Minneapolis, Minnesota Income Statistics
Minneapolis Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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B
Minneapolis Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $81,302 | $89,852 | $80,455 |
| Median Personal Income | $70,492 | $67,028 | $60,758 |
| Average Yearly Income Growth | 5.4% | 4.4% | 4.8% |
| Six-Figure Earners | 17.3% | 15.1% | 13.9% |
| $200k+ Households | 14.2% | 13.8% | 13.2% |
The median household income in Minneapolis is about 10% lower than in Minnesota. Income has been growing faster in Minneapolis (5.4%/yr) than in Minnesota (4.4%/yr).
About 17% of adults in Minneapolis earn six figures ($100,000 or more) a year, higher than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Minneapolis, Minnesota grew by 78.7% from 2009 to 2024, reaching $81,302 in 2024. That's an average of about 5.4% per year.
Income Inequality and the Gender Pay Gap in Minneapolis
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.524 | 0.507 | 0.552 |
| Male Median Income | $79,038 | $74,898 | $69,667 |
| Female Median Income | $69,449 | $62,922 | $56,850 |
| Gender Pay Gap | 12.1% | 16.0% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Minneapolis, it is 0.524, higher than Minnesota's 0.507, so income is less evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 14% more than women's income in Minneapolis, Minnesota. Over a 35-year career, a 14% wage gap accumulates to roughly $335,615 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Minneapolis, Minnesota has widened from about 6% to 12% in 2024. Over that period the gap was narrowest at 4% in 2018. In dollar terms, the gap has widened by $6,888 since 2009.
Sharply against the trend: the pay gap in Minneapolis widened by 6.1 points while Minnesota's narrowed by 7.1 points.
Employment
| Metric | Minneapolis | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.1% | 5.2% |
| Working from Home | 26.2% | 17.6% | 15.0% |
| Commute time (minutes) | 20 | 20 | 22 |
Approximately 15,404 people are unemployed in Minneapolis, Minnesota.
The average commute time in Minneapolis is 20 minutes, about the same as in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Minneapolis, Minnesota has fallen from 9.5% to 5.9% in 2024. Over that period the rate peaked at 9.6% in 2013 and fell as low as 5.1% in 2019.
Minneapolis, MN Wealth Compared With Nearby Cities
How Minneapolis, MN compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Minneapolis, MN | 426,166 | $81,302 #2/3 | 5.4%/yr #2/3 | 5.9% #3/3 | 0.524 #3/3 |
| Columbia Heights, MN | 22,385 | $72,150 | 5.4%/yr | 5.8% | 0.498 |
| Richfield, MN | 36,485 | $84,491 | 5.4%/yr | 5.3% | 0.477 |
Conclusion
Considering all these factors, Minneapolis, Minnesota has an overall wealth index grade of B, making it about on par with Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Minneapolis, Minnesota.
How Rich Is Minneapolis, Minnesota?
Minneapolis has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $81,302, about 10% lower than the Minnesota average of $89,852.
Are incomes growing in Minneapolis, Minnesota?
Between 2009 and 2024, the median household income in Minneapolis, Minnesota rose 79%, from $45,503 to $81,302. Over the same years, income here outpaced Minnesota as a whole: +79% against +57%.
What was the median household income in Minneapolis in 2023?
In 2023, the median household income in Minneapolis, Minnesota was $80,676, up 6% from $76,450 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Minneapolis in 2020?
In 2020, the median household income in Minneapolis, Minnesota was $66,339. By 2024 it had risen 23% to $81,302.
How strong is the job market in Minneapolis, Minnesota?
Unemployment in Minneapolis, Minnesota is 5.9%, well above the Minnesota rate of 4.1%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Minneapolis, Minnesota?
The Gini coefficient in Minneapolis is 0.524. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Minneapolis, Minnesota?
Since 2009, the income gap between men and women in Minneapolis, Minnesota has widened from about 6% to 12% in 2024. Over that period the gap was narrowest at 4% in 2018. In dollar terms, the gap has widened by $6,888 since 2009.
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