Phoenix vs Minneapolis: Cost of Living & Housing Comparison
Median home value runs $340,200 in Phoenix, 3% higher than the $328,700 median in Minneapolis.
Median household income is $72,092 in Phoenix versus $76,332 in Minneapolis.
Typical rent runs $1,322 in Phoenix and $1,267 in Minneapolis.
Phoenix carries a higher hazard rating than Minneapolis, per FEMA — Very High versus Relatively High.
| Metric | Phoenix, AZ | Minneapolis, MN |
|---|---|---|
| Population | 1,609,456 | 426,877 |
| Median home value | $340,200 | $328,700 |
| Median household income | $72,092 | $76,332 |
| Median gross rent | $1,322 | $1,267 |
| Climate risk (FEMA) | Very High | Relatively High |
Both home values and rent run lower in Minneapolis, MN than in Phoenix, AZ, making it the more affordable of the two on housing alone.
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Sources: U.S. Census Bureau American Community Survey; FEMA National Risk Index
Data last updated July 2026.