Minneapolis, MN
Population 426,845 · Minnesota
About Minneapolis, MN
Minneapolis is a major city located in Minnesota with a population of 426,845 residents according to the latest US Census Bureau American Community Survey data. The median household income is $80,269 per year, which is 7% above the national median of $75,149. The median age of 33 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Minneapolis features a median home value of $345,600, which is 41% above the national median of $244,900. This positions Minneapolis in a moderately priced market relative to the rest of the country. Median monthly rent is $1,329, 14% above the national average of $1,163/month. Of the 203,217 total housing units, 48% are owner-occupied (90,686 units) and 52% are renter-occupied (98,258 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Minneapolis shows an unemployment rate of 5.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 16.4%, above the national average of 12.4%. Workers in Minneapolis have an average one-way commute time of 22.5 minutes.
Education & Demographics
54.5% of Minneapolis residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 5.9% White, 3.3% Hispanic or Latino, 0.4% Black or African American, and 4.0% Asian residents, with 14.1% of the population being foreign-born.
How Minneapolis Ranks in Minnesota
Cost of Living in Minneapolis, MN
Compared to national averages, Minneapolis has a median household income of $80,269 (7% above the national median of $75,149). Home values average $345,600, which is 41% above the national median. Monthly rent at $1,329 is 14% above the US average of $1,163. Within Minnesota, Minneapolis's income is 8% above the state average of $74,221, and home values are 69% above the state median of $204,472.
Why Live in Minneapolis, MN?
Minneapolis offers a strong local economy with a median household income of $80,269, well above the national average, and a well-educated community where 54.5% of residents hold a bachelor’s degree or higher, and short commute times averaging just 22.5 minutes.
Minneapolis has a population of 426,845 with a median age of 33 years. Compare Minneapolis with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Minneapolis
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| St. Paul | 307,762 | $73,055 | $280,300 | Compare |
| Rochester | 121,638 | $87,767 | $287,500 | Compare |
| Bloomington | 88,838 | $90,677 | $346,200 | Compare |
| Duluth | 86,863 | $66,263 | $225,700 | Compare |
| Brooklyn Park | 84,349 | $85,964 | $313,500 | Compare |
| Plymouth | 79,526 | $133,865 | $474,700 | Compare |
| Woodbury | 76,945 | $126,222 | $434,900 | Compare |
| Lakeville | 72,480 | $138,119 | $425,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Minneapolis With Other Cities
Frequently Asked Questions about Minneapolis
What is the population of Minneapolis, MN?
The population of Minneapolis, MN is 426,845 according to the latest US Census Bureau American Community Survey estimates. This makes it a major city in Minnesota.
What is the median household income in Minneapolis?
The median household income in Minneapolis, MN is $80,269 per year, which is 7% above the national median of $75,149.
What is the median home value in Minneapolis?
The median home value in Minneapolis, MN is $345,600, which is 41% above the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Minneapolis?
The median monthly rent in Minneapolis, MN is $1,329, which is 14% above the national average of $1,163/month.
What is the unemployment rate in Minneapolis?
The unemployment rate in Minneapolis, MN is 5.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Minneapolis, MN a good place to live?
Minneapolis offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 426,845 and a median age of 33, the city appeals to young professionals and families.
How educated is Minneapolis, MN?
54.5% of residents in Minneapolis aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Minneapolis?
Key cost-of-living indicators for Minneapolis, MN: median home value is $345,600 (41% above national), median rent is $1,329/month, and median household income is $80,269. The home-value-to-income ratio is 4.3x, a moderate figure by national standards.
What is the poverty rate in Minneapolis?
The poverty rate in Minneapolis, MN is 16.4%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Minneapolis, MN?
Minneapolis's population is 5.9% White, 3.3% Hispanic or Latino, 0.4% Black or African American, 4.0% Asian, and 18.1% two or more races. 14.1% of residents are foreign-born.