Minneapolis, MN vs Anchorage, AK: cost of living compared
Price levels from BEA (2024); rent and home values from Zillow (September 2026).
The short answer
- Overall, living costs in Anchorage, AK and Minneapolis, MN are within 1% of each other (BEA, 2024).
- To keep the same standard of living, $75,000 in Minneapolis works out to about $75,400 in Anchorage, before taxes.
- Housing is 1.7% lower in Anchorage, goods 4.1% higher and other services 1.0% lower, which roughly cancel out.
- Utility prices (electricity, gas, water) are 19.6% higher in Anchorage.
- Typical asking rent is $1,890 a month in Anchorage and $1,736 in Minneapolis, $1,848 a year more in Anchorage (Zillow, September 2026).
- A typical home is valued at about $425,000 in Anchorage and $388,000 in Minneapolis.
- 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 Minneapolis and Anchorage
Price level by category, 2024. US average = 100.
- Minneapolis, MN
- Anchorage, AK
All items Minneapolis, MN: 104.8 Anchorage, AK: 105.4
Goods Minneapolis, MN: 103.1 Anchorage, AK: 107.3
Housing (rents) Minneapolis, MN: 111.8 Anchorage, AK: 109.9
Utilities Minneapolis, MN: 93.5 Anchorage, AK: 111.8
Other services Minneapolis, MN: 104.4 Anchorage, AK: 103.3
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Minneapolis, MN | Anchorage, AK | |
|---|---|---|
| All items | 104.8 | 105.4 |
| Goods | 103.1 | 107.3 |
| Housing (rents) | 111.8 | 109.9 |
| Utilities | 93.5 | 111.8 |
| Other services | 104.4 | 103.3 |
| Category | Minneapolis | Anchorage | Anchorage vs Minneapolis |
|---|---|---|---|
| All items | 104.8 | 105.4 | +0.6% |
| Goods | 103.1 | 107.3 | +4.1% |
| Housing (rents) | 111.8 | 109.9 | −1.7% |
| Utilities | 93.5 | 111.8 | +19.6% |
| Other services | 104.4 | 103.3 | −1.0% |
| Typical asking rent | $1,736 | $1,890 | +8.9% |
| Typical home value | $388,000 | $425,000 | +9.5% |
| Salary to match $75,000 in Minneapolis | $75,000 | $75,400 | +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 Minneapolis and Anchorage has narrowed since 2008: 3.5 points then, 0.6 now
Overall price level each year, 2008–2024. US average = 100.
- Minneapolis, MN
- Anchorage, AK
US average = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Minneapolis, MN | Anchorage, AK | |
|---|---|---|
| 2008 | 102.9 | 106.5 |
| 2009 | 105.0 | 111.8 |
| 2010 | 102.3 | 106.2 |
| 2011 | 102.5 | 106.7 |
| 2012 | 101.2 | 107.2 |
| 2013 | 102.1 | 106.4 |
| 2014 | 103.6 | 104.9 |
| 2015 | 102.8 | 105.7 |
| 2016 | 102.3 | 108.1 |
| 2017 | 102.3 | 107.8 |
| 2018 | 104.7 | 106.4 |
| 2019 | 102.7 | 104.8 |
| 2020 | 102.4 | 103.2 |
| 2021 | 103.5 | 106.8 |
| 2022 | 102.6 | 103.2 |
| 2023 | 104.3 | 106.8 |
| 2024 | 104.8 | 105.4 |
Goods
- Minneapolis, MN
- Anchorage, AK
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Minneapolis, MN | Anchorage, AK | |
|---|---|---|
| 2008 | 104.3 | 108.1 |
| 2009 | 106.5 | 109.9 |
| 2010 | 100.2 | 107.7 |
| 2011 | 101.7 | 106.9 |
| 2012 | 102.0 | 105.7 |
| 2013 | 100.9 | 104.2 |
| 2014 | 103.7 | 102.6 |
| 2015 | 102.0 | 105.6 |
| 2016 | 100.0 | 109.7 |
| 2017 | 103.1 | 111.0 |
| 2018 | 105.1 | 103.3 |
| 2019 | 102.4 | 98.9 |
| 2020 | 100.5 | 99.7 |
| 2021 | 103.2 | 109.1 |
| 2022 | 102.5 | 104.2 |
| 2023 | 104.5 | 104.5 |
| 2024 | 103.1 | 107.3 |
Housing (rents)
- Minneapolis, MN
- Anchorage, AK
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Minneapolis, MN | Anchorage, AK | |
|---|---|---|
| 2008 | 119.9 | 122.4 |
| 2009 | 116.8 | 148.4 |
| 2010 | 114.1 | 127.3 |
| 2011 | 113.9 | 127.1 |
| 2012 | 111.7 | 137.8 |
| 2013 | 115.0 | 147.3 |
| 2014 | 115.5 | 132.1 |
| 2015 | 119.7 | 135.6 |
| 2016 | 116.6 | 129.6 |
| 2017 | 119.6 | 126.1 |
| 2018 | 116.8 | 117.2 |
| 2019 | 118.0 | 116.0 |
| 2020 | 112.0 | 99.7 |
| 2021 | 114.7 | 113.7 |
| 2022 | 119.0 | 112.8 |
| 2023 | 110.3 | 120.8 |
| 2024 | 111.8 | 109.9 |
Utilities
- Minneapolis, MN
- Anchorage, AK
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Minneapolis, MN | Anchorage, AK | |
|---|---|---|
| 2008 | 86.7 | 86.8 |
| 2009 | 86.5 | 105.8 |
| 2010 | 82.2 | 103.7 |
| 2011 | 82.5 | 105.7 |
| 2012 | 87.7 | 111.9 |
| 2013 | 85.9 | 122.1 |
| 2014 | 87.4 | 109.5 |
| 2015 | 86.6 | 115.7 |
| 2016 | 92.8 | 119.5 |
| 2017 | 92.8 | 120.1 |
| 2018 | 96.0 | 126.9 |
| 2019 | 91.7 | 126.5 |
| 2020 | 90.8 | 123.4 |
| 2021 | 90.2 | 109.9 |
| 2022 | 85.8 | 100.7 |
| 2023 | 89.8 | 108.3 |
| 2024 | 93.5 | 111.8 |
Other services
- Minneapolis, MN
- Anchorage, AK
US = 100
Source: U.S. Bureau of Economic Analysis, Regional Price Parities by metropolitan area, 2024 (US = 100).
Show the numbers
| Minneapolis, MN | Anchorage, AK | |
|---|---|---|
| 2008 | 98.6 | 103.1 |
| 2009 | 101.9 | 105.9 |
| 2010 | 101.6 | 100.9 |
| 2011 | 101.1 | 102.5 |
| 2012 | 98.7 | 101.5 |
| 2013 | 100.3 | 99.3 |
| 2014 | 101.3 | 100.5 |
| 2015 | 99.9 | 99.9 |
| 2016 | 100.6 | 102.5 |
| 2017 | 98.2 | 102.2 |
| 2018 | 102.0 | 105.0 |
| 2019 | 99.7 | 105.0 |
| 2020 | 101.5 | 105.6 |
| 2021 | 101.3 | 103.9 |
| 2022 | 99.4 | 100.8 |
| 2023 | 103.1 | 104.9 |
| 2024 | 104.4 | 103.3 |
Rent and home values
Typical asking rent: $1,890 in Anchorage vs $1,736 in Minneapolis
Typical asking rent for a new lease, dollars per month. Quarterly.
- Minneapolis, MN
- Anchorage, AK
- United States
Source: Zillow Observed Rent Index (typical asking rent, all homes, smoothed), through September 2026. Data Provided by Zillow Group.
Show the numbers
| Minneapolis, MN | Anchorage, AK | United States | |
|---|---|---|---|
| Mar 2015 | $1,134 | $1,291 | $1,145 |
| Jun 2015 | $1,160 | $1,298 | $1,170 |
| Sep 2015 | $1,165 | $1,294 | $1,181 |
| Dec 2015 | $1,160 | $1,290 | $1,182 |
| Mar 2016 | $1,172 | $1,286 | $1,195 |
| Jun 2016 | $1,207 | $1,287 | $1,219 |
| Sep 2016 | $1,212 | $1,272 | $1,225 |
| Dec 2016 | $1,211 | $1,255 | $1,222 |
| Mar 2017 | $1,242 | $1,262 | $1,245 |
| Jun 2017 | $1,266 | $1,277 | $1,270 |
| Sep 2017 | $1,275 | $1,263 | $1,276 |
| Dec 2017 | $1,275 | $1,249 | $1,275 |
| Mar 2018 | $1,309 | $1,255 | $1,296 |
| Jun 2018 | $1,319 | $1,288 | $1,320 |
| Sep 2018 | $1,329 | $1,283 | $1,327 |
| Dec 2018 | $1,333 | $1,264 | $1,329 |
| Mar 2019 | $1,364 | $1,278 | $1,349 |
| Jun 2019 | $1,385 | $1,295 | $1,376 |
| Sep 2019 | $1,385 | $1,300 | $1,383 |
| Dec 2019 | $1,389 | $1,280 | $1,381 |
| Mar 2020 | $1,414 | $1,301 | $1,402 |
| Jun 2020 | $1,416 | $1,310 | $1,406 |
| Sep 2020 | $1,416 | $1,330 | $1,410 |
| Dec 2020 | $1,406 | $1,346 | $1,407 |
| Mar 2021 | $1,419 | $1,339 | $1,443 |
| Jun 2021 | $1,460 | $1,386 | $1,512 |
| Sep 2021 | $1,480 | $1,443 | $1,590 |
| Dec 2021 | $1,478 | $1,436 | $1,622 |
| Mar 2022 | $1,510 | $1,478 | $1,661 |
| Jun 2022 | $1,540 | $1,540 | $1,721 |
| Sep 2022 | $1,544 | $1,584 | $1,748 |
| Dec 2022 | $1,529 | $1,578 | $1,735 |
| Mar 2023 | $1,559 | $1,601 | $1,757 |
| Jun 2023 | $1,576 | $1,655 | $1,785 |
| Sep 2023 | $1,574 | $1,683 | $1,797 |
| Dec 2023 | $1,567 | $1,670 | $1,786 |
| Mar 2024 | $1,597 | $1,687 | $1,807 |
| Jun 2024 | $1,618 | $1,730 | $1,837 |
| Sep 2024 | $1,619 | $1,751 | $1,845 |
| Dec 2024 | $1,611 | $1,729 | $1,836 |
| Mar 2025 | $1,643 | $1,766 | $1,860 |
| Jun 2025 | $1,671 | $1,790 | $1,880 |
| Sep 2025 | $1,677 | $1,819 | $1,881 |
| Dec 2025 | $1,680 | $1,811 | $1,873 |
| Mar 2026 | $1,700 | $1,826 | $1,894 |
| Jun 2026 | $1,728 | $1,863 | $1,921 |
| Sep 2026 | $1,736 | $1,890 | $1,932 |
Typical home value: $425,000 in Anchorage vs $388,000 in Minneapolis
Typical home value, dollars. Quarterly.
- Minneapolis, MN
- Anchorage, AK
- 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
| Minneapolis, MN | Anchorage, AK | United States | |
|---|---|---|---|
| Mar 2015 | $223K | $287K | $189K |
| Jun 2015 | $227K | $290K | $192K |
| Sep 2015 | $229K | $294K | $195K |
| Dec 2015 | $233K | $298K | $199K |
| Mar 2016 | $238K | $297K | $202K |
| Jun 2016 | $242K | $299K | $204K |
| Sep 2016 | $244K | $299K | $206K |
| Dec 2016 | $248K | $299K | $209K |
| Mar 2017 | $255K | $298K | $213K |
| Jun 2017 | $260K | $297K | $216K |
| Sep 2017 | $262K | $299K | $219K |
| Dec 2017 | $265K | $300K | $223K |
| Mar 2018 | $272K | $301K | $227K |
| Jun 2018 | $277K | $300K | $230K |
| Sep 2018 | $281K | $301K | $234K |
| Dec 2018 | $282K | $300K | $236K |
| Mar 2019 | $287K | – | $239K |
| Jun 2019 | $290K | $321K | $242K |
| Sep 2019 | $291K | $324K | $244K |
| Dec 2019 | $294K | $329K | $247K |
| Mar 2020 | $301K | $331K | $252K |
| Jun 2020 | $304K | $327K | $255K |
| Sep 2020 | $306K | $328K | $260K |
| Dec 2020 | $318K | $333K | $271K |
| Mar 2021 | $330K | $335K | $282K |
| Jun 2021 | $344K | $340K | $296K |
| Sep 2021 | $350K | $350K | $306K |
| Dec 2021 | $352K | $354K | $314K |
| Mar 2022 | $364K | $360K | $330K |
| Jun 2022 | $376K | $369K | $346K |
| Sep 2022 | $372K | $371K | $348K |
| Dec 2022 | $367K | $370K | $345K |
| Mar 2023 | $365K | $372K | $343K |
| Jun 2023 | $369K | $378K | $347K |
| Sep 2023 | $372K | $382K | $352K |
| Dec 2023 | $371K | $380K | $354K |
| Mar 2024 | $372K | $383K | $357K |
| Jun 2024 | $374K | $385K | $361K |
| Sep 2024 | $373K | $387K | $361K |
| Dec 2024 | $378K | $392K | $363K |
| Mar 2025 | $380K | $395K | $364K |
| Jun 2025 | $378K | $395K | $362K |
| Sep 2025 | $381K | $402K | $362K |
| Dec 2025 | $385K | $410K | $364K |
| Mar 2026 | $388K | $415K | $366K |
| Jun 2026 | $386K | $420K | $365K |
| Sep 2026 | $388K | $425K | $366K |
More about each city
- Cost of living in Minneapolis, MN
- Cost of living in Anchorage, AK
- Reverse: moving from Anchorage to Minneapolis
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.