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

Minneapolis

Minnesota
102
VS

Waco

Texas
72

Minneapolis is 42% more expensive than Waco.

$1,329/mo ↑ 21%
Median Rent
$1,098/mo ↓ 17%
$80,269/yr ↑ 56%
Median Income
$51,468/yr ↓ 36%
$345,600 ↑ 73%
Home Value
$199,600 ↓ 42%
$1,513/mo ↑ 38%
Owner Costs
$1,094/mo ↓ 28%
426,845
Population
141,925

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
25.6%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Waco, TX, the overall cost of living indices are 102 and 72 respectively (national median = 100). Rent is $231/month cheaper in Waco, saving renters about $2,772/year.

Median household income is $28,801/year higher in Minneapolis. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $199,600 in Waco.

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

Frequently Asked Questions

Minneapolis vs Waco — common questions

Is Minneapolis or Waco cheaper to live in?
Based on our cost index, Waco is cheaper to live in with an index of 72 compared to 102 (US average = 100).
What is the rent difference between Minneapolis and Waco?
Median rent in Minneapolis is $1,329/month and in Waco it's $1,098/month — a difference of $231/month.
Which city has higher income, Minneapolis or Waco?
Median household income is $80,269 in Minneapolis and $51,468 in Waco. Median household income is $28,801/year higher in Minneapolis.
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 Waco?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Waco has a cost index of 72 with rent of $1,098/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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