The Twin Cities metropolitan area is home to a wealth of art, culture and entertainment. The residents of Minneapolis and the adjacent city of St. Paul can enjoy a stroll through the Minneapolis Sculpture garden, visit the city’s Institute of Art, or watch the Minnesota Twins play at Target Field. The area is also surrounded by scenic parks, forests and lakes.
With so much to do, it’s a wonder that Forbes estimates the cost of living in Minneapolis to be 0.6% below the national average (July 2015). Minnesota residents don’t have to pay sales taxes on essential items such as shoes, clothing and prescription medications, which helps to significantly reduce the daily spending of Minneapolis seniors.
Housing is often one of the largest expenditures for Minneapolis families each month. The median price of a home in the Twin Cities metroplex was $212,600 in July 2015, and costs are expected to continue to rise as more residents flock to the area. Rental rates are also increasing steadily. As of June 2016, Minneapolis residents can expect to pay an average of $1487 per month for a 1-bedroom apartment and $2111 per month for a 2-bedroom unit.
Minneapolis residents tend to spend less on food than the average American consumer. In 2014, a Minneapolis household spent just 11.3% of its budget on food, as opposed to the national 12.8% average. Whether you’re buying groceries to cook at home or eating out at a restaurant, as a Minneapolis resident, you’ll be saving on food and food-related services. As of July 2016, a gallon of milk in Minneapolis costs an average of $3.05, while a dozen eggs cost $2.55 and a loaf of bread costs $2.35.
Transportation costs in Minneapolis are in line with national prices. In 2014, residents spent an average of 17.9% of their household income on maintaining their vehicle and getting around the city. Gas prices in the area are low, ranging from around $1.57 to $2.49 per gallon (July 2016). Car insurance prices will vary depending on your age, gender, vehicle and driver history, but Minnesota residents as a group pay an average of $1257 for car insurance each year.
Hiring home health or adult day care services in Minneapolis tends to be more expensive than hiring similar services in other cities. Minneapolis residents also pay more for care in an assisted living facility. While the national average cost for assisted living care is just $43,539 per year, Twin Cities residents pay an average of $47,880 each year.
Minneapolis residents may pay slightly more for home health services than seniors nationwide, but care in a Minneapolis nursing facility tends to be cheaper than nursing care in other U.S. cities. A private room in a Minneapolis nursing home costs residents an annual median of $89,305, while the national median cost of a room is over $3000 more per year.
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