ 1%
Median Rent
$1,314/mo ↓ 1%
$80,269/yr ↑ 28%
Median Income
$62,671/yr ↓ 22%
$345,600 ↑ 5%
Home Value
$328,100 ↓ 5%
$1,513/mo ↑ 10%
Owner Costs
$1,374/mo ↓ 9%
426,845
Population
227,595

Tax Comparison

9.85%
Income Tax
5.75%
6.875%
State Sales Tax
5.3%
1.11%
Property Tax
0.8%

Affordability

19.9%
rent-to-income
Affordability
25.2%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Richmond, VA, the overall cost of living indices are 102 and 98 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $17,598/year higher in Minneapolis. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $328,100 in Richmond.

Virginia has a lower income tax rate, making Richmond slightly more tax-friendly.

Frequently Asked Questions

Minneapolis vs Richmond — common questions

Is Minneapolis or Richmond cheaper to live in?
Based on our cost index, Richmond is cheaper to live in with an index of 98 compared to 102 (US average = 100).
What is the rent difference between Minneapolis and Richmond?
Median rent in Minneapolis is $1,329/month and in Richmond it's $1,314/month — a difference of $15/month.
Which city has higher income, Minneapolis or Richmond?
Median household income is $80,269 in Minneapolis and $62,671 in Richmond. Median household income is $17,598/year higher in Minneapolis.
How do taxes compare between Minnesota and Virginia?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax.
Should I move to Minneapolis or Richmond?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Richmond has a cost index of 98 with rent of $1,314/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Minneapolis details → View Richmond details →

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