Quick answer
Overall prices in the Minneapolis, MN metro were 104.8 vs 97.9 in Richmond, VA in 2024 (US = 100), so Minneapolis is 7.1% more expensive than Richmond; housing rents differ by 13% (111.8 vs 99.1). A $75,000 income in Minneapolis buys about what $70,017 buys in Richmond, per BEA.
Data as of 2024. Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024
| Price index (US = 100) | Minneapolis | Richmond | Minneapolis vs Richmond |
|---|---|---|---|
| All items | 104.8 | 97.9 | +7.1% |
| Goods | 103.1 | 96.8 | +6.5% |
| Housing (rents) | 111.8 | 99.1 | +12.8% |
| Utilities | 93.5 | 89.2 | +4.8% |
| Other services | 104.4 | 98.6 | +5.9% |
| All items, 2008 | 102.9 | 98.1 | +4.9% |
| $50,000 in Minneapolis equals in Richmond | $46,678 | ||
| $100,000 in Minneapolis equals in Richmond | $93,356 | ||
| $150,000 in Minneapolis equals in Richmond | $140,035 |
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Last updated 2026-10-16. Data only, not financial or tax advice.