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Cost of Living Information
Minneapolis vs. Boston Affordability Breakdown
Minneapolis, Minnesota is ranked
1,897/6,050 cities in United States
Boston, Massachusetts is ranked
38/6,050 cities in United States
Compared to National Average
Minneapolis, Minnesota
Boston, Massachusetts
2/129 cities in Minnesota
Compared to State Average
2/193 cities in Massachusetts
Compared to State Average
Assumptions Used to Calculate the Cost of Living Index:
Research cost of living data for a single location
Affordability Breakdown
Minneapolis, Minnesota
Boston, Massachusetts
The data used to calculate the cost of food score is a sample of data pulled from ERI Economic Research Institute' Relocation Assessor. For a more detailed food price index, please try a free demo of the cloud-based Relocation Assessor.
Transportation factors also include the yearly total cost of operating automobile(s) and/or equivalent commuter expense for ten miles.The cost of operating an automobile defaults to 20 miles round trip daily, maintenance, taxes and licensing fees, insurance, gasoline costs including taxes, etc.Costs vary according to changes to number of vehicles, combined value and combined prose, and annual mileage/kilometers.Sources include IRS allowed reimbursement policies, local gasoline, insurance, licensing and maintenance/service prices.
The data used to calculate the cost of transportation score is a sample of data pulled from ERI Economic Research Institute's Relocation Assessor. For a more detailed transportation price index, please try a free demo of the cloud-based Relocation Assessor.
For the estimated monthly rent prices, data on average and median rent price per square foot on a 900 square foot (2 bed room), unfurnished higher-quality apartment is collected.Estimated apartment rental prices assume a standard lease (usually 1-year) is signed.The same geographic assumptions and data standards used for home prices are applied to data collection and survey procedures.Utilities are estimated based on costs for common heating/cooling/sources of energy for the location. Water and sewer cost estimates are also included.
The data used to calculate the cost of housing score is a sample of data pulled from ERI Economic Research Institute's Relocation Assessor. For a more detailed housing price index, please try a free demo of the cloud-based Relocation Assessor.
Health care services include out-of-pocket costs for the employee and carrier zone rates by location, along with hospital costs. They are based primarily upon group medical benefits as tracked by national carriers and in-house methodology. Health care services vary by family size.
The data used to calculate the cost of health care score is a sample of data pulled from ERI Economic Research Institute's Relocation Assessor. For a more detailed health care price index, please try a free demo of the cloud-based Relocation Assessor.
Cost of Labor in Minneapolis, MN
Cost of labor amongst the 400 US major metro areas
Cost of Labor in Boston, MA
Cost of labor amongst the 400 US major metro areas
Area Information
Minneapolis, Minnesota vs. Boston, Massachusetts Salary Comparison
Average Salary in Minneapolis, MN
$70,000 Yearly
$34 Hourly
Average Salary in Boston, MA
$76,834 Yearly
$37 Hourly
Median Household Income in Minneapolis
Median Household Income in Boston
Median House Price in Minneapolis
Median House Price in Boston
State Taxes in Minnesota
state tax rate in the US
State Taxes in Massachusetts
state tax rate in the US
Comparing Walk Scores
Walk Score in Minneapolis, MN
Walk Score in Boston, MA
Employment Levels in Minneapolis, MN vs. Boston, MA
Employment Rate per Month
Minneapolis
Boston
Labor Force Count
Minneapolis
Boston
Unemployment Rate
Minneapolis
Boston
Upward Mobility Rate
Minneapolis
Boston
Yearly Crime Overview in Minneapolis, MN
Yearly Crime Overview in Boston, MA
Violent Crime Overview in Minneapolis, MN
Violent Crime Overview in Boston, MA
Property Crime Overview in Minneapolis, MN
Property Crime Overview in Boston, MA
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FAQs
What is a cost of living index?
A cost of living index is a broad measurement of the cost of different expenses expected by the average person living in a certain location. Some of the categories tracked include health care costs, transportation, housing, groceries, and more. These numbers are tracked in specific locations to gauge how much it costs to live in a certain area over time.
Another good way to interpret this general number is to ask the question, "How many goods and/or services does a specific amount of money purchase in a given location?" An easy example would be that $100 goes further in Reno, Nevada, than it does in San Francisco, California. The goods and services tracked are need-based, meaning entertainment and other incurred expenses not required to live in a certain area are not tracked.
The main purpose of a cost of living index is to help a person quickly decide if moving from one location to another will increase or decrease quality of life.
How did we calculate our cost of living index?
Cost of living data are derived from ERI's cost of living surveys and web digitization of public domain records. Data are comprised of health care, transportation, housing, and grocery costs, which are then averaged out across the county. On the graphs above, the "0" represents the country's average. The percentage can either be lower, expressed by a negative number, or higher than the national average, expressed by a positive number. The important part to remember is the locations are compared to an average of other locations.
How did we calculate our cost of living index?
Cost of labor may sound like cost of living, but it refers to the price of labor as opposed to the cost to living in a location. Cost of labor refers to all the upfront costs that an employer must pay when hiring work from a particular area. This factors in costs such as the payroll taxes and required benefits when hiring from a particular location. This number is displayed as a percent average higher or lower than the national average. To see the cost of labor data for a particular location, please fill out this quote form with your location of interest.