While a dollar equals 100 cents in every part of the United States, that dollar doesn't always buy the same amount of goods and services. How does cost of living in the Twin Cities compare to that of other major cities across the country?
Consumer Price Index
The Consumer Price Index is a good tool to compare cities on a relative basis. New York City is set at a par of 100, so other cities are ranked in proportion to that standard.
With an overall index of 82.44 for Minneapolis and 73.27 for Saint Paul, the Twin Cities have a more reasonable cost of living for a major city. In particular, your housing dollar goes much further in both cities, as shown by Minneapolis's rent index of 41.97 and Saint Paul's rent index of 33.74.
Here's another perspective on the comparative cost of living in the Twin Cities:
A salary of $50,000 in NYC equates to $32,143 in Minneapolis. The biggest difference is housing, which is a whopping 59 percent less expensive in Minneapolis than in NYC.
There is a similar increase in purchasing power in Saint Paul, with an equivalent salary of $30,357. Again, the main difference comes from housing, which is 66 percent less expensive in Saint Paul.
Twin Cities Quality of Life
AreaVibes calculates a city's Livability Score based on metrics such as cost of living, amenities, education and housing. Where do they rank the Twin Cities?
Minneapolis receives a score of 74, which rates as Very Livable. It scores a perfect A+ in amenities, while excellent high school and post-secondary graduation rates make for a good education ranking.
Saint Paul also sports a score of 74. Stellar ratings of A+ in amenities and A in education are the major factors contributing to the score.
Residents of Springs at Apple Valley and Springs at Egan Drive enjoy the benefits of luxury apartment living at an affordable price. Stop by and talk to a member of our friendly on-site management team to learn why Twin Cities living is even better at our Springs communities!