Chicago, IL vs Minneapolis, MN: Cost of Living Comparison
Updated November 2026
Minneapolis is the cheaper place to live: overall prices in Chicago are 0.7% higher, and utilities prices differ the most (83.6 in Chicago vs 93.5 in Minneapolis). A single adult's modelled budget is $2,862 a month in Chicago and $2,813 in Minneapolis.
Side-by-side figures
| Measure | Chicago, IL | Minneapolis, MN |
|---|---|---|
| Local cost index (CostLiving estimate) | 103.9 | 103.2 |
| BEA index for the area | 103.6 | 104.8 |
| Housing (rents) | 106.7 | 100.5 |
| Goods | 107.3 | 103.1 |
| Utilities | 83.6 | 93.5 |
| Other services | 100.5 | 104.4 |
| Monthly budget, single adult | $2,862 | $2,813 |
| Monthly budget, couple | $4,482 | $4,689 |
| Monthly budget, family of 4 | $5,408 | $5,639 |
| Median gross rent | $1,440 | $1,371 |
| 1-bedroom rent | $1,325 | $1,214 |
| 2-bedroom rent | $1,467 | $1,632 |
| 3-bedroom rent | $1,623 | $1,822 |
| Median home value | $334,100 | $362,200 |
| Median household income | $77,902 | $80,846 |
| Rent as % of renter income | 29.3% | 29.3% |
| Home value ÷ income | 4.3× | 4.5× |
| Electricity (state, ¢/kWh) | 19.32 | 17.20 |
| Regular gasoline ($/gal) | $4.10 † | $4.02 |
| Population | 2,711,226 | 427,246 |
* fallback value (see notes) · † regional gasoline figure. Local index: CostLiving estimate from BEA RPP 2024 and ACS rents; housing and income: Census ACS 2020-2024; electricity: EIA August 2026; gasoline: EIA week of 2026-11-02.
Prices by category
Chicago, IL
Chicago price index by category, US average = 100: All items 103.9, Housing (rents) 106.7, Goods 107.3, Utilities 83.6, Other services 100.5
Minneapolis, MN
Minneapolis price index by category, US average = 100: All items 103.2, Housing (rents) 100.5, Goods 103.1, Utilities 93.5, Other services 104.4
Monthly budget, family of 4
| Category | Chicago | Minneapolis | Difference |
|---|---|---|---|
| Housing (rent) | $1,422 | $1,668 | +$246 |
| Utilities | $431 | $450 | +$19 |
| Food at home | $797 | $765 | −$32 |
| Transportation | $1,700 | $1,683 | −$17 |
| Health care | $610 | $634 | +$24 |
| Clothing, personal care & supplies | $448 | $439 | −$9 |
| Total | $5,408 | $5,639 | +$231 |
Modelled estimate, excluding taxes and child care. How it is calculated.
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Frequently asked questions
Is Minneapolis more expensive than Chicago?
No. Overall prices in Minneapolis, MN (index 103.2) are 0.7% lower than in Chicago, IL (index 103.9), based on our local cost index (BEA Regional Price Parities 2024 adjusted for local rents). The biggest gap is in utilities: 93.5 vs 83.6.
What salary do I need in Minneapolis to match $60,000 in Chicago?
About $59,600. Going the other way, $60,000 in Minneapolis buys about as much as $60,400 in Chicago. Taxes are not included.
Is rent cheaper in Chicago or Minneapolis?
Median gross rent is $1,440 in Chicago and $1,371 in Minneapolis (−4.8% in Minneapolis; Census ACS 2020-2024). Median home values are $334,100 and $362,200.
Notes
- Chicago: gasoline price - PADD region (EIA publishes weekly prices for only 9 states).
Not financial advice. Methodology · Sources