Everything else equal, we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Minneapolis might be more expensive than living in rural Minnesota, there are certain neighborhoods that are definitely cheaper.
What exactly are those Minneapolis neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and determine which neighborhoods in Minneapolis are the cheapest using Saturday Night Science.
What’s the cheapest neighborhood to live in Minneapolis for 2024? According to the most recent census data, Bryant looks to be the cheapest Minneapolis neighborhood to live in.
At this point, we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Minneapolis. You could be sacrificing location or crime rates for more space and cheaper groceries.
Read on to see how we determined the places around Minneapolis that deserve a little bragging rights, or maybe you’re interested in the worst neighborhoods in Minneapolis.
For more Minnesota reading, check out:
- Best Places To Live In Minnesota
- Cheapest Places To Live In Minnesota
- Cheapest Cities To Live In America
- Cheapest States To Live In America
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Cheapest Neighborhoods To Live In Minneapolis For 2024
/10
Population: 2,620
Cost Of Living Index: 99 (20th cheapest)
Home Value To Income Ratio: 2.6 (9th cheapest)
Rent To Income Ratio: 0.012 (19th cheapest)
More on Bryant: Data | Real Estate
/10
Population: 6,483
Cost Of Living Index: 101 (27th cheapest)
Home Value To Income Ratio: 2.7 (10th cheapest)
Rent To Income Ratio: 0.012 (2cheapest)
More on Howe: Data | Real Estate
/10
Population: 3,216
Cost Of Living Index: 104 (42nd cheapest)
Home Value To Income Ratio: 2.5 (6th cheapest)
Rent To Income Ratio: 0.012 (17th cheapest)
More on Morris Park: Data | Real Estate
/10
Population: 4,938
Cost Of Living Index: 99 (20th cheapest)
Home Value To Income Ratio: 2.9 (15th cheapest)
Rent To Income Ratio: 0.014 (3cheapest)
More on Waite Park: Data | Real Estate
/10
Population: 3,071
Cost Of Living Index: 98 (17th cheapest)
Home Value To Income Ratio: 2.1 (2nd cheapest)
Rent To Income Ratio: 0.018 (50th cheapest)
More on Shingle Creek: Data | Real Estate
/10
Population: 5,097
Cost Of Living Index: 103 (36th cheapest)
Home Value To Income Ratio: 2.5 (8th cheapest)
Rent To Income Ratio: 0.014 (28th cheapest)
More on Wenonah: Data | Real Estate
/10
Population: 6,203
Cost Of Living Index: 105 (47th cheapest)
Home Value To Income Ratio: 2.1 (cheapest)
Rent To Income Ratio: 0.014 (26th cheapest)
More on Diamond Lake: Data | Real Estate
/10
Population: 2,570
Cost Of Living Index: 108 (58th cheapest)
Home Value To Income Ratio: 2.2 (3rd cheapest)
Rent To Income Ratio: 0.012 (13th cheapest)
More on Keewaydin: Data | Real Estate
/10
Population: 4,586
Cost Of Living Index: 112 (64th cheapest)
Home Value To Income Ratio: 2.2 (4th cheapest)
Rent To Income Ratio: 0.011 (8th cheapest)
More on Northrup: Data | Real Estate
/10
Population: 3,958
Cost Of Living Index: 101 (27th cheapest)
Home Value To Income Ratio: 3.0 (20th cheapest)
Rent To Income Ratio: 0.014 (30th cheapest)
More on Corcoran: Data | Real Estate
Methodology: How We Determined The Cheapest Minneapolis Hoods In 2024
To rank the cheapest places to live in Minneapolis, we had to determine what criteria define “cheap” and then apply Saturday Night Science.
Using Census and extrapolated BLS data, we arrived at the following set of criteria:
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 82 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index, the “Cheapest City Neighborhood In Minneapolis.” We’re lookin’ at you, Bryant.
We updated this article for 2024. This is our fourth time ranking the cheapest neighborhoods to live in Minneapolis. Skip to the end to see the list of all the neighborhoods in the city, from cheapest to most expensive.
Summary: Lowest Cost Places To Live In Minneapolis
If you’re measuring the neighborhoods in Minneapolis where prices are low, and it’s cheap to live, this is an accurate list.
The most affordable neighborhoods in Minneapolis are Bryant, Howe, Morris Park, Waite Park, Shingle Creek, Wenonah, Diamond Lake, Keewaydin, Northrup, and Corcoran.
As mentioned earlier, the neighborhoods in Minneapolis aren’t all cheap. Prospect Park takes the title of the most expensive neighborhood to live in Minneapolis.
The most expensive neighborhoods in Minneapolis are Prospect Park, Downtown East, Lowry Hill East, Calhoun, and East Isles.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Minnesota reading, check out:
- Most Dangerous Cities In Minnesota
- Richest Cities In Minnesota
- Safest Places In Minnesota
- Worst Places To Live In Minnesota
