Everything else equal, I think 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.
So 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 find out which neighborhoods in Minneapolis are the cheapest.
What’s the cheapest neighborhood to live in Minneapolis for 2020? According to the most recent census data, Cleveland looks to be the cheaptest 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 in return 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.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Minnesota reading, check out:
- Best Places To Live In Minnesota
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How We Determined The Cheapest Minneapolis Hoods In 2020
In order to rank the cheapest places to live in Minneapolis, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 83 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, Cleveland.
Read on below to learn more about what it’s like to live in the cheapest places Minneapolis. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Minneapolis For 2020
The median income in Cleveland comes in at $50,544 and the median home value is $119,425 for 2020.
The median income in Waite Park comes in at $70,752 and the median home value is $188,400 for 2020.
The median income in Bryant comes in at $65,570 and the median home value is $160,733 for 2020.
The median income in Windom comes in at $64,540 and the median home value is $177,780 for 2020.
The median income in Columbia Park comes in at $57,275 and the median home value is $167,100 for 2020.
The median income in Shingle Creek comes in at $62,896 and the median home value is $128,750 for 2020.
The median income in Audubon Park comes in at $77,013 and the median home value is $190,580 for 2020.
The median income in Howe comes in at $68,547 and the median home value is $196,967 for 2020.
The median income in Mckinley comes in at $46,118 and the median home value is $110,900 for 2020.
Field is a neighborhood in the Nokomis community in south Minneapolis. It is bordered by 46th Street East on the north, Chicago Avenue on the east, Minnehaha Parkway on the south, and Interstate 35W on the west. Field shares a neighborhood organization with the Regina and Northrop neighborhoods.
The median income in Field comes in at $98,968 and the median home value is $236,367 for 2020.
Summing Up The Cheapest Places 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.
As we mentioned earlier, the neighborhoods in Minneapolis aren’t all cheap. Stevens Square takes the title of the most expensive neighborhood to live in Minneapolis.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Minnesota reading, check out:
- Cheapest Places To Live In Minnesota
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