Anchorage, AK vs Minneapolis, MN: cost of living compared
Price levels from BEA (2024); rent and home values from Zillow (September 2026).
The short answer
- Overall, living costs in Minneapolis, MN and Anchorage, AK are within 1% of each other (BEA, 2024).
- To keep the same standard of living, $75,000 in Anchorage works out to about $74,600 in Minneapolis, before taxes.
- Housing is 1.8% higher in Minneapolis, goods 4.0% lower and other services 1.0% higher, which roughly cancel out.
- Utility prices (electricity, gas, water) are 16.4% lower in Minneapolis.
- Typical asking rent is $1,736 a month in Minneapolis and $1,890 in Anchorage, $1,848 a year less in Minneapolis (Zillow, September 2026).
- A typical home is valued at about $388,000 in Minneapolis and $425,000 in Anchorage.
- The gap is about where it was in 2019 (2.0%).
derived Calculated from BEA Regional Price Parities (2024) and Zillow data. Based on an average household's spending; taxes not included. How we calculate.
Category by category
Both cities against the US average (100). The gap in each row is what matters for a move.
Overall prices are about the same in Anchorage and Minneapolis
Price level by category, 2024. US average = 100.
- Anchorage, AK
- Minneapolis, MN
All items Anchorage, AK: 105.4 Minneapolis, MN: 104.8
Goods Anchorage, AK: 107.3 Minneapolis, MN: 103.1
Housing (rents) Anchorage, AK: 109.9 Minneapolis, MN: 111.8
Utilities Anchorage, AK: 111.8 Minneapolis, MN: 93.5
Other services Anchorage, AK: 103.3 Minneapolis, MN: 104.4
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Anchorage, AK | Minneapolis, MN | |
|---|---|---|
| All items | 105.4 | 104.8 |
| Goods | 107.3 | 103.1 |
| Housing (rents) | 109.9 | 111.8 |
| Utilities | 111.8 | 93.5 |
| Other services | 103.3 | 104.4 |
| Category | Anchorage | Minneapolis | Minneapolis vs Anchorage |
|---|---|---|---|
| All items | 105.4 | 104.8 | −0.6% |
| Goods | 107.3 | 103.1 | −4.0% |
| Housing (rents) | 109.9 | 111.8 | +1.8% |
| Utilities | 111.8 | 93.5 | −16.4% |
| Other services | 103.3 | 104.4 | +1.0% |
| Typical asking rent | $1,890 | $1,736 | −8.1% |
| Typical home value | $425,000 | $388,000 | −8.7% |
| Salary to match $75,000 in Anchorage | $75,000 | $74,600 | −0.6% |
Index values: BEA, 2024, US = 100. Rent and home values: Data Provided by Zillow Group, September 2026.
How the gap has changed since 2008
The price gap between Anchorage and Minneapolis has narrowed since 2008: 3.5 points then, 0.6 now
Overall price level each year, 2008–2024. US average = 100.
- Anchorage, AK
- Minneapolis, MN
US average = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Anchorage, AK | Minneapolis, MN | |
|---|---|---|
| 2008 | 106.5 | 102.9 |
| 2009 | 111.8 | 105.0 |
| 2010 | 106.2 | 102.3 |
| 2011 | 106.7 | 102.5 |
| 2012 | 107.2 | 101.2 |
| 2013 | 106.4 | 102.1 |
| 2014 | 104.9 | 103.6 |
| 2015 | 105.7 | 102.8 |
| 2016 | 108.1 | 102.3 |
| 2017 | 107.8 | 102.3 |
| 2018 | 106.4 | 104.7 |
| 2019 | 104.8 | 102.7 |
| 2020 | 103.2 | 102.4 |
| 2021 | 106.8 | 103.5 |
| 2022 | 103.2 | 102.6 |
| 2023 | 106.8 | 104.3 |
| 2024 | 105.4 | 104.8 |
Goods
- Anchorage, AK
- Minneapolis, MN
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Anchorage, AK | Minneapolis, MN | |
|---|---|---|
| 2008 | 108.1 | 104.3 |
| 2009 | 109.9 | 106.5 |
| 2010 | 107.7 | 100.2 |
| 2011 | 106.9 | 101.7 |
| 2012 | 105.7 | 102.0 |
| 2013 | 104.2 | 100.9 |
| 2014 | 102.6 | 103.7 |
| 2015 | 105.6 | 102.0 |
| 2016 | 109.7 | 100.0 |
| 2017 | 111.0 | 103.1 |
| 2018 | 103.3 | 105.1 |
| 2019 | 98.9 | 102.4 |
| 2020 | 99.7 | 100.5 |
| 2021 | 109.1 | 103.2 |
| 2022 | 104.2 | 102.5 |
| 2023 | 104.5 | 104.5 |
| 2024 | 107.3 | 103.1 |
Housing (rents)
- Anchorage, AK
- Minneapolis, MN
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Anchorage, AK | Minneapolis, MN | |
|---|---|---|
| 2008 | 122.4 | 119.9 |
| 2009 | 148.4 | 116.8 |
| 2010 | 127.3 | 114.1 |
| 2011 | 127.1 | 113.9 |
| 2012 | 137.8 | 111.7 |
| 2013 | 147.3 | 115.0 |
| 2014 | 132.1 | 115.5 |
| 2015 | 135.6 | 119.7 |
| 2016 | 129.6 | 116.6 |
| 2017 | 126.1 | 119.6 |
| 2018 | 117.2 | 116.8 |
| 2019 | 116.0 | 118.0 |
| 2020 | 99.7 | 112.0 |
| 2021 | 113.7 | 114.7 |
| 2022 | 112.8 | 119.0 |
| 2023 | 120.8 | 110.3 |
| 2024 | 109.9 | 111.8 |
Utilities
- Anchorage, AK
- Minneapolis, MN
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Anchorage, AK | Minneapolis, MN | |
|---|---|---|
| 2008 | 86.8 | 86.7 |
| 2009 | 105.8 | 86.5 |
| 2010 | 103.7 | 82.2 |
| 2011 | 105.7 | 82.5 |
| 2012 | 111.9 | 87.7 |
| 2013 | 122.1 | 85.9 |
| 2014 | 109.5 | 87.4 |
| 2015 | 115.7 | 86.6 |
| 2016 | 119.5 | 92.8 |
| 2017 | 120.1 | 92.8 |
| 2018 | 126.9 | 96.0 |
| 2019 | 126.5 | 91.7 |
| 2020 | 123.4 | 90.8 |
| 2021 | 109.9 | 90.2 |
| 2022 | 100.7 | 85.8 |
| 2023 | 108.3 | 89.8 |
| 2024 | 111.8 | 93.5 |
Other services
- Anchorage, AK
- Minneapolis, MN
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Anchorage, AK | Minneapolis, MN | |
|---|---|---|
| 2008 | 103.1 | 98.6 |
| 2009 | 105.9 | 101.9 |
| 2010 | 100.9 | 101.6 |
| 2011 | 102.5 | 101.1 |
| 2012 | 101.5 | 98.7 |
| 2013 | 99.3 | 100.3 |
| 2014 | 100.5 | 101.3 |
| 2015 | 99.9 | 99.9 |
| 2016 | 102.5 | 100.6 |
| 2017 | 102.2 | 98.2 |
| 2018 | 105.0 | 102.0 |
| 2019 | 105.0 | 99.7 |
| 2020 | 105.6 | 101.5 |
| 2021 | 103.9 | 101.3 |
| 2022 | 100.8 | 99.4 |
| 2023 | 104.9 | 103.1 |
| 2024 | 103.3 | 104.4 |
Rent and home values
Typical asking rent: $1,736 in Minneapolis vs $1,890 in Anchorage
Typical asking rent for a new lease, dollars per month. Quarterly.
- Anchorage, AK
- Minneapolis, MN
- United States
Source: Zillow Observed Rent Index (typical asking rent, all homes, smoothed), through September 2026. Data Provided by Zillow Group.
Show the numbers
| Anchorage, AK | Minneapolis, MN | United States | |
|---|---|---|---|
| Mar 2015 | $1,291 | $1,134 | $1,145 |
| Jun 2015 | $1,298 | $1,160 | $1,170 |
| Sep 2015 | $1,294 | $1,165 | $1,181 |
| Dec 2015 | $1,290 | $1,160 | $1,182 |
| Mar 2016 | $1,286 | $1,172 | $1,195 |
| Jun 2016 | $1,287 | $1,207 | $1,219 |
| Sep 2016 | $1,272 | $1,212 | $1,225 |
| Dec 2016 | $1,255 | $1,211 | $1,222 |
| Mar 2017 | $1,262 | $1,242 | $1,245 |
| Jun 2017 | $1,277 | $1,266 | $1,270 |
| Sep 2017 | $1,263 | $1,275 | $1,276 |
| Dec 2017 | $1,249 | $1,275 | $1,275 |
| Mar 2018 | $1,255 | $1,309 | $1,296 |
| Jun 2018 | $1,288 | $1,319 | $1,320 |
| Sep 2018 | $1,283 | $1,329 | $1,327 |
| Dec 2018 | $1,264 | $1,333 | $1,329 |
| Mar 2019 | $1,278 | $1,364 | $1,349 |
| Jun 2019 | $1,295 | $1,385 | $1,376 |
| Sep 2019 | $1,300 | $1,385 | $1,383 |
| Dec 2019 | $1,280 | $1,389 | $1,381 |
| Mar 2020 | $1,301 | $1,414 | $1,402 |
| Jun 2020 | $1,310 | $1,416 | $1,406 |
| Sep 2020 | $1,330 | $1,416 | $1,410 |
| Dec 2020 | $1,346 | $1,406 | $1,407 |
| Mar 2021 | $1,339 | $1,419 | $1,443 |
| Jun 2021 | $1,386 | $1,460 | $1,512 |
| Sep 2021 | $1,443 | $1,480 | $1,590 |
| Dec 2021 | $1,436 | $1,478 | $1,622 |
| Mar 2022 | $1,478 | $1,510 | $1,661 |
| Jun 2022 | $1,540 | $1,540 | $1,721 |
| Sep 2022 | $1,584 | $1,544 | $1,748 |
| Dec 2022 | $1,578 | $1,529 | $1,735 |
| Mar 2023 | $1,601 | $1,559 | $1,757 |
| Jun 2023 | $1,655 | $1,576 | $1,785 |
| Sep 2023 | $1,683 | $1,574 | $1,797 |
| Dec 2023 | $1,670 | $1,567 | $1,786 |
| Mar 2024 | $1,687 | $1,597 | $1,807 |
| Jun 2024 | $1,730 | $1,618 | $1,837 |
| Sep 2024 | $1,751 | $1,619 | $1,845 |
| Dec 2024 | $1,729 | $1,611 | $1,836 |
| Mar 2025 | $1,766 | $1,643 | $1,860 |
| Jun 2025 | $1,790 | $1,671 | $1,880 |
| Sep 2025 | $1,819 | $1,677 | $1,881 |
| Dec 2025 | $1,811 | $1,680 | $1,873 |
| Mar 2026 | $1,826 | $1,700 | $1,894 |
| Jun 2026 | $1,863 | $1,728 | $1,921 |
| Sep 2026 | $1,890 | $1,736 | $1,932 |
Typical home value: $388,000 in Minneapolis vs $425,000 in Anchorage
Typical home value, dollars. Quarterly.
- Anchorage, AK
- Minneapolis, MN
- United States
Source: Zillow Home Value Index (typical home value, middle tier, smoothed, seasonally adjusted), through September 2026. Data Provided by Zillow Group.
Show the numbers
| Anchorage, AK | Minneapolis, MN | United States | |
|---|---|---|---|
| Mar 2015 | $287K | $223K | $189K |
| Jun 2015 | $290K | $227K | $192K |
| Sep 2015 | $294K | $229K | $195K |
| Dec 2015 | $298K | $233K | $199K |
| Mar 2016 | $297K | $238K | $202K |
| Jun 2016 | $299K | $242K | $204K |
| Sep 2016 | $299K | $244K | $206K |
| Dec 2016 | $299K | $248K | $209K |
| Mar 2017 | $298K | $255K | $213K |
| Jun 2017 | $297K | $260K | $216K |
| Sep 2017 | $299K | $262K | $219K |
| Dec 2017 | $300K | $265K | $223K |
| Mar 2018 | $301K | $272K | $227K |
| Jun 2018 | $300K | $277K | $230K |
| Sep 2018 | $301K | $281K | $234K |
| Dec 2018 | $300K | $282K | $236K |
| Mar 2019 | – | $287K | $239K |
| Jun 2019 | $321K | $290K | $242K |
| Sep 2019 | $324K | $291K | $244K |
| Dec 2019 | $329K | $294K | $247K |
| Mar 2020 | $331K | $301K | $252K |
| Jun 2020 | $327K | $304K | $255K |
| Sep 2020 | $328K | $306K | $260K |
| Dec 2020 | $333K | $318K | $271K |
| Mar 2021 | $335K | $330K | $282K |
| Jun 2021 | $340K | $344K | $296K |
| Sep 2021 | $350K | $350K | $306K |
| Dec 2021 | $354K | $352K | $314K |
| Mar 2022 | $360K | $364K | $330K |
| Jun 2022 | $369K | $376K | $346K |
| Sep 2022 | $371K | $372K | $348K |
| Dec 2022 | $370K | $367K | $345K |
| Mar 2023 | $372K | $365K | $343K |
| Jun 2023 | $378K | $369K | $347K |
| Sep 2023 | $382K | $372K | $352K |
| Dec 2023 | $380K | $371K | $354K |
| Mar 2024 | $383K | $372K | $357K |
| Jun 2024 | $385K | $374K | $361K |
| Sep 2024 | $387K | $373K | $361K |
| Dec 2024 | $392K | $378K | $363K |
| Mar 2025 | $395K | $380K | $364K |
| Jun 2025 | $395K | $378K | $362K |
| Sep 2025 | $402K | $381K | $362K |
| Dec 2025 | $410K | $385K | $364K |
| Mar 2026 | $415K | $388K | $366K |
| Jun 2026 | $420K | $386K | $365K |
| Sep 2026 | $425K | $388K | $366K |
More about each city
- Cost of living in Anchorage, AK
- Cost of living in Minneapolis, MN
- Reverse: moving from Minneapolis to Anchorage
Related comparisons
What this comparison leaves out
- Taxes. State and local income, sales and property taxes can change the result a lot, especially between states.
- Neighborhoods. These are metro-wide averages; a city center and its outer suburbs can differ by more than two metros do.
- Your own spending mix. The default uses an average household. Use the housing slider above if rent is a bigger share of your budget.
- Timing. BEA price levels are for 2024; Zillow figures are monthly and newer.