A Look into Rental Prices in Minneapolis
Living in the vibrant city of Minneapolis has its perks. As one of the largest cities in the Midwest, it offers an impressive array of cultural activities, entertainment, and job opportunities. But living in this bustling city is not cheap. In 2023, the average cost of a 2-bedroom apartment in Minneapolis is quite high.
How Much Does a 2-Bedroom Apartment Cost in Minneapolis?
As of 2023, the median rent for a 2-bedroom apartment in Minneapolis is $1,872 per month. This is significantly higher than the national average of $1,600. For renters looking for more affordable options, there are still a few areas in Minneapolis where rent is much lower. But these areas tend to be further away from the downtown area.
The Most Expensive Areas to Rent in Minneapolis
The most expensive areas to rent in Minneapolis are the downtown area and the surrounding neighborhoods. Here, the average rent for a 2-bedroom apartment is $2,400 per month. This is almost double the national average. Other expensive areas include the Uptown and Calhoun-Isles neighborhoods, where the average rent for a 2-bedroom apartment is $2,320 and $2,220 respectively.
The Most Affordable Areas to Rent in Minneapolis
For those looking for more affordable housing options, there are some areas of Minneapolis that are much cheaper than the downtown area. These include the Standish, Phillips, and Powderhorn neighborhoods, where the average rent for a 2-bedroom apartment is $1,400, $1,300, and $1,200 respectively. These areas are further away from the downtown area, but still offer a wide range of amenities and attractions.
The Cost of Utilities in Minneapolis
When calculating the cost of living in Minneapolis, it’s important to factor in the cost of utilities. On average, the cost of utilities for a 2-bedroom apartment in Minneapolis is around $200 per month. This includes electricity, water, and internet. It’s important to note that these costs can vary depending on the size of the apartment and the provider.
The Cost of Other Expenses in Minneapolis
In addition to rent and utilities, there are other expenses to consider when living in Minneapolis. These include groceries, transportation, and entertainment. The cost of groceries in Minneapolis is about the same as the national average. As for transportation, the cost of a monthly Metro Transit pass is $76. This can be a great option for those looking to save on gas and parking costs. As for entertainment, there are plenty of free and affordable options in Minneapolis, ranging from museums to outdoor parks to local music venues.
Renting a 2-bedroom apartment in Minneapolis is not cheap, but there are some areas that are much more affordable than the downtown area. It’s also important to factor in the cost of utilities and other expenses when calculating the cost of living in Minneapolis. With some research and planning, it is possible to find a great place to live in Minneapolis that fits your budget.
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