Home › Compare › Minneapolis, MN vs Richmond, VA

Cost of Living: Minneapolis, MN vs Richmond, VA

A data-driven comparison of housing, groceries, transportation, taxes, job market and more. See which city gives you more for your money.

3.8% Richmond, VA is cheaper overall
3.7% 3.7% cheaper housing
3.0% 3.0% cheaper groceries
Updated April 2026 · Data: Bureau of Labor Statistics, U.S. Census Bureau National average = 100

At a Glance

🏠 Housing 3.7% cheaper
Minneapolis
108
Richmond
104
🛒 Groceries 3.0% cheaper
Minneapolis
101
Richmond
98
🚗 Transportation 7.5% cheaper
Minneapolis
106
Richmond
98
🏥 Healthcare ~Same
Minneapolis
100
Richmond
100
⚡ Utilities 5.3% more
Minneapolis
95
Richmond
100

Detailed Breakdown

Category Minneapolis, MN Richmond, VA Difference
Overall Cost Index1041003.8% less
Housing1081043.7% less
Median 1BR Rent$1,350$1,3003.7% less
Median Home Price$330,000$320,0003.0% less
Groceries101983.0% less
Transportation106987.5% less
Healthcare100100~Same
Utilities951005.3% more

Tax Comparison

Tax Type Minneapolis, MN Richmond, VA
State Income Tax9.85% (top)5.75% (top)
State Sales Tax6.88%5.30%
Avg Property Tax Rate1.02%0.74%
Estate / Inheritance TaxYesNone

What You'd Need to Earn

Minneapolis, MN
$76,000
Median household income
Richmond, VA
$62,000
Median household income
⚠️ Heads up: Richmond costs more but median income is lower. You may need to earn more to maintain the same standard of living.

Salary Equivalent Calculator

Find out what you'd need to earn in Richmond to maintain your Minneapolis lifestyle.

→
$—

Based on overall cost index: Minneapolis (104) vs Richmond (100). This is an estimate for comparison purposes.

Job Market Snapshot

Unemployment Rate
Minneapolis3.2%
Richmond3.4%
Job Growth (YoY)
Minneapolis2.5%
Richmond2.5%
Top Industries
MinneapolisHealthcare, Finance, Retail
RichmondFinance, Government, Manufacturing

Quality of Life

Avg Commute
Minneapolis25 min
Richmond24 min
Walk Score
Minneapolis69
Richmond52
Air Quality (AQI)
Minneapolis36
Richmond38
Avg Temperature
Minneapolis45°F
Richmond58°F
Population
Minneapolis425,336
Richmond226,610

Moving from Minneapolis to Richmond?

Get free, no-obligation moving quotes from top-rated movers. Compare prices and save up to 40% on your move.

Get My Free Moving Estimate →
✓ 500+ vetted movers ✓ Free quotes in 24hrs ✓ No obligation

Planning Your Move?

Here are some helpful resources if you're considering relocating.

🏠 Find ApartmentsBrowse rentals in Minneapolis and Richmond → 🚚 Get Moving QuotesCompare prices from top movers → 📈 Check Home ValuesSee real estate trends in both cities → 💼 Search JobsFind open positions in Richmond →

Compare Other Cities

Minneapolis vs Austin → Minneapolis vs Denver → Minneapolis vs Nashville → Richmond vs Raleigh → Richmond vs Portland → Richmond vs Phoenix →

Frequently Asked Questions

Is Minneapolis or Richmond cheaper to live in?+
Richmond is the more affordable option overall. The biggest difference is in housing costs, where the gap is about 3.7%. Day-to-day expenses like groceries and transportation are closer between the two cities.
How much is rent in Minneapolis vs Richmond?+
A typical one-bedroom apartment costs around $1,350/month in Minneapolis and $1,300/month in Richmond — a difference of about $50 per month.
Which city has lower taxes, Minneapolis or Richmond?+
Minnesota has a state income tax of 9.85% (top) and sales tax of 6.88%. Virginia has a state income tax of 5.75% (top) and sales tax of 5.30%. Consider all tax types together when evaluating total tax burden, as states with no income tax often compensate with higher sales or property taxes.
Can I afford to move from Minneapolis to Richmond?+
Median household income in Minneapolis is $76,000 compared to $62,000 in Richmond. Use the salary calculator above to see what you'd need to earn to maintain your current standard of living.
What about buying a home in Minneapolis vs Richmond?+
The median home price in Minneapolis is $330,000 versus $320,000 in Richmond — a difference of $10,000. Property tax rates also differ: Minnesota averages 1.02% while Virginia averages 0.74%.