Nashville vs Minneapolis: Cost of Living Comparison
How does the cost of living in Nashville, Tennessee compare to Minneapolis, Minnesota? Below is a side-by-side breakdown of housing costs, income, wages, and taxes using official government data.
Summary: Minneapolis is the more affordable city overall. Housing costs are 7% higher in Nashville compared to Minneapolis, while rent is 10% higher. TN has no state income tax.
| Metric | Nashville, TN | Minneapolis, MN | Diff |
|---|---|---|---|
| Housing | |||
| Median Home Value | $351,400 | $328,700 | +6.9% |
| Median Monthly Rent | $1,392 | $1,267 | +9.9% |
| Income | |||
| Median Household Income | $71,328 | $76,332 | -6.6% |
| Per Capita Income | $44,433 | $48,373 | -8.1% |
| Taxes | |||
| State Income Tax Rate | None | 9.8% | -100.0% |
| Combined Sales Tax | 9.5% | 7.5% | +27.5% |
| Demographics | |||
| Population | 684,103 | 426,877 | +60.3% |
Source: U.S. Census Bureau ACS 5-Year Estimates (2022), Freddie Mac Primary Mortgage Market Survey. State/local tax rates from Tax Foundation (2024).
Rent vs. Buy Calculator — Nashville
Default home price from Census ACS median. Mortgage rate: 6.38% (Freddie Mac PMMS, March 2026). Property tax est. 1.1%, insurance est. 0.35% of home value annually.
Rent vs. Buy Calculator — Minneapolis
Default home price from Census ACS median. Mortgage rate: 6.38% (Freddie Mac PMMS, March 2026). Property tax est. 1.1%, insurance est. 0.35% of home value annually.
Key Takeaways
- Housing: The median home in Nashville costs $351,400 compared to $328,700 in Minneapolis — a 7% premium.
- Rent: Median rent is $1,392/mo in Nashville vs $1,267/mo in Minneapolis.
- Income: Median household income is $71,328 in Nashville and $76,332 in Minneapolis.
- Taxes: Tennessee has no state income tax, while Minnesota has a 9.85% rate.
Methodology
This comparison uses data from the U.S. Census Bureau American Community Survey 5-Year Estimates (2022) for median household income, median home value, median gross rent, per capita income, and population. State and local tax rates are sourced from the Tax Foundation. Mortgage rates are from the Freddie Mac Primary Mortgage Market Survey (updated weekly).